COP29 Begins In Baku

COP29 Opening 

UN Climate Talks officially start today, with opening remarks provided by the outgoing COP28 President Sultan Al Jaber, COP29 President Mukhtar Babayev, and UN Climate Change Executive Secretary Simon Stiell. 

Stiell urged Parties to show that global cooperation is still going strong. He emphasised that the climate crisis affects everyone and every component of life, and no nation is immune.  

He served a reminder of the essential outcomes that COP29 must deliver: agreeing on a new global climate finance goal, kickstarting international carbon markets, making progress on targets set at COP28, agreeing adaptation targets, and improving the new mechanisms for financial and technical support on loss and damage.  

These negotiations will be the last before the updated Nationally Determined Contributions (NDCs 3.0) are to be submitted by Parties by February 2025, therefore enhancing ambition over the next eleven days is critical.  

World Energy Transitions Outlook 

On today’s release of the International Renewable Energy Agency’s (IRENA) World Energy Transitions Outlook 2024, Director-General Francesco La Camera underscored the importance of these national plans “NDCs 3.0 provide the last opportunity this decade for countries to step up their stated ambitions.” 

The International Renewable Energy Agency (IRENA) released its 1.5°C Scenario at the opening of COP29, outlining a net-zero path by midcentury, offering a framework for governments to develop energy transition strategies that better align energy planning with climate policies to channel investment. It positions electrification and efficiency as key transition drivers, enabled by renewable energy, clean hydrogen and sustainable biomass. 

According to the report, even if all COP announcements to date were to be fully implemented, a significant CO2 emission gap would still need to be closed by 2050. The Outlook shows that current country pledges could cut global energy-related CO2 emissions by 3% by 2030 and 51% by 2050. Achieving the global goals of tripling renewable power capacity and doubling energy efficiency by 2030, as agreed at COP28, would keep the energy transition on track for net-zero emissions by 2050. These 2030 targets are crucial to limiting global temperature rise to below 1.5°C, as underscored by the UAE Consensus. 

However, a significant gap remains between political announcements and actual country plans and policies. National plans and targets are set to deliver only half of the required growth in renewable power by 2030. Investments in renewable power, grids and flexibility, energy efficiency and conservation, must increase dramatically to meet the renewable energy and efficiency goals, totalling $31.5 tn from 2024-2030. 

Although renewable investment is for the most part growing, the Outlook also highlights the large geographical disparities in terms of renewable additions and investments, causing inequalities in the global energy transition.  

IRENA reiterates that as countries prepare for NDCs 3.0 in 2025, it is crucial that they better align with national energy plans and net-zero targets, underlining that coherent national energy and climate strategies facilitate transparency, attract investment, and accelerate the transition to a low-carbon, resilient economy. 

The Climate Action Innovation Zone, taking place in Baku this week, will bring together global climate leaders from across sectors and industries, contributing to the promotion of transformative innovation and tangible climate action to help us go further, faster together. Its Sustainable Innovation Forum will commence the programme on 13-14 November echoing the two pillars of the COP29’s Presidency, enhancing ambition and enabling action, and exploring the role of public-private partnerships in building stronger NDCs.  

To see the full agenda and to register: Flagship Events - Climate Action Innovation Zone