Five things we learnt from COP29
Written By
Partner
Germany
Offering extensive entrepreneurial knowledge and long-standing expertise in regulatory matters around infrastructure and energy, I am a partner in our international Energy and Utilities Sector Group and a member of our Regulatory and Administrative Practice Group.
On 24 November 2024, the 29th Conference of the Parties of the United Nations Climate Change Convention (COP29) reached an agreement. After some late-night negotiations and drama, the conference ended with several decisions.
Our expert on the ground, Matthias Lang, partner, summarises what we learnt from COP29.
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Iterative change on specific questions, not revolution or new agreement
COP29 was a conference of iteration, with a focus on specific questions, in particular climate finance. There is no new climate agreement that would require countries to go through the process of ratifying a new treaty. While discussions were controversial, the limited focus allowed for more targeted discussions and decisions on pressing matters.
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Climate finance
Dubbed the “Finance COP”, there was a lot of conversation centred around the cost of global green transition. Previously, developed countries had committed to providing $100 billion annually to support developing countries in their climate efforts. At COP29, this figure was significantly increased to $300 billion, the so-called New Collective Quantified Goal on Climate Finance (NCQG). The emphasis on developed countries taking the lead in this financing is crucial. It highlights the responsibility of wealthier nations to support those more vulnerable to climate impacts. However, the wording also opens the door for other countries, potentially including those previously classified as developing, to contribute.
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No new definition of developed and developing countries, but an opening to broaden the basis for climate finance
The original Climate Change Convention from 1992 categorised countries based on their economic status at that time. However, the global landscape and the carbon footprint of many countries has changed significantly since then. Countries like China and Saudi Arabia, which were once considered developing, are now major economic powers. This raises questions about their role and contributions to climate financing. Maybe the new wording with “with developed country Parties taking the lead” opens a way to broadening funding for climate initiatives.
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Political steps towards climate action
The decisions made at COP29 are primarily political rather than legally binding. They set the direction for future actions but do not impose immediate legal obligations on individuals or companies. However, these political steps are essential for progressing towards the implementation of further climate financing and carrying out climate measures. They represent incremental progress towards the broader goal of addressing climate change.
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The role of lawyers in climate action
The International Bar Association, along with the American and Brazilian Bar Associations, held a side event at COP29 to discuss the role of lawyers and law associations in implementing climate measures. Lawyers will need to analyse the texts of the agreements and decisions made at COP29 to determine how they can be translated into actionable policies and regulations. Their expertise will be crucial in finding legal pathways to reduce harmful emissions and slow the pace of global warming.
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