COP 29 is the United Nations Climate Change Conference held in Baku, Azerbaijan from November 11-24, 2024. It is the 29th meeting of the United Nations Framework Convention on Climate Change, adopted in 1992, and is the basis for the Paris Agreement. Participants from countries, business representatives, scientists, youth, leaders, indigenous peoples and civil society from around the world come together to strengthen inclusive and collective action to tackle the climate crisis. Key objectives of COP 29 include achieving a net zero emissions target by 2050, limiting global temperature rise to 1.5°C and helping vulnerable communities adapt to the impacts of climate change. (UNFCCC, 2024)

The Highlights of the COP 29 Summit

At the opening of the COP 29 summit, President Mukhtar Babayev emphasized the need to operationalize carbon markets in accordance with Article 6 of the Paris Agreement and pointed out that time is running out for the implementation of action plans to reduce carbon emissions. In the following days of the conference, developed countries were called upon to fulfill their climate finance commitments without creating a debt burden, and transparency and accessibility in financing came to the fore. At the same time, it was decided not to put the discussions on the Carbon Border Adjustment Mechanism (CBAM) on the agenda.

At the Summit, developed countries aimed to define their financial support obligations to developing countries, global leaders announced their commitments to transition to a low-carbon economy, and Russia and the United States strengthened their commitments. Parties emphasized the importance of translating these commitments into effective and measurable results.

Negotiations began with developing countries voicing their financing needs, demanding that climate finance be increased to $1.3 trillion by 2035. Sweden committed 763 million dollars to the Green Climate Fund and 19 million dollars to the Loss and Damage Fund. Germany stated that the fossil fuel era is over and innovative sources of financing need to be increased, while Azerbaijan announced an investment of 1.2 billion dollars for green projects.

The Baku Call for Climate Action for Peace, Relief and Recovery, issued by the Presidency, emphasized the need to prevent conflicts caused by climate change and support vulnerable countries. The Summit also discussed the transformative role of artificial intelligence and digital technologies in combating climate change and emphasized the need to promote the use of digital tools to reduce greenhouse gas emissions, support climate resilience and advance sustainable development.

In the second week of the Summit, it was stated that efforts should be accelerated to establish a new climate finance. On Human Development Day, which focused on health, education, children and youth, the Baku Guiding Principles were adopted and a declaration aimed at reducing methane emissions was signed by 35 countries.

In the last days of the Summit, important steps were also taken in urbanization, transport and tourism, with the signing of the COP29 MAP Declaration on Resilient and Healthy Cities and the Declaration on Enhanced Climate Action in Tourism. In addition, nearly 50 countries endorsed the Declaration on Water Action for Climate, which calls for the protection of water basins and the adoption of holistic approaches to tackling climate change.

On the Gender Day, attention was drawn to the importance of access to resources, opportunities and decision-making mechanisms for women who disproportionately experience the impacts of climate change, and it was emphasized that gender-sensitive finance is vital for climate action. At the end of the summit, developed countries proposed a contribution of 250 billion dollars by 2035 in return for an annual climate finance commitment of 1.3 trillion dollars to developing countries. (KPMG Turkey, 2024)

Post COP 29 Updates

Not all countries reacted in the same way to the decisions taken at the COP 29 summit. Some countries in the so-called Global South expressed disappointment at the failure to meet the targets set to combat climate change by 2035. Moreover, the ratification of Article 6 of the Paris Agreement on the UN-organized carbon market was also viewed negatively by some. During the summit, there was speculation about the possibility of the US withdrawal from the Paris Agreement. As a matter of fact, the US government officially notified its decision to withdraw from the Paris Climate Agreement in a letter sent to United Nations Secretary-General Antonio Guterres. This decision was announced by then US President Donald Trump in 2017, but the process had entered a long waiting phase. As of the present date, this withdrawal process has been completed. (KARAR, 2024)

In this respect, US sub-national leaders have pledged to continue the climate fight at the state and local government level in a movement called “America Is All In”. Washington Governor Jay Inslee described the failure of the state’s attempt to withdraw climate legislation as an electoral victory, while state officials and mayors emphasized the importance of sub-national changes and cooperation with their counterparts in China. However, the impact of such statements is limited unless they translate into action. The final declaration once again postponed the transition away from fossil fuels or addressing the results of the Global Stocktake, leaving these issues for COP 30. (World Wildlife Fund, 2024)

2025 UN Conference on Climate Change

The 2025 United Nations Climate Change Conference (UNFCCC COP 30) will take place in Belém, Brazil in November 2025. It will be the 30th session of the Conference of the Parties (COP 30) and will also host important meetings such as the 20th session of the Meeting of the Parties to the Kyoto Protocol (CMP 20), the seventh session of the Meeting of the Parties to the Paris Agreement (CMA 7), the 63rd session of the Subsidiary Body on Scientific and Technological Advice (SBSTA 63) and the 63rd session of the Subsidiary Body on Implementation (SBI 63). (IISD, 2025)

• United Nations Framework Convention on Climate Change (UNFCCC). (2024). About COP 29. UNFCCC. Retrieved from https://unfccc.int/cop29/about-cop29
• KPMG Türkiye. (2024). KPMG COP29 Bülteni. KPMG. Retrieved from https://kpmg.com/tr/tr/home/insights/2024/12/kpmg-cop29-bulteni.html
• World Wildlife Fund. (2024). What’s next after COP29? WWF. Retrieved from https://www.worldwildlife.org/stories/what-s-next-after-cop29
• KARAR. (2024, January 31). ABD, Paris İklim Anlaşması’ndan çekildiğini resmi olarak bildirdi. KARAR. Retrieved from https://www.karar.com/dunya-haberleri/abd-paris-iklim-anlasmasindan-cekildigini-resmi-olarak-bildirdi-1929066
• International Institute for Sustainable Development (IISD). (2025). 2025 UN Climate Change Conference (UNFCCC COP 30). IISD. Retrieved from https://sdg.iisd.org/events/2025-un-climate-change-conference-unfccc-cop-30/