COP29 reaches global climate deal package

 

 

A PACKAGE of climate agreements was reached early Sunday at the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29). The agreements included decisions on the New Collective Quantified Goal (NCQG) for climate financing and issues relating to the global carbon market mechanism under Article 6 of the Paris Agreement. The agreements set the post-2025 climate finance targets, including an annual funding of at least 300 billion US dollars from developed countries and a broader climate financing goal of at least 1.3 trillion dollars per year by 2035 for supporting developing countries’ climate actions. The arrangement is expected to lay the groundwork for developing countries to undertake climate action and submit a new round of nationally determined contributions next year.

 

Nearly 200 parties also broke years of deadlock in multilateral negotiations, reaching a consensus on the international carbon market mechanism under Article 6 of the Paris Agreement. This marked the completion of the implementation rules for the market mechanism under Article 6 and resolved the last pending issue within the Paris Agreement. In addition, the conference also reached decisions on various issues, including the carbon trading mechanism, the implementation of the Global Stocktake results, the mitigation work programme, and the global adaptation goal.