COP29 in Baku: In Solidarity for a Green World

New Collective Quantified Goal on Climate Finance

This year’s COP in Baku was significant for several reasons, including the adoption of the New Collective Quantified Goal (NCQG) on Climate Finance and its position as the final COP before the submission of updated NDCs by February 2025.

The journey toward climate finance goals began at COP15 in Copenhagen in 2009, where developed countries pledged to mobilise US$100 billion per year by 2020 to support developing countries' mitigation and adaptation efforts. However, this target was not reached until 2022, when developed countries provided US$115.9 billion in climate finance.

At COP29 in Baku, developed nations committed to providing $300 billion annually by 2035 to help developing countries address climate change impacts. This pledge is intended to support mitigation, adaptation, and loss and damage efforts. However, it falls short of the expectations and attracted criticism by some stakeholders.

What are Nationally Determined Contributions? Why Do They Matter?

Nationally Determined Contributions (NDCs) are the cornerstone of the Paris Agreement and essential for achieving its long-term goals. NDCs represent each country's commitment to reducing national emissions and adapting to the impacts of climate change. Article 4, paragraph 2 of the Paris Agreement requires each party to prepare, communicate, and maintain successive NDCs and to pursue domestic mitigation measures to achieve these contributions.

NDCs are submitted every five years to the UNFCCC secretariat. The next round is due in February 2025, with subsequent updates every five years thereafter (2030, 2035, and so on). NDCs outline specific targets for reducing greenhouse gas (GHG) emissions, strategies for adapting to climate change, and timeframes for implementation.

As the name suggests, NDCs are tailored to each nation's unique circumstances, capabilities, and priorities. However, developing countries face challenges in updating their NDCs without sufficient financial and technical support. In this regard, a robust NCQG that reflects their needs is critical to ensuring their participation in meeting global climate goals. Without sufficient resources, the risk of failing to align their NDCs with the 1.5°C target becomes significant.

Amidst the criticism towards NCQG during COP29, several countries announced enhanced net-zero policies as part of their commitments, such as:

• UK: Targeting an 81% reduction in emissions by 2035
• Brazil: Aiming for a 59–67% reduction by 2035
• Canada: Committing to a 40–45% reduction by 2035
• Mexico: Pledging to achieve net zero by 2050
• Türkiye: Setting a net-zero target for 2053

If anything, decarbonisation is becoming a driving force in both existing and emerging legislation, supporting the global transition to address the realities of climate change. In the coming year, an influx of climate-focused legislation is anticipated as part of updated NDCs, leveraging legal tools to aid mitigation, adaptation, and resilience efforts.

Path to COP30 in Brazil

COP29 in Baku acted as a critical check point in the global climate dialogue, not surprisingly highlighting the pressing need for collective and immediate action, legal reforms, and ambitious commitments, building on the momentum from COP28 in Dubai. Looking ahead, COP30, already referred to as the 'Nature COP,' will be held in Belém, Brazil, where global attention will focus on countries as they finalise their updated targets under the Paris Agreement.