{"id":39742,"date":"2024-12-28T14:27:39","date_gmt":"2024-12-28T14:27:39","guid":{"rendered":"https:\/\/pakistanintheworld.pk\/live\/?p=39742"},"modified":"2024-12-28T14:27:39","modified_gmt":"2024-12-28T14:27:39","slug":"a-look-at-the-key-outcomes-of-cop29","status":"publish","type":"post","link":"https:\/\/pakistanintheworld.pk\/live\/a-look-at-the-key-outcomes-of-cop29\/","title":{"rendered":"A Look at the Key Outcomes of COP29"},"content":{"rendered":"<p style=\"text-align: center;\"><b><span lang=\"EN-GB\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-39743\" src=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2024\/12\/COP29-Azerbaijan.jpg\" alt=\"\" width=\"500\" height=\"340\" srcset=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2024\/12\/COP29-Azerbaijan.jpg 500w, https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2024\/12\/COP29-Azerbaijan-300x204.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Mir Sher Baz Khetran @ Institute of Strategic Studies Islamabad \/ Editor Dr. Neelum Nigar<br \/>\n<\/span><\/b><\/p>\n<p><span lang=\"EN-GB\">Conference of Parties (COP29), <\/span><span lang=\"EN-GB\">hosted by Azerbaijan in Baku from November 11 to 22, 2024, convened over 65,000 world leaders, policymakers, business executives, and civil society representatives to address the global climate crisis.<\/span><\/p>\n<p><span lang=\"EN-GB\"> This year&#8217;s summit, held under the theme <i>\u201cSolidarity for a Greener World\u201d<\/i>, aimed to deliver bold, practical, and ambitious solutions. Participants from nearly 200 countries focused on key issues such as climate finance, adaptive capacity, nature-based solutions, and clean energy transitions, with a spotlight on the needs of climate-vulnerable regions.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"eeqnpXKiTu\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/un-sdgs-risk-in-pakistan-countrys-efforts-stake-climate-ministers-despairing-remarks-national-meeting\/\">UN SDGs @ RISK in Pakistan &#8211; Country\u2019s efforts @ Stake  &#8211; Climate Minister&#8217;s Despairing Remarks @ National Meeting<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;UN SDGs @ RISK in Pakistan &#8211; Country\u2019s efforts @ Stake  &#8211; Climate Minister&#8217;s Despairing Remarks @ National Meeting&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/un-sdgs-risk-in-pakistan-countrys-efforts-stake-climate-ministers-despairing-remarks-national-meeting\/embed\/#?secret=mN4JflDmeZ#?secret=eeqnpXKiTu\" data-secret=\"eeqnpXKiTu\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><b><span lang=\"EN-GB\">Key Achievements at COP29<\/span><\/b><\/p>\n<p><span lang=\"EN-GB\">1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">New Climate Finance Goals:<\/span><\/b><span lang=\"EN-GB\"><br \/>\nCOP29, dubbed the first-ever &#8220;Finance COP,&#8221; prioritized mobilizing resources to support climate action. A New Collective Quantified Goal for Climate Finance was introduced to replace the $100 billion-per-year target set previously. The two key components of this new goal are:<\/span><\/p>\n<p><span lang=\"EN-GB\">o\u00a0\u00a0\u00a0 <\/span><span lang=\"EN-GB\">$1.3 trillion per year to be mobilized by all actors, including public and private sectors.<\/span><\/p>\n<p><span lang=\"EN-GB\">o\u00a0\u00a0\u00a0 <\/span><span lang=\"EN-GB\">$300 billion annually led by developed countries to support developing nations.<\/span><\/p>\n<p><span lang=\"EN-GB\">While these targets are more ambitious than past commitments, they remain insufficient to meet the needs of vulnerable nations. The mechanisms for ensuring equitable disbursement and scaling up private sector investments remain unclear, presenting challenges for achieving tangible impact.<\/span><\/p>\n<p><span lang=\"EN-GB\">2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Operationalizing Carbon Markets:<\/span><\/b><span lang=\"EN-GB\"><br \/>\nSignificant advancements were made under Article 6 of the Paris Agreement, which governs international carbon market mechanisms:<\/span><\/p>\n<p><span lang=\"EN-GB\">o\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Article 6.2:<\/span><\/b><span lang=\"EN-GB\"> Clear guidelines were established for countries to authorize and track carbon credit transactions, ensuring transparency and environmental integrity.<\/span><\/p>\n<p><span lang=\"EN-GB\">o\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Article 6.4:<\/span><\/b><span lang=\"EN-GB\"> A centralized carbon crediting mechanism now includes mandatory safeguards to protect the environment and uphold Indigenous Peoples&#8217; rights. Projects under this framework require informed consent from affected communities, with a detailed action plan set for 2025.