COP 29 Outcome Moves Needle on Finance

A statement by the International Institute for Sustainable Development (IISD) evaluating the outcomes of COP 29 in Baku, Azerbaijan. The document highlights a new climate finance goal of at least USD 300 billion per year by 2035, while criticizing the lack of progress on fossil fuel subsidies and the failure to advance the COP 28 energy package.

• COP 29 concluded with an agreement to set a climate finance goal of at least USD 300 billion per year by 2035 for developing countries. While IISD views this as an important step, it notes that the amount remains insufficient to meet the actual financing needs for climate mitigation and adaptation.
• IISD reports a misalignment between public financial flows and Paris Agreement targets, noting that fossil fuel subsidies in 23 developed countries—those responsible for providing climate finance—totalled at least USD 378 billion in 2023, based on OECD data from November 21.
• Progress on the COP 28 'UAE consensus' energy package stalled at COP 29. Parties failed to agree on how to move forward with the package, and proposals for annual progress reports on transitioning away from fossil fuels, new goals for grids and storage, and a dedicated annual energy transition space were rejected.
• The COP 29 outcome failed to explicitly call for the phase-out of fossil fuel subsidies and rejected draft text that would have urged countries to reduce fossil fuel infrastructure investments and develop 'polluter pays' instruments.
• Regarding adaptation, the national adaptation plan (NAP) assessment was delayed until 2025, missing a 2021 deadline. However, agreements were reached on the global goal on adaptation, including the establishment of the Baku Adaptation Road Map and the Baku high-level dialogue on adaptation.
• The conference saw a 10-year extension of the Lima work programme on gender, but IISD notes that the NCQG decision does not explicitly address human rights or gender-responsive climate finance.

APA

International Institute for Sustainable Development (2024). COP 29 Outcome Moves Needle on Finance. https://www.iisd.org/articles/statement/cop-29-moves-needle-on-finance

Chicago

International Institute for Sustainable Development. COP 29 Outcome Moves Needle on Finance. 2024. https://www.iisd.org/articles/statement/cop-29-moves-needle-on-finance.

Wikipedia

{{cite press release |author=International Institute for Sustainable Development |title=COP 29 Outcome Moves Needle on Finance |date=23 November 2024 |url=https://www.iisd.org/articles/statement/cop-29-moves-needle-on-finance |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{internationalinstituteforsustainabledevelopment2024cop, author = {{International Institute for Sustainable Development}}, title = {{COP 29 Outcome Moves Needle on Finance}}, publisher = {International Institute for Sustainable Development}, year = {2024}, month = nov, url = {https://www.iisd.org/articles/statement/cop-29-moves-needle-on-finance}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }