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From COP28 to COP29: Top 10 Priorities for Accelerating Climate Action
October 22, 2024
Building on Dubai ’23 Progress to Tackle Climate Priorities on the Baku UNFCCC Agenda
As COP29 approaches and delegates gather in Baku, Azerbaijan, between November 11th and 22nd, 2024, the global community anticipates continued discussion on the unresolved issues from COP28. The potential for COP29 delegates to tackle problems at the communal table and chart a course for urgent climate action is pressing.
Amidst the debate over the private sector’s role in mitigating the climate crisis, it is crucial to acknowledge that needed progress will remain a distant dream without corporate compliance. The private sector, with its resources, innovation, and influence, is key to advancing climate action. Companies can contribute by reducing emissions, investing in clean technologies, and advocating climate-friendly policies, and many have already recognized sustainability as a key component of their business strategies. Collaborative efforts among companies, governments, and NGOs, each focusing on their strengths, are essential.
Climate Action 100+ is an investor-led initiative advocating for the world’s largest corporate greenhouse gas emitters to mitigate financial risk and maximize the long-term value of assets, issued an October 2024 report. Encouragingly, 81% of the world’s largest corporate greenhouse gas emitters (133 out of 165 companies) have set a net zero target that covers at least their Scope 1 and 2 emissions. But these companies are at the positive tip of the melting private-sector iceberg.
Yes, we are off track with our timelines. However, despair is not a strategy and surrender is an unacceptable plan.
Here are 10 issues that COP watchers should track. We need to advance on all 10—in some way—to feel confident that Planet Earth is well represented during this important global gathering. Practical outputs are the metrics that indicate whether the Paris Agreement, policy and changes such as carbon pricing, and international initiatives like the Green Climate Fund translate into meaningful progress.
1. Global Stocktake and the 1.5°C Goal
Among the key outcomes of the Paris Climate Accords was the ‘global stocktake,’ assessing the global community’s progress toward keeping global temperature increases within 1.5°C of pre-industrial levels. The sobering conclusion during COP28 was that current efforts are insufficient, and emissions must be cut by 43% by 2030 to meet this target. The urgency of this situation cannot be overstated. The failure to succeed until now underscores the urgent need for nations to revisit their climate action plans, known as Nationally Determined Contributions (NDCs), by the end of next year. Without significant change, the 1.5°C target will slip out of our reach, posing existential risks to vulnerable ecosystems and communities.
2. Fossil Fuel Phase-Down
COP28 did not lead to a binding agreement to phase out fossil fuels, but it did mark the “beginning of the end” for the fossil fuel era. COP29 must tackle the resistance to a timed phase-down, especially from nations and industries heavily reliant on coal, oil and gas. Accelerating the shift to cleaner energy sources remains a contentious, critical agenda item. Further delays accelerate the dismal climate outlook.
3. Renewable Energy Expansion
A significant goal set at COP28 was the call to triple renewable energy capacity and double energy efficiency improvements by 2030. Some countries have made progress, but this transition is happening slowly. COP29 will ideally push for more substantial commitments from developed countries to increase investments in wind, solar, and other renewable technologies. Corporations and investors in new technologies can play a pivotal role by innovating and scaling up the production of renewable energy solutions.
4. Loss and Damage Fund
Extreme weather is destroying communities and family households. Supporting the “Loss and Damage Fund” was a milestone COP28 achievement, offering financial assistance to nations disproportionately affected by climate change. Despite the fund’s establishment, pledges remain insufficient to cover the full extent of loss and damage worldwide. At COP29, the focus must be on expanding the fund, securing substantial contributions, and ensuring swift economic response to the most vulnerable countries.
5. Climate Finance Reform
COP28 welcomed new pledges to bolster climate finance, including contributions to the Green Climate Fund (GCF) and the Adaptation Fund. However, the funding needed to meet global climate goals exceeds current commitments. COP29 should continue to focus on restructuring the international financial architecture to provide new sources of climate finance, addressing the divide that remains an obstacle to outlining national climate plans.
6. Adaptation Targets
The Global Goal on Adaptation (GGA), operationalized at COP28, aims to make the world more resilient to the inevitable impacts of climate change. While adaptation efforts are progressing and development experts are creating climate-resilient communities, the disparity between rich and emerging nations in their ability to cope with climate risks remains a significant worry. COP29 must ensure that more resources are allocated to adaptation, particularly in developing nations, to protect their communities from rising sea levels, extreme weather events, and climate-related threats.
7. Carbon Markets
Implementing Article 6 of the Paris Agreement, which governs international carbon markets, remains an area of ongoing negotiation. COP29 is expected to finalize key aspects of this market mechanism, which could provide an essential financial tool for reducing emissions on a global scale. It will require regulatory frameworks to prevent “greenwashing” and ensure that carbon trading contributes to reducing global emissions.
8. Inclusivity and Stakeholder Collaboration
Inclusivity was a significant theme at COP28, with civil society, businesses, Indigenous Peoples, and youth organizations playing active roles in the discussions. COP29 will likely continue to emphasize the importance of a diverse range of voices in climate conversation, ensuring that solutions are equitable and just. Empowering marginalized communities to participate meaningfully in climate action will be critical for fostering global solidarity.
9. Hydrogen Economy and Technological Innovation
Hydrogen emerged as a key focus during COP28, with many countries eyeing clean hydrogen as a possible game-changer for decarbonizing hard-to-abate sectors such as heavy industry and shipping. At the same time, most hydrogen production still relies on fossil fuels. COP29 will push for investments in green hydrogen produced through renewable energy and promote technological innovations to make the hydrogen economy a viable part of the global energy transition.
10. Corporate Responsibility and Sustainability
Corporations are vital partners in the global effort to mitigate climate change. There should be a high-powered magnifying glass to examine their intent. At the same time, progress is impossible without corporations setting an example and demonstrating how policies and innovations can be put to work. At COP29, the spotlight will be on how businesses can contribute to climate solutions by investing in clean energy, reducing their carbon footprints, and participating in public-private partnerships to scale up climate action. The private sector must align its strategies with global climate goals, ensuring sustainability is core to business operations.
Addressing Community Burn-out and Maintaining Momentum
After decades of climate negotiations, it is understandable that some veterans of the COP process may experience a sense of burnout. The pace of progress and the enormity of the climate challenge can lead to frustration. However, the UN Conference of the Parties remains a viable, collaborative platform for global climate dialogue and action.
COP29 in Baku will offer world leaders, corporations, and civil society a crucial opportunity to collaborate and make meaningful advances. The stakes have never been higher, and despite the weariness, this momentum must be maintained. The conference must focus on the unresolved issues from COP28 and reignite the collective sense of urgency and possibility that drives climate action.
COP29 must take COP28 outcomes to the next level and tackle unresolved issues with renewed vigor. Corporations can lead by committing to sustainable practices and collaborating with governments and NGOs. As the global climate conversation continues in Baku, bold action is more than ever, and the world must leverage the Conference to deliver tangible, inclusive solutions.
POSTED BY: Gil Bashe
