COP29 AT THE CLIMATE CROSSROADS: ACHIEVEMENTS, GAPS, AND IMPLICATIONS FOR A WARMING WORLD

COP 29, held in Baku, Azerbaijan in 2024 the hottest year on record produced mixed outcomes amid escalating climate crises. Key achievements included the establishment of the New Collective Quantified Goal (NCQG), tripling climate finance to 300 billion USD annually by 2035, operationalizing Article 6 carbon markets, progress on the Loss and Damage Fund, and the launch of the Baku Adaptation Roadmap. These advances promise greater transparency, finance, and structured adaptation efforts.

However, the summit fell short of the transformative actions needed to meet the 1.5°C target. Challenges included slow fossil fuel phaseout, inequitable finance mechanisms, overreliance on private finance in the NCQG, and delayed Loss and Damage Fund implementation. Geopolitical tensions and fossil fuel influence further weakened negotiations, leaving key issues for COP30 in Brazil. The outcomes highlight the urgent need for stronger accountability, equitable funding, and inclusive frameworks to address the climate crisis effectively.