<\/span><\/p>\n<p><span lang=\"EN-GB\">These developments aim to create functional carbon markets that support emissions reductions and mobilize much-needed finance for climate action.<\/span><\/p>\n<p><span lang=\"EN-GB\">3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Enhancing National Climate Commitments:<br \/>\n<\/span><\/b><span lang=\"EN-GB\">With the 2025 deadline for updating Nationally Determined Contributions (NDCs) approaching, nations were urged to set more ambitious and investable climate targets. COP29 saw countries like the UK and Brazil announce updated NDCs and emission reduction goals. Business leaders also pushed for policies that translate these commitments into stable, long-term frameworks to attract private sector investments. Key priorities include phasing out fossil fuels, tripling renewable energy capacity, and doubling energy efficiency by 2030.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"LEVQLZqjVg\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/sherry-rehman-not-satisfied-on-performance-of-pakistani-delegation-cop29-everyone-appreciated-our-work-romina-reacts-strongly\/\">Sherry Rehman Not Satisfied on Performance of Pakistani Delegation @ COP29 &#8211;  &#8220;Everyone Appreciated our Work&#8221; Romina Reacts Strongly<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Sherry Rehman Not Satisfied on Performance of Pakistani Delegation @ COP29 &#8211;  &#8220;Everyone Appreciated our Work&#8221; Romina Reacts Strongly&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/sherry-rehman-not-satisfied-on-performance-of-pakistani-delegation-cop29-everyone-appreciated-our-work-romina-reacts-strongly\/embed\/#?secret=RMOIYLDqJL#?secret=LEVQLZqjVg\" data-secret=\"LEVQLZqjVg\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><b><span lang=\"EN-GB\">\u00a0<\/span><\/b><b><span lang=\"EN-GB\">Persistent Challenges and Gaps<\/span><\/b><\/p>\n<p><span lang=\"EN-GB\">Despite notable achievements, some critical issues remained unresolved:<\/span><\/p>\n<p><span lang=\"EN-GB\">1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Fossil Fuel Transition:<\/span><\/b><span lang=\"EN-GB\"><br \/>\nDelegates disagreed on binding commitments to phase out fossil fuel subsidies, a significant barrier to decarbonisation. These subsidies distort energy markets and hinder the adoption of cleaner alternatives. Clear timelines and mechanisms for phasing out subsidies are essential to align global energy systems with decarbonisation goals.<\/span><\/p>\n<p><span lang=\"EN-GB\">2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Scaling Climate Finance:<\/span><\/b><span lang=\"EN-GB\"><br \/>\nWhile new targets were set, mechanisms for mobilizing and allocating funds\u2014especially from private sources\u2014remain inadequate. Ensuring that financial commitments lead to actionable projects on the ground remains a key challenge, particularly for developing nations.<\/span><\/p>\n<p><span lang=\"EN-GB\">3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Integrating Nature-Based Solutions:<\/span><\/b><span lang=\"EN-GB\"><br \/>\nThis summit placed comparatively less emphasis on biodiversity and nature-based solutions. Linking these areas with climate strategies will be crucial at COP30 to address the interconnected challenges of climate change and ecosystem degradation.<\/span><\/p>\n<p><span lang=\"EN-GB\">4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><b><span lang=\"EN-GB\">Translating Energy Targets:<\/span><\/b><span lang=\"EN-GB\"><br \/>\nProgress on the ambitious energy goals set at COP28\u2014such as tripling renewable energy capacity\u2014was limited. Governments and businesses must work together to develop actionable national and sectoral plans, enabling industries to align with these targets and accelerate the clean energy transition.<\/span><\/p>\n<p><b><span lang=\"EN-GB\">The Road Ahead<\/span><\/b><\/p>\n<p><span lang=\"EN-GB\">The year 2024 was pivotal for global climate action. Looking forward, countries are expected to submit updated NDCs ahead of COP30, which will be critical for maintaining momentum.<\/span><\/p>\n<p><span lang=\"EN-GB\">However, the COP process itself needs reform. Collaborative public-private partnerships must play a central role in addressing the climate crisis at the scale and urgency required. The upcoming World Economic Forum in Davos will be a key platform to translate COP29 outcomes into actionable initiatives and strengthen global cooperation among governments, businesses, and civil society.