COP29 highlights the need for stronger global climate leadership

This year’s 29th Conference of Parties (COP29) resulted in underwhelming outcomes. We believe this underscores the need for stronger leadership to drive the necessary changes to meet climate goals. The decreasing costs associated with the clean energy transition, including cheaper renewable energy sources, should hopefully make it easier.

What you will learn:

• Amid fits and starts, there were a few key things agreed, such as the rules for carbon markets, which was the last unresolved section of the Paris Agreement. Documents were also signed to operationalise the Loss and Damage fund.
• Establishing a new finance goal was the key outcome that mattered this year and it fell short of expectations. Clear divisions remained, evident from the conservative compromise of a USD300bn finance goal, despite the trillions asked for to meet evidenced needs. This will make it harder to energise countries to increase climate ambition knowing the financing is lacking.
• These underwhelming outcomes are symptomatic of a conference that suffered from a lack of strong leadership. The large presence of the fossil fuel lobby, less fanfare, poor attendance from heads of state, and the uncertainties following Donald Trump’s presidential election victory also did not help.

Summary of Key COP29 Outcomes