Sonja Rzepsiki, a JURIST Senior Editor, was part of a group from the Vermont Law & Graduate School at the COP29 conference in Azerbaijan. This year's COP29 showcased the painfully slow progress in climate action. As a JURIST staff editor present in Baku, she is proud of the service's reporting on the intertwined lack of justice and prevalent human rights violations during these negotiations. However, the glacial pace of progress demands attention.

Unveiling the Dynamics of COP29 and Its Impact on Climate Finance

Climate Action at a Glacial Pace

At COP29, the slow march of climate action was strikingly evident. As a JURIST staff editor on the ground, it was disheartening to witness the lack of significant progress. The nearly 200 countries gathered in Baku agreed to triple finance contributions to developing countries, with a pledge of 300 billion dollars annually by 2035. But the question remains: will these commitments be met? The glacial pace of change in the climate arena is a cause for concern, as the impacts of climate change continue to worsen.This new finance goal is an important step forward, but it is only an insurance policy if premiums are paid in full and on time. As Simon Stiell, Executive Secretary of the UN Climate Change, emphasized, promises must be kept to protect billions of lives. The deep disappointment of the most vulnerable developing nations persists as the talks seem to backtrack on a past focus on phasing out fossil fuels.

The New Collective Quantified Goal on Climate Finance

The New Collective Quantified Goal on Climate Finance (NCQG) was a central focus at COP29. Nearly 200 countries came together to agree on this significant goal. It secures the scaling of finance to developing countries from public and private sources to 1.3 trillion dollars annually by 2035. This is a substantial increase that holds the potential to make a real difference in combating climate change.However, the implementation of this goal will require careful monitoring and accountability. As we look ahead, it is crucial that these countries follow through on their promises and ensure that the funds reach those in need. The success of this goal depends on the collective efforts of all nations.

Carbon Markets and Transparency

COP29 achieved a significant agreement on carbon markets. The Paris Agreement Crediting Mechanism will help countries deliver their climate plans more quickly and cheaply, enabling them to make faster progress in halving global emissions this decade. This is a crucial step in the right direction, as carbon markets provide a mechanism for countries to trade emissions credits and incentivize sustainable practices.In addition to carbon markets, COP29 celebrated the first biennial transparency reports. These reports are vital enablers of climate action, as they encourage parties to comprehensively report their nation's status of emissions and climate action policies. Prime Minister Philip Davis of the Bahamas emphasized the unifying role of transparency, stating that it is the thread that ties us all together. By providing high-quality, consistent climate data, these reports provide greater predictability for investment mechanisms.

National Climate Plans and G20 Leadership

Next year, all participating actors will be required to submit more robust national climate plans (Nationally Determined Contributions, or NDCs). These plans must cover all greenhouse gases and sectors to keep the 1.5°C warming limit within reach. At COP29, two G20 countries, the UK and Brazil, signaled their intention to ramp up climate action in their NDCs. They recognized that this is in the interests of their economies and peoples.The leadership shown by these G20 countries is crucial in driving global climate action. Their commitment to stronger NDCs sets an example for other nations and demonstrates the importance of collective action in addressing the climate crisis.

Elevating Indigenous Voices

COP29 took a small step forward in elevating the voices of Indigenous Peoples and local communities. The inclusion of the Baku Workplan and the renewal of the Report of the Facilitative Working Group of the Local Communities and Indigenous Peoples Platform was a progressive element. Although the adopted decision simply acknowledges the progress made, it is a start in recognizing the leadership of these communities in addressing the climate crisis.Ani Dasgupta, President and CEO of World Resources Institute, highlighted the importance of not being derailed by individual country elections or lack of engagement. This is a global and generational fight, and the voices of Indigenous Peoples and local communities must be heard.