Global | COP29: the bittersweet taste of the Baku summit

On November 24, two days later than initially planned, COP29 came to a close. Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC) acknowledged that the final decisions have not satisfied all parties.

Key points

• Key points:
• At this summit, informally called the COP of finance, the goal was to update the annual flow of climate finance from developed to developing countries, from the 100 billion dollars that the international community had agreed in 2009 to 1.3 trillion dollars.
• After a heated debate, since decisions in this type of forums must be reached by consensus and not by majority vote, the final agreement was to achieve, by 2035, a figure of 300 billion dollars that must be mobilized annually.
• So far, it remains undefined what specific contributions will be made by each country, including which countries must contribute, as well as which parts will be donations and which parts will be loans and public and private investments.
• Another topic that saw significant progress made at the beginning of this COP was the carbon market, with the establishment of operating rules for international trade in emissions reductions, both bilaterally and in a centralized manner.
• Thus, in February next year, countries will have to submit an updated version of their Nationally Determined Contribution (NDC).

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