Dubbed the “finance COP” for the milestone adoption of a New Collective Quantified Goal on climate finance (NCQG), the United Nations Framework Convention on Climate Change (UNFCCC) 29th Conference of Parties (COP29) held in Baku, Azerbaijan, achieved some success but left a number of important issues open. More specifically, COP29 delivered on its two main objectives. The first was agreement on a new climate finance goal: developed countries will take the lead in mobilizing at least U.S. $300 billion per year by 2035 for climate action in all developing countries. However, the new U.S. $300 billion goal fell short of what many hoped for and was decried as inadequate by some developing countries after adoption. In response, COP29 launched a process—the “Baku to Belém Roadmap to 1.3T”—that aims to scale up public and private finance to U.S. $1.3 trillion for developing countries, including through grants and non-debt creating instruments. This will likely be a major focus ahead of COP30.

COP29 also delivered on its second objective: finalizing outstanding elements of the Paris Agreement’s implementing guidance needed to fully operationalize carbon markets under Article 6 of the Paris Agreement.

Aside from these successes, Parties failed to adopt a decision on how to take forward the global stocktake (GST) outcomes agreed at COP28 or to advance the just transition work programme. And despite a February 10, 2025, deadline for new nationally determined contributions (NDCs),1 the conference delivered relatively weak signals on the need for ambitious and urgent greenhouse gas emissions reductions.

Some other key outcomes from COP29 included:

• a decision on the mitigation work programme (MWP) that lacks the strong references to the outcomes of the COP28 GST that many countries were pushing for
• additional guidance for the indicators under the United Arab Emirates (UAE) Framework for Global Climate Resilience and the establishment of the Baku High-Level Dialogue on Adaptation
• finalization of the arrangements for the Fund for responding to Loss and Damage, so that it can begin disbursing funds in 2025
• launch of the Baku Harmoniya Climate Initiative for Farmers
• renewal of the enhanced Lima Work Programme on Gender for a period of ten years
• renewal of the mandate of the Marrakech Partnership for Global Climate Action and UN Climate Change High-Level Champions until 2030.