The twenty-ninth United Nations Conference of the Parties (COP29) will take place in Baku, Azerbaijan, November 11-22, 2024. Multidisciplinary experts from WSP will attend to engage in important discussions focused on acting on global climate ambitions.
The New Collective Quantified Goal (NCQG)
The NCQG will be a top negotiating priority. The first reset of this climate finance goal following the Paris Agreement will have a floor of $100 billion USD, an amount currently considered insufficient. The final amount of the NCQG will require both public sector funding and private sector financing and must avoid worsening the debt loads of developing countries.
Loss and Damage Fund
The Loss and Damage Fund was created to provide aid to developing nations impacted by extreme climate and weather events. The countries most impacted by climate change require resources for recovery, resilience, and to pursue their own sustainability targets. The $700 million pledged thus far must be operationalized, and a decision made about the potential to include financing from the private sector.
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Finalizing Article 6 implementation
Article 6 of the Paris Agreement, which allows Parties to cooperate to achieve their emissions reduction targets by counting reductions achieved in one Party against the target of a second Party, has not yet finalized guidelines for its implementation. Carbon markets have the potential to enable the implementation of promising green projects by making heavy emitters pay for part of the reductions in exchange for being able to claim them as their own. By negotiating conditions, definitions and terms for eligibility, delegates will operationalize Article 6 to avoid greenwashing and deliver measurable and lasting results.
New Emission Reduction Targets
Parties to the UNFCC will discuss the need to set 2035 emission reduction targets – these targets will need to be more ambitious than existing 2030 targets if the world is to be on track to net zero by 2050. Parties are expected to present their 2035 Nationally Determined Contributions (NDCs) by February 2025, and will likely cover a range of sectoral actions, including in renewable energy, transport, forestry and land use.
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