Reflecting on COP29: Key outcomes from the conference

COP29 brought together over 65,000 delegates to share ideas, solutions and drive collective action on climate challenges.   

The Conference of the Parties (COP) is an annual global summit led by the United Nations Framework Convention on Climate Change (UNFCCC), where countries around the world gather to address global climate change, create new policies, and review the overall progression towards international climate goals.  Since 1995, these summits have brought together leaders from around the world, private sector representatives, and advocacy groups to address the climate crisis and find actionable solutions.

What were the outcomes of COP29?

Advancing the climate financial goals

COP29 introduced a New Collective Quantified Climate Finance Goal (NCQG), surpassing the previous $100 billion per year target. This framework focuses on mitigation, adoption and loss and damage support - particularly for vulnerable nations. 

As part of this effort, developed countries have agreed at COP29 to triple financial contributions to developing countries by 2035, with a goal of $300 billion (about £240 billion) per year over the next decade. These funds will help support vulnerable nations to implement adaptation measures and transition to low-carbon economies.

Operationalisation of the Loss and Damage Fund

Gaining significant attention at COP28, the Loss and Damages Fund has become fully operational at COP29 and aims to begin disbursing resources by 2025 to help vulnerable countries cope with climate-related damages. Pledges have been secured from developed nations and international institutions. This will channel funds to developing countries that are disproportionately affected by climate change impacts. 

Advancements in carbon markets

A significant achievement of COP29 was the finalisation of Article 6 of the Paris Agreement, which established a framework for international carbon trading. This will allow country-to-country trading of carbon credits, enabling nations to invest in projects that offset emissions, promoting innovation in emissions reductions. This agreement means that all elements of the Paris Agreement have now been finalised nearly 10 years after it was signed.

Enhanced transparency 

COP29 also saw the Enhanced Transparency Framework (ETF), become fully operational. This framework provides tools and support for developing nations to help strengthen their reporting capabilities.  

Why are these outcomes important? 

Overall, the decisions made at COP29 represent a vital step in addressing the growing challenges posed by climate change. These outcomes:

• Strengthen international collaboration on climate finance. 
• Encourage innovation in renewable energy and emissions reduction. 
• Establish robust framework for tracking emissions.

The overall outcomes of COP29 represent a critical step towards achieving the goals of the Paris agreement and addressing the increasing impacts of climate change. By 2035, we will have enabled more than £50 billion of investment into the UK to develop 15GW of zero carbon electricity. That’s around 25% of the current energy needs in the UK. 

As the country’s biggest generator of zero carbon electricity, we are committed to helping the UK achieve net zero emissions by 2050. We’re helping to build Britain’s own wind, nuclear and solar supply to help the UK reach net zero and secure our future energy needs.

How to learn more?

Listen to our latest episode of our “Talking Power” podcast series where we explore topics like policy and regulatory changes supporting net zero commitments, the importance of energy efficiency, and how businesses can implement a comprehensive sustainability strategy. Hear from EDF on how businesses can balance sustainability risk management, stay ahead of regulatory changes, and take actionable steps towards long-term climate resilience.