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"wV8oP88vng\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-april-may-2024\/\">Pakistan in the World \u2013 April \/ May 2024<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistan in the World \u2013 April \/ May 2024&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-april-may-2024\/embed\/#?secret=C0DiLCwGL8#?secret=wV8oP88vng\" data-secret=\"wV8oP88vng\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><b><span lang=\"EN-GB\">Pakistan at COP-29<\/span><\/b><\/p>\n<p><span lang=\"EN-GB\">In his address at COP29 on November 13, 2024, Prime Minister Shehbaz Sharif highlighted the urgent need for climate justice and warned of the severe consequences of global inaction. He emphasized Pakistan&#8217;s climate vulnerability despite its minimal contribution to global emissions. He called for the fulfilment of financial commitments made at COP27 and COP28, stressing the importance of grant-based climate finance rather than debt-inducing mechanisms. He urged the international community to provide robust financial support, particularly for developing nations that are disproportionately impacted by climate change, and to expedite the disbursement of pledged funds, such as the Loss and Damage Fund established in 2022.<\/span><\/p>\n<p><span lang=\"EN-GB\">Prime Minister Shehbaz Sharif underscored Pakistan\u2019s commitment to global climate action, noting the country\u2019s initiatives towards achieving 60% clean energy and 30% electric vehicle adoption by 2030. He described Pakistan\u2019s steps to develop a National Adaptation Plan and a National Carbon Market Framework but emphasized the necessity of international assistance to realize these goals. He lamented the unfulfilled promises of the Paris Agreement, calling for immediate, tangible actions from developed nations. He concluded by expressing hope that COP29, under Azerbaijan\u2019s leadership, would become a turning point for climate finance, restoring confidence in the pledging process and setting a precedent for future climate action.<\/span><\/p>\n<p><b><span lang=\"EN-GB\">Conclusion<\/span><\/b><\/p>\n<p><span lang=\"EN-GB\">COP29 underscored the escalating impacts of climate change, the growing demand for climate justice, and the deep divisions over responsibility and financing. While notable progress was made\u2014particularly in climate finance and carbon markets\u2014the summit highlighted continuing challenges, including lack of progress on phasing out fossil fuel subsidies and the inadequacy of financial commitments to meet the needs of developing nations. The divides between developed and developing countries remain stark, with the latter disproportionately bearing the brunt of climate change despite contributing the least to global emissions.<\/span><\/p>\n<p><span lang=\"EN-GB\">Nevertheless, COP29 achieved critical milestones, such as finalizing a global framework for carbon market trading under Article 6.4, offering developing nations new opportunities for sustainable growth. As the world moves toward COP30, the need for greater solidarity, transformative solutions, and actionable commitments has never been more urgent.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"pf9E3zDoFZ\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-december-2024\/\">Pakistan in the World \u2013 December 2024<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistan in the World \u2013 December 2024&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-december-2024\/embed\/#?secret=F0iLFS3yez#?secret=pf9E3zDoFZ\" data-secret=\"pf9E3zDoFZ\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mir Sher Baz Khetran @ Institute of Strategic Studies Islamabad \/ Editor Dr. Neelum Nigar Conference of Parties (COP29), hosted by Azerbaijan in Baku from November 11 to 22, 2024, convened over 65,000 world leaders, policymakers, business executives, and civil society representatives to address the global climate crisis. This year&#8217;s summit, held under the theme [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":39743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[1872,1716,109,111,3188,4401,6492,251,585,6493,43],"_links":{"self":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/39742"}],"collection":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/comments?post=39742"}],"version-history":[{"count":1,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/39742\/revisions"}],"predecessor-version":[{"id":39744,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/39742\/revisions\/39744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media\/39743"}],"wp:attachment":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media?parent=39742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/categories?post=39742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/tags?post=39742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}