min read

COP29: Progress, Challenges, and the Path Toward a Sustainable Future

Published on

November 26, 2024

‍The 29th United Nations Climate Change Conference (COP29) has come to an end, leaving us with a mixed bag of progress, unmet expectations, and a clearer roadmap for the future. As the world faces the increasingly urgent need to tackle climate change, what did COP29 achieve, and how can countries like Canada lead the way toward meaningful solutions?

Listen to article here.

A Mixed Bag of Outcomes

COP29, held in Baku, Azerbaijan, from November 11 to 22, 2024, brought together world leaders, scientists, activists, and industry representatives to negotiate collective actions to combat climate change. The conference aimed to strengthen global commitments toward the Paris Agreement goals of limiting global warming to well below 2°C and striving for 1.5°C above pre-industrial levels. While progress was made in some areas, critical gaps remain.

Key Achievements

New Climate Finance Goal: One of the most notable outcomes of COP29 was the agreement to mobilize at least $300 billion annually by 2035 to support developing nations in mitigating and adapting to climate change¹. This figure replaces the previous $100 billion annual target, which had been widely criticized as insufficient. While this new commitment represents progress, some argue that it still falls short of the estimated $1.3 trillion required annually to meet global climate needs effectively².
Operationalization of the Loss and Damage Fund: Building on decisions made at COP28, COP29 operationalized the Loss and Damage Fund, designed to help countries facing severe climate impacts. This fund will provide financial assistance to nations experiencing irreversible losses due to climate-induced disasters, such as rising sea levels and extreme weather events³.
International Carbon Market Standards: A significant step was taken under Article 6.4 of the Paris Agreement, as COP29 delegates agreed on a framework for a centralized carbon market. This mechanism will enable countries to trade carbon credits, helping them meet their emissions reduction targets more efficiently. This development could unlock significant climate finance opportunities, particularly for developing nations⁴.

Critical Shortcomings

Limited Financial Ambition: Despite the increase in the climate finance target, many stakeholders argue that the $300 billion annual goal is insufficient to address the scale of climate challenges. Developing nations had called for a minimum of $500 billion per year, reflecting the dire need for greater investment in adaptation and mitigation efforts².
Fossil Fuel Phase-Out Stalled: Perhaps the most glaring shortfall of COP29 was the failure to reach an agreement on phasing out fossil fuels. Despite widespread recognition that fossil fuel consumption is the leading cause of global warming, geopolitical tensions and resistance from some major producers prevented the establishment of a concrete timeline for the transition⁵.
Geopolitical Divisions: The conference was overshadowed by geopolitical tensions, particularly with the re-election of a climate-skeptical U.S. administration. Additionally, Azerbaijan’s significant fossil fuel interests and logistical challenges during the event raised concerns about the effectiveness of its leadership⁶.

Aligning with the Paris Agreement Goals

The Paris Agreement’s goals require drastic reductions in greenhouse gas emissions to limit warming to 1.5°C. COP29’s outcomes, while a step in the right direction, fall short of the urgent and transformative action needed. The modest climate finance target and the lack of a fossil fuel phase-out plan highlight the challenges of achieving these objectives within the required timeframe².

Areas That Can Bridge the Gap

While COP29 exposed some glaring gaps, several areas present opportunities to accelerate progress toward the Paris Agreement goals. These include renewable energy expansion, carbon capture technologies, nature-based solutions, electrification, and international collaboration.

1. Renewable Energy Expansion

Renewable energy sources, such as solar, wind, and hydroelectric power, are central to decarbonizing the global energy system. The International Renewable Energy Agency estimates that renewable energy could contribute over 90% of the emissions reductions needed to meet climate targets⁷.

Canada’s Role: With over 60% of its electricity already coming from hydroelectric power, Canada is well-positioned to expand its renewable energy capacity further, including wind, solar, and tidal energy projects⁸.

2. Carbon Capture, Utilization, and Storage (CCUS)

CCUS technologies can capture emissions from hard-to-decarbonize sectors, such as cement and steel production. The International Energy Agency (IEA) highlights CCUS as an essential component for achieving net-zero emissions⁹.

Canada’s Role: As a global leader in CCUS, Canada’s projects like the Alberta Carbon Trunk Line and Quest are already capturing millions of tonnes of CO2 annually. Scaling these projects and incentivizing private-sector investment can amplify their impact¹⁰.

3. Nature-Based Solutions

Protecting and restoring ecosystems such as forests and wetlands can significantly reduce atmospheric CO2 while enhancing biodiversity and climate resilience¹¹.

Canada’s Role: Canada’s 2 Billion Trees initiative aims to plant two billion trees by 2030, contributing to increased carbon sequestration. Expanding this program and protecting existing forests are key steps¹².

4. Electrification and Energy Efficiency

Electrifying transportation, heating, and industrial processes, coupled with energy efficiency improvements, can drastically reduce emissions. For example, electric vehicles (EVs) produce far fewer emissions than internal combustion engines¹³.

Canada’s Role: With a commitment to 100% zero-emission vehicle (ZEV) sales by 2035 and programs like the Greener Homes Loan for energy-efficient retrofits, Canada is on track to lead in electrification¹⁴.

5. Climate-Resilient Infrastructure

Investing in infrastructure that can withstand climate impacts reduces economic losses and incorporates sustainable practices into development¹⁵.

Canada’s Role: Through initiatives like the Disaster Mitigation and Adaptation Fund (DMAF), Canada is enhancing the resilience of its infrastructure while reducing emissions¹⁶.

Canada’s Contributions at COP29

Canada demonstrated its commitment to global climate action at COP29 through several key initiatives:

Climate Finance Contributions: Canada launched the Global Action for Inclusive Adaptation (GAIA), a $1.48 billion platform to support projects in up to 25 developing countries¹⁷.
Loss and Damage Fund: Canada contributed $16 million to the start-up costs of the Loss and Damage Fund, underscoring its support for vulnerable nations¹⁸.
Advocacy for Ambitious Climate Action: Canada endorsed the High Ambition Coalition’s COP29 Leaders Statement, calling for enhanced commitments to emissions reductions and climate resilience¹⁹.

A Practical and Positive Path Forward

While COP29 underscored the challenges of global climate action, it also highlighted the areas where progress can and must accelerate. Countries like Canada, with its wealth of natural resources, advanced technologies, and international influence, are uniquely positioned to lead by example. By expanding renewable energy, investing in CCUS, prioritizing nature-based solutions, and fostering international collaboration, Canada can help ensure the world stays on track to meet the Paris Agreement goals.

Ultimately, the success of COP29 and future climate conferences lies in translating commitments into action. The solutions are within reach—what’s needed now is the collective will to implement them. By working together, nations can turn ambition into reality, creating a sustainable future for generations to come.

‍References