COP29 in Baku: mixed outcomes for global climate action
Published date: 13 December 2024
New Medium article by Margherita Barbieri, Climate and Energy Standards Lead
The 29th Conference of the Parties (COP29) concluded on 22 November in Baku, Azerbaijan, following two weeks of intense negotiations, events, and discussions. The summit showcased both progress and challenges in the global fight against climate change, leaving the international community with mixed feelings about the outcomes.
In the latest Medium article, Margherita Barbieri, GRI’s Climate and Energy Standards Lead, reviews the key highlights and unresolved issues, stressing that:
- Though the recently concluded COP29 saw progress with a new climate finance goal, as developed nations pledged $300 billion annually by 2035 to support developing countries, it is still far short of the $1.3 trillion requested.
- Discussions on critical issues like phasing out fossil fuels, achieving net-zero emissions, and ensuring a just transition stalled due to political gridlock.
- Private sector accountability also remains insufficient, with overreliance on carbon credits and slow progress on biodiversity goals.
While COP29 achieved a landmark agreement on climate finance, the lack of decisive action on mitigation, just transition and private sector accountability underscores the great work that remains. The good news is that the private sector has the tools to act now, including established standards such as the GRI Universal Standards and the forthcoming GRI Climate Change and Energy Standards, which will launch in early 2025. However, the urgency for implementation is greater than ever.
Margherita Barbieri, Climate and Energy Standards Lead