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Conference of the Parties (COP 29) - Coggle Diagram
Conference of the Parties (COP 29)
1. Where?, When?, Who?, purpose ?
1 to 22 November 2024
198 parties
Tackle critical climate issues
Collective shift to low emissions and resilient economies
benefitting all countries and peoples
Participants from all over the worls are gathering at COP 29 in Baku
in order to advance global cooperation and to ensure every country has the means to take much stronger climate action
Keeping to the limit of global warming at 1.5 degrees celcius
Even if it rises, the agreement of the implementations in COP 29 must be able to decrease it back
without this transition, no economy can withstand the rising temepratures
Baku, Azerbajian
2. Points discussed
(A) CLIMATE FINANCE
Focus on increasing financial support for developing nations
UN Climate Change Executive Secretary Simon Stiell mentioned that the new climate finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country.
Help in keeping the clean energy boom growing
helping all countries to share in its huge benefits
more jobs, stronger growth, cheaper and cleaner energy for all
KEY OUTCOME
New Climate Finance Goal - agreed to triple finance
Developed countries pledged $300 billion annually by 2035 to support climate action in developing nations.
It was tripple the current amount which is $100 billion
2. Points Discussed
(C) FOSSILL FUELS & EMISSIONS REDUCTION
There was a debate: some countries pushed for a fossil fuel phase out but no fnal agreement was made.
the issue remains as one of the most important barriers to decarbonisations
reason being subsidies distort energy markets and slow the adoption of cleaner alternatives.
clear timelines and solutions on eliminating subsidies is critical in 2025
so as to align energy markets with global decarbonization goals
KEY OUTCOMES
UK and Brazil announced new nationally determined contributions and emission reduction targets during the summit
Businesses, including the Alliance of CEO Climate Leaders, pushed for more ambitious, credible, and investable contributions, translating these plans into stable and long-term domestic policies to attract private sector investments.
2. Points Discussed
(B) CARBON MARKETS (ARTICLE 6 OF THE PARIS AGREEMENT)
UN Climate Change Executive Secretary Simon Stiell mentioned that when the carbon markets are operational, it will help countries implement their climate plans faster and cheaper, driving down emissions.
Its aim is to establish rules for international carbon credit trading
carbon credit trading is the buying and selling of carbon credits which are certificates that represent reductions in carbon emissions
KEY OUTCOME
finalisation of the rulebook on carbon markets under Article 6
Paris Agreement Crediting Mechanism (PACM) - ensuring that all trading of carbon credits are actually helping the evironment
A UN-backed body was set up to regulate carbon markets