COP 29 Outcome Moves Needle on Finance

COP 29 concluded with a new climate finance goal of at least USD 300 billion per year by 2035 for developing countries, though this remains below their identified needs. The conference saw a lack of progress on the COP 28 energy package, including the rejection of proposals for annual progress reports on transitioning away from fossil fuels and a failure to reiterate calls to phase out fossil fuel subsidies. While the national adaptation plan (NAP) assessment was delayed to 2025, agreements were reached on indicators for the UAE Framework for Global Climate Resilience and the establishment of the Baku Adaptation Road Map. Additionally, the Lima work programme on gender was extended by 10 years, but the document notes a failure to explicitly address human rights and gender-responsive finance in the New Collective Quantified Goal (NCQG) decision.

• COP 29 established a new climate finance target of at least USD 300 billion annually by 2035 for developing countries, although this amount is still considered insufficient to meet actual mitigation and adaptation needs.
• Progress on the COP 28 'UAE consensus' energy package stalled, with parties failing to agree on how to move forward. Specifically, proposals for annual progress reports on the transition away from fossil fuels, new goals for grids and storage, and a dedicated annual energy transition space were rejected.
• The outcome of COP 29 did not explicitly call for the phase-out of fossil fuel subsidies, and draft text regarding the reduction of fossil fuel infrastructure investments and 'polluter pays' instruments was rejected.
• The assessment of national adaptation plans (NAP) was delayed until 2025, missing a 2021 deadline. However, progress was made on the global goal on adaptation, including the creation of the Baku Adaptation Road Map and the Baku high-level dialogue on adaptation.
• While the Lima work programme on gender was extended for 10 years, the New Collective Quantified Goal (NCQG) decision failed to explicitly address human rights or the necessity of 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} }