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As the year’s most significant global climate event, COP (Conference of the Parties) gathers representatives from nearly 200 countries to tackle the pressing climate crisis. Established under the @United Nations Framework Convention on Climate Change (UNFCCC), COP meetings are an annual platform for nations, businesses, civil society, and environmental advocates to negotiate climate policies, commit to emission reductions, and advance collaboration on sustainability initiatives. With COP29 set to take place in Baku, Azerbaijan, from November 11–22, this gathering marks a critical opportunity to move these shared goals forward. As the event draws near, revisiting the achievements and challenges of COP28 provides crucial insight into the international progress—and areas still lagging—that will shape our path to meeting global climate goals.
THE CONCLUSION OF THE FIRST GLOBAL STOCKTAKE
The Global Stocktake (GST) at COP 28 marked a key moment in climate action as it gave a clear, all-encompassing picture of where the world stands in meeting the goals of the 2015 Paris Agreement to keep global warming well below 2°C and ideally at 1.5°C above pre-industrial levels. Unfortunately, the GST revealed that current efforts are insufficient, calling for an urgent need for accelerated action. What made the outcome of the first GST, or the UAE Consensus, especially impactful was its explicit commitment to phasing down fossil fuels, the primary contributors to climate change. This was the first time that countries included language in a COP decision calling for a reduction in the use of fossil fuels, which many people view as the "beginning of the end" for the fossil fuel era. This consensus aims to cut greenhouse gas emissions by 43% by 2030, triple renewable energy capacity, and double energy efficiency improvements worldwide. In addition, it includes specific goals to scale down coal and eliminate inefficient fossil fuel subsidies, with developed countries urged to take a leading role.
PROGRESS AND CHALLENGES OF THE FINANCIAL LANDSCAPE
Climate finance was key in addressing the climate crisis at COP28, where significant gaps and unresolved issues came to light. The Green Climate Fund gained $3.5 billion in new pledges, pushing its total to $12.8 billion, but this progress was overshadowed by developed nations' continued failure to meet their $100 billion annual commitment to support developing countries. This shortfall raises pressing questions about accountability and whether these funds are truly reaching those in need. A key outcome was the proposal of a New Collective Quantitative Goal (NCQG), aimed at aligning support with the estimated $5.8–$5.9 trillion developing countries will require by 2030. Yet, big questions remain around how this goal will be met, where funding will come from, and how transparent the process will be—issues likely to dominate discussions at COP29.
The commitment from nearly every country to transition away from fossil fuels, the main driver of climate change, is encouraging, but big challenges remain—especially in turning financial promises into real support for developing nations. As we look toward COP29, the focus will be on making sure financial mechanisms are more robust and that promised funding reaches where it is needed most. This is why many are calling COP29 the “Finance COP,” highlighting its role in pushing for effective, reliable funding solutions that drive real progress in the global climate effort.
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