C2ES @ COP29

Fifteen years ago, developed countries agreed to provide $100 billion in climate finance by 2020. Since that goal was achieved in 2022, COP29 will focus on what goal should succeed it. Parties will consider not only how much climate finance should be delivered, but also how that new goal should be structured and who should be expected to contribute to it. For more informational on international climate finance, see here.

Parties are expected to  finalize outstanding guidance to fully operationalize Article 6 of the Paris Agreement relating to carbon markets. To do so, countries may face challenges in acquiring political guidance during the COP to move forward on these highly technical issues.

At COP28, parties agreed a number of key targets including tripling of renewable energy, doubling of energy efficiency, and enhancing early warning systems. To move to transformative climate action, Parties must take these targets forward. C2ES produced a series of papers that elaborate a vision of enhanced internal cooperation to implement GST targets. For more information on C2ES’s work on the GST, see here.

Parties are expected to submit new  NDCs by February 10, 2024 that take forward the outcomes of the first global stocktake and are more ambitious than their previous commitments. For more information on the normative requirements for NDCs, see here.

The Enhanced Transparency Framework, which provides guidelines for Parties on reporting their progress towards the goals of the Paris Agreement, is a key component of the Paris ambition cycle. Parties are expected to submit their first biennial transparency reports—key reports that will show how countries are doing against their individual climate targets—before the end of 2024. A number of countries are likely to come forward with their reports during COP29. For more information on the enhanced transparency framework, see here.