C2ES @ COP29

Fifteen years ago, developed countries committed to collectively mobilize $100 billion in climate finance by 2020. COP29 focused on: what goal should succeed it; how that new goal should be structured; and who should be expected to contribute to it.

COP29 delivered an NCQG comprising:

• a goal to mobilize at least U.S. $300 billion per year by 2035 for developing countries
• a call for all actors to increase climate financing from all sources to developing countries to at least U.S. $1.3 trillion per year by 2035
• a roadmap process to elaborate the pathway to raising U.S. $1.3 trillion.

For more information on international climate finance, see here.

Parties finalized outstanding guidance to fully operationalize Article 6 of the Paris Agreement relating to carbon markets, officially closing the last open elements of the Paris Agreement “rule book.” Parties delivered decisions on:

• Article 6.2, covering: international registry arrangements; the authorization process for internationally transferred mitigation outcomes; the reporting and review process
• Article 6.4, covering: standards to assess methodologies, including for emissions removal activities; further guidance to the Article 6.4 Supervisory Body; process for authorizing the international transfer of units issued under the mechanism
• Article 6.8, covering: guidance for the implementation of the work program’s second phase.

At COP28, Parties agreed a number of key global targets and signals including tripling of renewable energy, doubling of energy efficiency, and achieving early warning systems for all by 2027. COP29 was unable to deliver decision on how to take forward the outcomes of the global stocktake. C2ES produced a series of C2ES papers elaborate a vision of enhanced internal cooperation to implement GST targets. For more information on C2ES’s work on the GST, see here.

Parties are expected to submit new NDCs by February 10, 2025, that are more ambitious than their previous commitments and take forward the outcomes of the first global stocktake. For more information on requirements for new NDCs, see here.

The Enhanced Transparency Framework, which provides guidelines for Parties on reporting their progress towards the goals of the Paris Agreement, is a key component of the agreement’s ambition cycle. Parties were expected to submit their first biennial transparency reports—key reports that will show how countries are doing against their individual climate targets—before the end of 2024. Some countries came forward with their reports during COP29. For more information on the enhanced transparency framework, see here.