Introduction

The key outcome of COP29 in Baku, Azerbaijan, was the establishment of a new global climate finance goal called the New Collective Quantified Goal (NCQG). This goal aims to replace the current target of $100 billion per year provided by developed countries to support climate mitigation and adaptation in developing nations.

Key notes

The NCQG is expected to significantly increase climate finance, with a proposed figure of $300 billion per year.

This amount is more than double the previous goal but falls short of the estimated $2.4 trillion annually required to meet global climate objectives. The final figure is still under negotiation, with developing countries pushing for higher amounts to address their climate-related needs.

Other notable outcomes from COP29 include:

Launch of the Baku COP Presidencies Continuity Coalition for Climate and Health, uniting Azerbaijan, Brazil, Egypt, the UAE, and the UK to integrate health into climate policies.

Advancement of the Global Goal on Adaptation (GGA) and National Adaptation Plans (NAPs) to enhance global adaptive capacity and resilience.

Discussions on strengthening Nationally Determined Contributions (NDCs) to align with the 1.5°C warming limit.

Focus on Nature-based Solutions (NbS) and Indigenous rights in climate action strategies.

Conclusion

These outcomes collectively represent significant steps towards addressing climate change and its impacts, though challenges remain in bridging the gap between developed and developing nations’ expectations and capabilities.

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