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COP29 Triples Climate Finance to Developing Countries, Boosts Carbon Markets and Adaptation
**COP29: Key Outcomes and Trends from the 2024 United Nations Climate Change Conference**
The 2024 United Nations Climate Change Conference, also known as COP29, concluded on November 22, 2024, in Baku, Azerbaijan. The conference brought together nearly 200 countries to address pressing climate issues and set new goals for climate action.
**New Finance Goal: Tripling Support to Developing Countries**
A significant achievement of COP29 was the agreement on a new collective quantified goal on climate finance (NCQG). This goal triples the annual finance to developing countries from $100 billion to $300 billion by 2035, aiming to reach $1.3 trillion per year by 2035 from both public and private sources[3][5].
**Carbon Markets and Adaptation**
COP29 also made significant progress on carbon markets under Article 6 of the Paris Agreement. The conference established a UN-backed body to regulate international carbon credit trading, which is expected to unlock billions of dollars in climate finance for developing countries[1][3].
**Adaptation and Indigenous Peoples**
The conference launched the Baku Adaptation Road Map and Baku high-level dialogue on adaptation to enhance the implementation of the UAE Framework. Additionally, COP29 adopted the Baku Workplan to elevate the voices of Indigenous Peoples and local communities in climate action[3].
**Global Climate Action**
COP29 emphasized the urgent need to limit global warming to 1.5°C and called for enhanced Nationally Determined Contributions (NDCs) in line with this target. The conference also encouraged global financial institutions and the private sector to increase climate finance and foster investment in green innovation[1][3].
The outcomes of COP29 set a critical path forward for global climate action, emphasizing the need for collective efforts to address the climate crisis. The next steps will be crucial in ensuring that these commitments are met and that the world stays on track to meet the 1.5°C warming limit.
The 2024 United Nations Climate Change Conference, also known as COP29, concluded on November 22, 2024, in Baku, Azerbaijan. The conference brought together nearly 200 countries to address pressing climate issues and set new goals for climate action.
**New Finance Goal: Tripling Support to Developing Countries**
A significant achievement of COP29 was the agreement on a new collective quantified goal on climate finance (NCQG). This goal triples the annual finance to developing countries from $100 billion to $300 billion by 2035, aiming to reach $1.3 trillion per year by 2035 from both public and private sources[3][5].
**Carbon Markets and Adaptation**
COP29 also made significant progress on carbon markets under Article 6 of the Paris Agreement. The conference established a UN-backed body to regulate international carbon credit trading, which is expected to unlock billions of dollars in climate finance for developing countries[1][3].
**Adaptation and Indigenous Peoples**
The conference launched the Baku Adaptation Road Map and Baku high-level dialogue on adaptation to enhance the implementation of the UAE Framework. Additionally, COP29 adopted the Baku Workplan to elevate the voices of Indigenous Peoples and local communities in climate action[3].
**Global Climate Action**
COP29 emphasized the urgent need to limit global warming to 1.5°C and called for enhanced Nationally Determined Contributions (NDCs) in line with this target. The conference also encouraged global financial institutions and the private sector to increase climate finance and foster investment in green innovation[1][3].
The outcomes of COP29 set a critical path forward for global climate action, emphasizing the need for collective efforts to address the climate crisis. The next steps will be crucial in ensuring that these commitments are met and that the world stays on track to meet the 1.5°C warming limit.
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By QP - Daily**COP29: Key Outcomes and Trends from the 2024 United Nations Climate Change Conference**
The 2024 United Nations Climate Change Conference, also known as COP29, concluded on November 22, 2024, in Baku, Azerbaijan. The conference brought together nearly 200 countries to address pressing climate issues and set new goals for climate action.
**New Finance Goal: Tripling Support to Developing Countries**
A significant achievement of COP29 was the agreement on a new collective quantified goal on climate finance (NCQG). This goal triples the annual finance to developing countries from $100 billion to $300 billion by 2035, aiming to reach $1.3 trillion per year by 2035 from both public and private sources[3][5].
**Carbon Markets and Adaptation**
COP29 also made significant progress on carbon markets under Article 6 of the Paris Agreement. The conference established a UN-backed body to regulate international carbon credit trading, which is expected to unlock billions of dollars in climate finance for developing countries[1][3].
**Adaptation and Indigenous Peoples**
The conference launched the Baku Adaptation Road Map and Baku high-level dialogue on adaptation to enhance the implementation of the UAE Framework. Additionally, COP29 adopted the Baku Workplan to elevate the voices of Indigenous Peoples and local communities in climate action[3].
**Global Climate Action**
COP29 emphasized the urgent need to limit global warming to 1.5°C and called for enhanced Nationally Determined Contributions (NDCs) in line with this target. The conference also encouraged global financial institutions and the private sector to increase climate finance and foster investment in green innovation[1][3].
The outcomes of COP29 set a critical path forward for global climate action, emphasizing the need for collective efforts to address the climate crisis. The next steps will be crucial in ensuring that these commitments are met and that the world stays on track to meet the 1.5°C warming limit.
The 2024 United Nations Climate Change Conference, also known as COP29, concluded on November 22, 2024, in Baku, Azerbaijan. The conference brought together nearly 200 countries to address pressing climate issues and set new goals for climate action.
**New Finance Goal: Tripling Support to Developing Countries**
A significant achievement of COP29 was the agreement on a new collective quantified goal on climate finance (NCQG). This goal triples the annual finance to developing countries from $100 billion to $300 billion by 2035, aiming to reach $1.3 trillion per year by 2035 from both public and private sources[3][5].
**Carbon Markets and Adaptation**
COP29 also made significant progress on carbon markets under Article 6 of the Paris Agreement. The conference established a UN-backed body to regulate international carbon credit trading, which is expected to unlock billions of dollars in climate finance for developing countries[1][3].
**Adaptation and Indigenous Peoples**
The conference launched the Baku Adaptation Road Map and Baku high-level dialogue on adaptation to enhance the implementation of the UAE Framework. Additionally, COP29 adopted the Baku Workplan to elevate the voices of Indigenous Peoples and local communities in climate action[3].
**Global Climate Action**
COP29 emphasized the urgent need to limit global warming to 1.5°C and called for enhanced Nationally Determined Contributions (NDCs) in line with this target. The conference also encouraged global financial institutions and the private sector to increase climate finance and foster investment in green innovation[1][3].
The outcomes of COP29 set a critical path forward for global climate action, emphasizing the need for collective efforts to address the climate crisis. The next steps will be crucial in ensuring that these commitments are met and that the world stays on track to meet the 1.5°C warming limit.