Conference of the Parties of the UNFCCC (COP 29)

Climate Funding:

1. At COP29, climate financewas considered to be a central topic, focusing on scaling up resources for developing countries to address climate impacts and transition to low-carbon economies.
2. A key agenda item was the negotiation of the New Collective Quantified Goal (NCQG) on climate finance, which would set a new financial target to support developing countries after 2025.
3. Proposed solutions included blended finance, which combined publicand private investments to amplify funding for climate initiatives, and debt-for-nature swaps, which would allow countries to reallocate debt repayments toward environmental and climate projects.
4. Among the major developments, multilateral development banks, including the World Bank, Asian Development Bank, and European Investment Bank, pledged to increase climate-related lending.

Carbon Credit Funding:

1. At the conference, world leaders ratified a key framework under Article 6.4 of the Paris Agreement, establishing a UN-backed body to regulate international carbon credit The decision is expected to unlock billions of dollars in climate finance, mainly destined for developing countries.
2. Delegations also reached an agreement for a deal that would oblige developed nations to make a $300 billion annual climate finance pledge by 2035, to help developing countries get access to wider economic resources to tackle emissions and climate disasters.
3. However, poorer nations criticized the amount as insufficient, with many pushing for a minimum $500 billion target.
4. While the deal was seen as a small step, critics, including UN officials, called it a betrayal, especially due to the lack of mandatory contributions for emerging economies like China.

Energy Transitions:

1. Following COP28in Dubai, COP29 will focus on advancing the energy transition agenda, with particular emphasis on reducing global reliance on fossil fuels and scaling up renewable energy deployment.
2. Key goals include establishing specific timelines for phasing out coaland developing green hydrogen markets, both of which are critical to achieving the Paris Agreement targets.
3. COP29 will also address energy securityconcerns, especially for economies heavily dependent on fossil fuels, and will support policies that ensure a just and equitable transition for affected communities.
4. To facilitate these shifts, COP29 is expected to promote collaborative frameworks that enable countries to share technology, expertise, and resources. This includes regional integration of renewable energy grids, which can improve energy access while reducing emissions.
5. By advancing these initiatives, COP29 seeks to create sustainable, resilient energy systemsthat align with long-term climate goals.