COP29: Why new climate pledges need ambition, finance and action to succeed

The author asserts that meeting the 1.5°C target depends on three pillars: ambition, finance, and action. While countries prepare NDCs for 2025, current plans are insufficient. The document emphasizes the need for a new financial target for developing countries, noting that cumulative needs by 2030 are estimated between $5.8 trillion and $13.6 trillion. It highlights the role of the United Nations Office for Project Services (UNOPS) in bridging the gap between aspirations and implementation, specifically within the high-emitting building and construction sector, and advocates for a just transition to ensure fairness in the net-zero shift.

• The ability to limit global warming to 1.5°C is contingent upon three primary factors: ambition, finance, and accelerated action. Current national climate action plans, known as Nationally Determined Contributions (NDCs), are insufficient even if fully implemented, and new versions are due by early 2025.
• Developing countries face significant funding gaps for mitigation, adaptation, and loss and damage. Estimates for cumulative financial needs by 2030 range from $5.8-$5.9 trillion to $7.8-$13.6 trillion, though these figures are likely underestimations.
• Successful translation of NDC commitments into action is hindered by a lack of political will, capacity gaps in human resources and finance, and inadequate data systems. Success is instead driven by high-level political ownership and the integration of climate action into national development agendas.
• The building and construction sector is a major source of emissions, accounting for approximately 37% of energy and process-related CO2 emissions and over 34% of global energy demand in 2021, yet it is largely missing from national NDCs.

APA

da Silva, J. M. (2024). COP29: Why new climate pledges need ambition, finance and action to succeed. World Economic Forum. https://www.weforum.org/stories/climate-action/cop29-climate-pledges-ambition-finance-action/

Chicago

da Silva, Jorge Moreira. COP29: Why new climate pledges need ambition, finance and action to succeed. World Economic Forum, 2024. https://www.weforum.org/stories/climate-action/cop29-climate-pledges-ambition-finance-action/.

Wikipedia

{{cite press release |last1=da Silva |first1=Jorge Moreira |title=COP29: Why new climate pledges need ambition, finance and action to succeed |publisher=World Economic Forum |date=11 November 2024 |url=https://www.weforum.org/stories/climate-action/cop29-climate-pledges-ambition-finance-action/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{dasilva2024cop29, author = {da Silva, Jorge Moreira}, title = {{COP29: Why new climate pledges need ambition, finance and action to succeed}}, publisher = {World Economic Forum}, year = {2024}, month = nov, url = {https://www.weforum.org/stories/climate-action/cop29-climate-pledges-ambition-finance-action/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }