COP29 Kicks Off – What you Need to Know
The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), or COP29 – billed as “the finance COP” – kicked off this week in Baku, Azerbaijan. Cornerstone Climate will be there (remotely) and will host an exciting event next week with Opportunity Green – see details below. We’ve also made freely available our Climate Month resources, so if you need to brush up on the basics of the UNFCC or dip into Green Finance, you can do so.
COP29 in five bullet points
- The Host State: Different regions take turns in hosting COP, and the region for COP29 is eastern Europe. The choice of Azerbaijan was subject to high level negotiations, with Russia blocking EU countries and Armenia and Azerbaijan blocking one another. Following Armenia’s retraction of its own bid and backing, Azerbaijan was selected. Azerbaijan’s COP presidency has attracted controversy, with the country’s plans to increase gas production over the next decade, and the appointment of a former state oil and gas company executive as COP29 President.
- A deal on global carbon markets announced on Day 1: Work on international carbon markets under Article 6 of the Paris Agreement (ie a UN-operated marketplace began at COP28. On the first day of COP29, a deal to launch the potentially multibillion-dollar carbon markets was announced, although its “gavelling through” without further discussion has drawn criticism, including over lack of transparency. The deal allows for UN oversight of the emissions reductions covered by the credits, which can be used towards countries’ Nationally Determined Contributions (NDCs) for meeting their Paris Agreement obligations. Further rules governing bilateral emission reduction trading deals between countries must still be discussed.
- Finance is a high priority: The task is to agree a new collective quantified goal on climate finance (NCQG), to replace the old climate finance goal, set in 2009, for rich countries to provide $100bn a year to the developing world by 2020, a goal that finally met in 2022.There will be big debates about the role of private finance (and debt) in providing the trillions needed, and also on which countries are classed as “developing”. UNFCCC Climate Chief, Simon Stiell, opened COP29 stating:
“Here in Baku, we must agree a new global climate finance goal. If at least two thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price. If nations can’t build resilience into supply chains, the entire global economy will be brought to its knees. No country is immune. So, let’s dispense with the idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest.”
- Cutting greenhouse gas emissions: The huge and urgent push remains to halve emissions by 2030 so that the likely overshoot of warming above 1.5 degrees C is shortened and reversible. The current set of NDCs are inadequate. Ahead of COP29, UN officials in Bonn launched the NDC 3.0 Navigator, a tool to “support countries in raising NDCs 3.0 ambition and accelerating the implementation of the next round of NDCs to be submitted in early 2025”. For the first time, the three presidencies of the current Cop (Azerbaijan), the last Cop (the United Arab Emirates) and the next Cop (Brazil) are working formally together in a “troika” system to ensure continuity on emissions reductions.
- Renewed UK Leadership: The reality that the US is likely to leave the Paris Agreement (again) hangs over COP29. The UK has already signalled that it intends to accelerate climate action and to work with other countries to step into the political leadership void left by America. Prime Minister Sir Keir Starmer confirmed this when he spoke at COP29 on Day 2. He also announced the UK’s next NDC, following the Climate Change Committee’s recommended 81% cut in carbon emissionsby 2035.
Climate Month resources
To mark COP29, Cornerstone Climate are delighted to share resources from our Climate Month training programme from earlier this year. We’ve picked out a few topical session below:
- In Climate Change and the Law: The Basics, Jack Barber and Verity Bell unpack foundational concepts like “net zero” and the role of climate law, offering an accessible guide to key definitions, principles, and frameworks for understanding national climate policy. Harriet Townsend, organiser of Cornerstone Climate Month, provides the introduction, framing the session as an ideal starting point for those new to these critical topics.
- In Climate Basics #2: The International Regime, Jack Parker joins Monserrat Madariaga and Olivia Tattarletti from Legal Response International to explore the international climate change regime and negotiations. This session clarifies the role of legal practitioners in the complex web of international climate discussions, highlighting how these efforts shape global responses to climate challenges.
- Lastly, Financing the Green Transition features Nina Pindham in conversation with Georgina Beasley from Net Zero Lawyers, discussing the financial mechanisms behind long-term green projects. This session provides insights into how financing plays a pivotal role in achieving net zero, focusing on strategies to enable and sustain the transition.
Opportunity Green x Cornerstone Barristers Climate Webinar
Join Opportunity Green and Cornerstone Barristers for an impactful webinar, “Addressing the NDC Gap: International Aviation and Shipping Emissions“, on 20 November 2024 at 1:00 pm (via Zoom). This free event, chaired by Estelle Dehon KC, will bring together renowned speakers like Payam Akhavan, Chris Lyle, Damien Meadows, and Aoife O’Leary. They will discuss the critical omission of international aviation and shipping emissions from most Nationally Determined Contributions (NDCs) and explore legal frameworks for closing this gap to enhance climate accountability and ambition in these sectors. Register here.
Climate Law and Governance Day
Cornerstone Climate is proud to sponsor this year’s Climate Law and Governance Day (CLGD 2024), a premier virtual symposium dedicated to advancing global understanding and action on climate law. Join us on Friday, 15 November 2024, from 9:00 – 19:00 AZT (GMT+4) for a full day of engaging content, including 3 high-level plenaries and over 12 parallel sessions. The event will feature roundtable discussions, expert panels, and interactive workshops, all designed to tackle the most urgent climate law and governance issues and explore actionable solutions. Don’t miss this opportunity to connect with leaders and practitioners in climate law—register now to be part of CLGD 2024!
