After two weeks of arduous negotiations, delegates at COP29, formally known as the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), reached a significant agreement. They decided to provide a substantial amount of funding annually, with an overall climate financing target aiming to reach “at least $1.3 trillion by 2035”. This summit, often referred to as the ‘climate finance COP’, witnessed representatives from all countries coming together to establish a new, more ambitious climate finance goal.

UN Secretary-General's Perspective

Reacting to the outcome, UN Secretary-General António Guterres emphasized the importance of this agreement. While he acknowledged that an agreement at COP29 was crucial to safeguard the 1.5-degree limit, he expressed a hope for a more ambitious outcome, both in terms of finance and mitigation. However, he also stressed that this agreement serves as a foundation upon which to build and must be honored in its entirety and within the stipulated time. All countries must unite to ensure that the upper limit of this new goal is achieved.

Developing Countries' View

Developing countries, which had been seeking over $1 trillion in assistance, expressed their disappointment with the pledged financing. They believed that it was insufficient and came too late. The urgency of addressing climate change and the need for substantial financial support were clearly emphasized by these countries.

WMO's Focus Areas

Following COP29, the WMO will prioritize accelerated action to enhance global climate mitigation and adaptation while reducing loss and damage. It will continue to leverage its State of the Climate reports to guide climate policy, finance, and action. Key focus areas include expanding the Early Warnings for All initiative to ensure comprehensive early warning coverage and advancing Global Greenhouse Gas Watch to enhance monitoring and mitigation. Another crucial aspect is closing the gaps in Earth observations, which are essential for both mitigation and adaptation, as noted in the SBSTA Chair summary. The WMO will also take similar steps to close the gaps in Multi-Hazard Early Warning Systems.

Additional Contributions and Strategies

At COP29, additional contributions were made to the United Nations Systematic Observations Financing Facility (SOFF), which is now capitalized with more than US $100 million. This will support countries in addressing their basic weather and climate data gaps. A consolidated WMO strategy will be developed to assist countries in updating their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs) to incorporate these elements. National Meteorological and Hydrological Services (NMHSs) will be positioned as the authoritative voice of hydro-meteorological early warnings and central actors in driving science-based solutions, ensuring their enhanced role in implementing climate policies and strategies worldwide.

Other Steps Forward

Countries at COP29 also reached an agreement on the rules for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, encouraging countries to reduce emissions and invest in climate-friendly projects. They also agreed to extend a program centered on gender and climate change and provide support for the least developed countries to carry out national adaptation plans.UN Climate Change Executive Secretary Simon Stiell described the new finance goal as “an insurance policy for humanity”. He emphasized that this deal will fuel the clean energy boom and protect billions of lives. It will enable all countries to share in the significant benefits of bold climate action, such as more jobs, stronger growth, and cheaper, cleaner energy for all. However, he also acknowledged that no country got everything they wanted and that there is a significant amount of work still ahead. The world must set its sights on the road to Belém in the eastern Amazonian region of Brazil, where COP30 is scheduled to take place next year.