This time next week, COP29 will be in full force. Ahead of these climate talks, the IEA’s latest Clean Energy Market Monitor shows continued growth in clean energy deployment, but wide variations among regions and technologies exist amid increased manufacturing capacity and declining costs.
A week today, COP29 will kick off in Baku, Azerbaijan, where the climate finance landscape is expected to shift with the establishment of the New Collective Quantified Goal (NCQG). The NCQG aims to replace the existing $100 billion annual climate finance target, set in 2009, with a more ambitious goal that considers current climate vulnerabilities and increased funding needs in developing countries. Projections suggest that developing economies will need around $1.1 trillion by 2025, rising to $1.8 trillion by 2030, with the private sector expected to play a more substantial role than before.
Global climate goals are unattainable without agrifood system solutions. The private sector can play a key role in financing and scaling solutions that lower environmental impact, build resilience, support adaptation and reduce GHG emissions, whilst ensuring food security.
Low-carbon hydrogen is essential for reducing emissions in hard to abate sectors such as heavy industry and transport. However, the sector’s required rapid expansion depends on stronger demand stimulation policies, clarity on government support, and overcoming cost and infrastructure challenges to meet ambitious global targets by 2030, as underscored by the IEA's Global Hydrogen Review and the Breakthrough Agenda Report 2024.
A new IEA report finds that the global market for key clean technologies is set to triple to more than $2tn over the coming decade as energy transitions advance. It highlights the deepening connections between energy, trade, manufacturing and climate. As COP29 approaches, we address the importance of engaging the private sector in tackling challenges presented by climate change.
During the UN’s Biodiversity Summit and ahead of COP29, three key reports published by UNEP, UNFCCC and WMO serve to induce action, as they draw light on the fact that existing NDCs are inadequate, and continuation of current policies will lead to a global temperature rise of up to 3.1°C, with greenhouse gas levels reaching a new record in 2023.
As COP16 continues this week in Colombia, with world leaders looking to take decisive action to protect biodiversity, high on the agenda is addressing pollution—including plastic waste—as a key driver of biodiversity loss and ecosystem degradation. These discussions will trickle into Baku’s COP29 ahead of the fifth session of the Intergovernmental Negotiating Committee on Plastic Pollution, due to take place at the end of November in Busan.
International trade can play a pivotal role in shaping global efforts toward decarbonisation and climate action. As the world approaches COP29, discussions are intensifying on aligning trade policies with climate goals, particularly through carbon pricing and the promotion of low-carbon technologies.
As the UN Biodiversity COP16 continues for its fourth day, the 28th IRENA Council convenes in Abu Dhabi ahead of COP29 to assess global progress in the last year. Bioenergy sits at the interface of these conversations; however robust standards must be put in place to ensure clean energy does not come at the cost of biodiversity.
The biodiversity crisis is accelerating, yet global targets to reduce loss in global species have been historically neglected. COP16 will focus on the implementation of the Kunming-Montreal Global Biodiversity Framework as countries submit their required national biodiversity strategies and action plans.
With over 32,000 participants registered, discussions in Baku will address the critical role of urban areas and the built environment in climate change mitigation and adaptation. The COP29 Declaration on Multisectoral Actions Pathways (MAP) for Resilient and Healthy Cities calls on Parties and stakeholders to enhance multisectoral cooperation to tackle climate challenges faced by cities.
As a record number of people are set to attend the UN Biodiversity Summit in Colombia, the importance of transforming economic models conducive to protecting and restoring the world’s natural ecosystems and their inhabitants is becoming increasingly clear. Today, the UK Government has announced its first Special Representative for Nature as governments and climate leaders come together at COP16 to review progress on the Kunming-Montreal Global Biodiversity Framework adopted in 2022 and discuss updated action plans for meeting its targets.
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As governments look to ensure their next round of NDCs are conducive with a just transition, at COP29 the Baku Initiative on Human Development for Climate Resilience will be launched, establishing a strategic global collaboration on human development and climate change.
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COP29 Presidency to launch the Green Digital Action Declaration, raising commitment to leverage digital tools for climate action, incorporate climate resiliencies into infrastructure, and reducing the environmental impact of digitalisation.
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At COP29, global leaders and stakeholders will assess the progress made since COP28 in the expansion of clean energy. The World Energy Outlook 2024, published today by the IEA, shows clean energy is entering the energy system at an unprecedented rate, yet today’s policy settings still put the world on course for a rise of 2.4 °C in global average temperatures by 2100.