The 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change (UNFCCC) in Baku, Azerbaijan, concluded with notable advances and persistent challenges. A major milestone was the agreement on a New Collective Quantified Goal (NCQG) for climate finance, setting a target of USD 1.3 trillion annually by 2035, with USD 300 billion specifically allocated for developing countries. The Global Goal on Adaptation (GGA) saw progress through the establishment of adaptation indicators and its integration into the Global Stocktake (GST). Additionally, mechanisms to streamline access to adaptation finance, such as reforms to the Adaptation Fund and Green Climate Fund (GCF), were discussed. However, concerns remained over the sufficiency of financial commitments, accessibility to concessional funding, and unresolved issues surrounding loss and damage financing.
Advancing the Global Goal on Adaptation (GGA)
At COP29, parties took significant steps to operationalize the GGA, aiming to enhance the measurability and effectiveness of adaptation actions. A consensus was reached to finalize a set of up to 100 globally relevant indicators by CMA7 (2025), designed to reflect regional and national adaptation contexts. These indicators will be integrated into national adaptation communications and biennial transparency reports (BTRs), ensuring alignment with the GST. Additionally, the introduction of a high-level ministerial dialogue on adaptation was agreed to sustain political momentum. While these developments enhance tracking mechanisms, discussions on mandatory means of implementation (MoI) reporting and robust accountability structures remain ongoing.
Adaptation Finance and Institutional Support
Efforts to strengthen adaptation finance were a major focus at COP29. There was renewed emphasis on the Adaptation Fund’s evolving role under the Paris Agreement, with calls to triple annual contributions by 2030. Discussions on the GCF and Global Environment Facility (GEF) highlighted the need for simplified access for Least Developed Countries (LDCs) and Small Island Developing States (SIDS). Additionally, the Loss and Damage Fund became operational, though discussions on its funding mechanisms and capital adequacy continue. While these financial instruments aim to close existing funding gaps, challenges such as transaction costs, conditionalities, and the balance between grants and loans persist.
Future Directions and Considerations for COP30
The adaptation discussions at COP29 highlighted both progress and areas requiring further attention. The ongoing review of the Adaptation Committee and the need for binding MoI commitments will likely be central topics at COP30 in Brazil. Priorities for future negotiations include refining financial mechanisms to ensure adequate and accessible funding, strengthening multilateral finance frameworks to balance debt and grant-based support, and integrating Indigenous and community-led approaches into adaptation planning. These steps will be crucial in advancing global climate resilience and ensuring that vulnerable communities receive the necessary support to adapt to climate change impacts.
