Over the first three days, the conference has made strides in advancing a global climate dialogue, showcasing the international community’s tangible readiness for action. Amid escalating environmental crises, from rising sea levels to extreme weather events, COP29 has become a platform for critical decisions aimed at fulfilling the Paris Agreement’s goals, while devising innovative approaches to support vulnerable countries and accelerate the transition to a green economy. Here’s an in-depth look at the progress achieved during these crucial early days.
Day 1: Setting the Agenda and Strengthening Carbon Market Mechanisms
1. COP29 Agenda Agreement
The summit opened with the establishment of the conference’s agenda, which was agreed upon by all participants. Reaching consensus required intense negotiations, as delegates aimed to find a balance that would advance climate objectives. This agreement is a strong indicator of the commitment of world leaders to the Paris Agreement and their intent to foster productive climate policies.
2. Advancing Carbon Market Standards (Article 6.4 of the Paris Agreement)
One of the first major breakthroughs was the agreement on standards for carbon credits under Article 6.4 of the Paris Agreement. This step aims to create clear and transparent guidelines for carbon trading, which will support emissions reduction projects in developing countries. Successfully implementing Article 6 is expected to reduce the annual cost of executing national climate plans by $250 billion, providing an additional impetus for countries with limited resources to move forward with their climate goals.
Day 2: World Leaders Summit and Financial Initiatives
1. World Leaders Climate Action Summit
The second day featured the opening of the Leaders’ Summit, attended by around 80 heads of state and officials. Leaders confirmed their countries’ commitment to the Paris Agreement, signaling political will for decisive action. The significant attendance—about 70,000 registered participants—underscored the global importance of the climate agenda.
2. Increase in Climate Finance from Multilateral Development Banks (MDBs)
Multilateral Development Banks (MDBs) announced plans to increase climate financing to $170 billion annually by 2030, with $120 billion dedicated to supporting low- and middle-income countries. Such measures can transform developing nations’ capacity to transition to sustainable technologies and provide crucial support for climate adaptation. This commitment demonstrates a new level of responsibility from the global financial sector.
3. Establishment of the Loss and Damage Fund
A landmark achievement was the creation of the Loss and Damage Fund, set to begin disbursements in 2025. This fund will primarily support countries most affected by climate impacts. With over $720 million already pledged, including a recent $19 million contribution from Sweden, the fund is expected to become a vital tool for assisting vulnerable nations in their recovery and adaptation efforts.
4. Methane Emissions Reduction Summit
A major event on the second day was the Methane Emissions Reduction Summit, with participation from the United States, China, the EU, and other countries. During this summit, national strategies for reducing methane emissions—one of the most potent greenhouse gases—were presented. Reducing methane emissions is considered one of the most effective and rapid measures to achieve short-term climate goals.
Day 3: Support for Small Island Developing States and Strengthening Health’s Role in Climate Action
1. New Collective Quantified Climate Goal (NCQG)
The third day focused on climate financing for Small Island Developing States (SIDS), which are especially vulnerable to climate risks. Representatives of these nations advocated for enhanced financial support to address the impacts of climate change, emphasizing the need for urgent funding. SIDS face the threat of rising sea levels, which directly affect their ecosystems and economies.
2. Establishment of the Climate and Health Coalition
Another significant achievement on the third day was the formation of the COP Presidencies Continuity Coalition for Climate and Health, uniting efforts from the World Health Organization (WHO) and the COP28–COP30 presidencies. This coalition aims to integrate healthcare into the climate agenda, recognizing the new health threats posed by climate change. This coalition will serve as a key platform for developing collaborative measures to prevent and adapt to climate-related health challenges.
3. Climate Policy Transparency: Biennial Transparency Reports (BTR)
Azerbaijan, along with several countries such as Spain, Japan, and the Netherlands, expressed readiness to submit their Biennial Transparency Reports, reinforcing a commitment to transparency in fulfilling climate obligations. Data transparency and reporting on climate commitments help strengthen trust among nations and enable a clearer evaluation of climate efforts.
Azerbaijan’s Role and Leadership in Climate Dialogue
As the host country, Azerbaijan has shown strong commitment to climate action, including preparing its own transparency report, which underscores its dedication to the Paris Agreement. Azerbaijan’s active participation in negotiations and coordination among countries enabled the attainment of significant agreements in the early days of the summit, reinforcing its role as a key player in climate diplomacy.
Conclusion and Outlook
The first three days of COP29 have showcased considerable progress across various aspects of climate policy, from developing carbon market standards to securing support for the most vulnerable nations. The summit is gaining momentum, and the coming days will be critical in finalizing agreements on climate financing and international climate commitments.
