Here's your pocket guide to COP29—the world's largest climate conference
Since 1995, the United Nations has held annual conferences of the parties (COPs) to evaluate the global climate change response. You've likely heard of the Paris Agreement, signed at COP21.
COP29 took place in Azerbaijan from November 11 to November 24, 2024. Here are some key takeaways and outcomes:
Concerning stances on fossil fuels
As the second conference in a row hosted by a petrostate—following COP28 in Dubai—it was questioned from the outset whether progress would be made in transitioning away from fossil fuels.
The host country faced criticism before the event, when COP29 CEO Elnur Soltanov was recorded discussing fossil fuel investment deals. At the conference opening, Azerbaijan President Ilham Aliyev also referred to fossil fuels as a "gift from God" and asserted that his nation "should not be blamed" for its oil and gas resources. He also confirmed Azerbaijan's plans to expand gas production.
Saudi Arabia also resisted progress, rejecting texts targeting fossil fuels and allegedly deleting content from a negotiating text that could have brought oil and gas into question. This conflicts with the nation's commitment to transition away from fossil fuels at COP28.
Thankfully, many leaders were vocal in their opposition, reemphasizing the importance of the clean energy transition and confirming their nations' commitments to a greener future.
“Doubling down on fossil fuels is absurd. The clean energy revolution is here... no government can stop it.”
António Guterres, United Nations
Progress for the global carbon market
Article 6 of the Paris Agreement enables countries to trade carbon credits to achieve climate goals known as nationally determined contributions (NDCs). This unlocks funding for developing countries, which can complete climate projects and sell carbon credits.
At COP29, leaders reached agreements on Article 6.2, regulating international carbon trading, and Article 6.4, setting carbon market standards. These developments help clarify the credit trading and tracking process, ensure integrity, and create market consistency.
Our ratings agency partner, BeZero Carbon, participated in discussions on Article 6 and carbon markets at the conference.
Wren partners at COP29
"...with proper implementation, Article 6 will unlock billions in capital flows, a large part of which will go toward developing nations, bringing benefits above and beyond decarbonization."
—Sebastien Cross, BeZero Carbon
Disappointments and celebrations for EMDCs
Emerging markets and developing countries (EMDCs) often bear the brunt of the climate crisis, despite producing minimal emissions. Many of these nations are vulnerable to rising seas and disasters worsened by climate change like hurricanes, droughts, and floods.
A recent report estimated that EMDCs excluding China will require $1.3 trillion of external finance per year by 2035 to progress clean energy, improve climate resilience, and protect natural resources.
A major discussion at COP29 was about how developed countries would increase funding to EMDCs from the previously agreed $100 billion per year, in light of the increased impacts of climate change.
Developing countries initially pushed for $1.3 trillion per year, but said they would accept $500 billion. When half this amount was proposed on Friday, November 22, representatives from small island states and least-developed countries walked out in protest. These tensions pushed negotiations 33 hours over time, with the final compromise of $300 billion per year leaving many EMDCs disappointed.
Amid these challenges, there were moments to celebrate. Murad Ali Shah, Chief Minister of Pakistan’s Sindh province, highlighted the success of Delta Blue Carbon—our project partner for Mangrove planting in Pakistan—in enhancing Pakistan's climate resilience, restoring coastal ecosystems, and fostering sustainable livelihoods.
Wren partners at COP29
"We have [in Sindh] a 230-kilometer coastline and its 667,000 hectares of wetland ecosystems in mitigating and adapting to climate change."
—Murad Ali Shah, Pakistani politician
Decisive action on greenhouse gases
Greenhouse gases were common points of discussion this year, specifically methane and nitrous oxide—gases with global warming potentials 28× and 265× greater than carbon dioxide respectively.
The Global Methane Pledge, previously launched at COP26, unites 150+ nations to reduce methane emissions. This year, 30+ countries signed a new declaration to reduce methane from organic waste.
Our project partner, Clean Air Task Force, delivered a keynote presentation on methane and participated in panels on the topic.
Wren partners at COP29
"I’ve been working on climate change nearly my whole life, and it's enough to drive you crazy. But methane keeps me sane. It's something clear that we can do, and where we're seeing progress."
—Jonathan Banks, Clean Air Task Force
Nitrous oxide also drew attention during the conference, when a report was published on its potency and abatement strategies.
ClimeCo, our project partner for Adipic acid nitrous oxide abatement, participated in a panel discussion on how addressing nitrous oxide emissions can help fight climate change.
Wren partners at COP29
"Our work in N₂O abatement represents one of the most cost-effective and impactful areas for emissions reduction."
—Bill Flederbach, ClimeCo
Conference impressions and future outlook
Overall, this year’s conference forged progress in some areas and faced roadblocks in others. Next year’s COP30 will be held in Brazil, a country headed by climate champion Luiz Inácio Lula da Silva.
We are hopeful that the conference’s thirtieth anniversary will lead to even more impactful commitments in the fight to protect our planet.