BACK

What to Expect from COP29 Key Issues and Trends for the Planet and Corporates

Get the latest news
right in to your inbox.

SUBSCRIBE TO OUR NEWSLETTER

As we look toward COP29, happening from November 11-22, 2024, in Baku, Azerbaijan, the stakes are higher than last year’s COP28. This year, nations and businesses worldwide will come together to address climate challenges, guided by the theme of Enhancing Ambition and Enabling Action. COP29 will challenge both governments and the private sector to accelerate progress and meet global climate commitments.

Nigar Arpadarai, UN Climate Change High-Level Champion for COP29, has emphasized the essential role of the private sector in climate action alongside government initiatives. As the private sector becomes more involved in delivering large-scale climate solutions, here are the key themes expected to dominate the agenda at COP29 and their implications for businesses.

1. Climate Finance and the New Collective Quantified Goal (NCQG)

COP29 is being called the “Finance COP” as negotiations for a new climate finance goal will dominate the agenda. The new global climate finance target will build on the outcomes of the Global Stocktake, agreed by Parties at COP28. The COP29 Presidency’s top priority is to agree on a fair and ambitious New Collective Quantified Goal (NCQG), replacing the previous $100 billion per year commitment, which was set in 2009 and only recently met. Discussions suggest the new target could exceed $500 billion per year.

Key points

What it means for the private sector

2. Investing in new technologies and clean energy connectivity

Accelerating the transition to renewable energy sources is crucial to achieving net-zero emissions by 2050. Discussions at COP29 will focus on eliminating fossil fuel subsidies, redirecting investments towards clean energy, and advancing zero-emission technologies such as clean hydrogen.

Key Points

What It Means for Businesses

3. Mitigation

COP29 will put the spotlight on the need for all Parties to integrate non-carbon dioxide (non-CO2) emissions into their Nationally Determined Contributions (NDCs), which are due to be updated shortly after the conference. Key sectors such as agriculture, waste management, and methane reduction will take center stage, as countries collaborate to address other non-CO2 greenhouse gases alongside CO2 emissions.

Key points

What it means for businesses

4. Adaptation Strategies

As countries are facing more severe climate impacts, adaptation is a central topic at COP29. The conference will prioritize National Adaptation Plans (NAPs) and push for greater financial support to help vulnerable nations prepare for the adverse effects of climate change.

Key points

What it means for the private sector

5. Nature-Based Solutions

Integrating nature into climate action is another key theme at COP29. Nature-based solutions (NbS) are gaining recognition for their ability to mitigate climate change while promoting biodiversity and enhancing resilience as part of broader climate strategies.

Key Points

What It Means for Businesses

6. Focus on Small Businesses

There is a growing recognition of the role small businesses play in climate action, as small businesses represent 90% of all businesses in the world and generate 70% of global jobs. 

Key Points:

What It Means for Businesses:

Conclusion

The overarching goal of COP conferences remains to strengthen global cooperation in tackling climate change while pushing the public and private sectors to increase their commitments under the Paris Agreement. At COP29, countries will be expected to show greater responsibility and accountability, with a renewed focus on sector-specific strategies and the inclusion of small businesses in climate action.

For the public sector, COP represents an increasingly pivotal moment to upgrade their climate policies. Countries on track with ambitious climate goals for 2030 or 2040 will reinforce their strategy at COP29, whilethe less advanced countries can take advantage of COP29 to upgrade their climate policies and make more decisive progress. Azerbaijan, for example, wishes to lead by example and has launched the green energy transition initiatives. These initiatives want to increase renewable power capacity to 30% by 2030 and diversify its existing energy system with the aim to become a leader in green energy. 

For the private sector seeking to thrive in a low-carbon economy, engaging with these developments is crucial. The private sector must demonstrate leadership by ensuring transparency in how they allocate capital and align investment decisions with global climate goals.

Join our Takeaways Webinar

COP29 will take place from November 11 to November 22, 2024. To help businesses understand the outcomes and potential impact of the conference, STRIVE by STX will host an informative session on Wednesday, November 27. In this session, we will dive into the key takeaways from COP29 and discuss what they mean for corporates worldwide.

Can't attend? Don't worry! We will also publish a COP29 Key Takeaways report.

Stay connected with us for insights on how COP29 will shape the future of climate action.

Share this content

Learn more about this topic

RELATED CONTENT

SERVICES

Comply with Regulations

97146263