The 29th Conference of the Parties to the UNFCCC (COP29) took place from November 11 to 22, 2024, in Baku, Azerbaijan, marking thirty years since the first COP in Berlin in 1995. This summit saw participation from 195 countries, around 90 world leaders, and featured 40% female representation. Key objectives included setting new climate finance commitments involving the private sector, updating Nationally Determined Contributions (NDCs) for 2025-2035, addressing the Global Adaptation Goals (GGAs), and advancing the implementation of Article 6 of the Paris Agreement on carbon markets. These goals underscored the urgent need for more ambitious and coordinated actions to tackle global climate challenges. COP29 President Mukhtar Babayev emphasized, “This crisis is not a future problem but a present one”.
The event was fraught with political tensions. Hosting the conference in Azerbaijan, a fossil fuel producer, sparked controversy. The absence of leaders from the United States, China, Brazil, and the European Union, along with the withdrawal of delegates from Argentina, further clouded the negotiations. This occurred amid predictions that 2024 could be the first year to surpass the 1.5°C global warming threshold. The year was also marked by numerous climate disasters, including floods in Spain, Colombia, Central Africa, and Afghanistan; megafires in Canada, the United States, and Chile; and widespread heat waves and droughts around the world.
COP29 aimed to elevate climate ambition and guarantee that actions were effective and accessible to all global stakeholders, earning the title “the finance COP”. The conference presidency underscored the significance of inclusive climate governance, emphasizing the involvement of civil society, indigenous peoples, and youth, with a focus on climate justice, health, and ecosystem protection (COP29, 2024a). The decisions made in Baku addressed key areas such as financing, mitigation, adaptation, and equity, which will be elaborated upon in this report.