COP29 Day 1
A Groundbreaking Start in Baku
The first day of COP29, held in Baku, Azerbaijan on November 11, 2024, set the stage for an ambitious climate agenda, highlighting both the urgency of the crisis and the collaborative spirit needed to combat it. Climate advocates from around the world gathered with a shared focus on concrete solutions for a sustainable future.
COP29's opening day marked a historic leadership transition as Dr. Sultan Al Jaber passed the baton to Mukhtar Babayev, signaling a renewed commitment to multilateral cooperation and an ambitious climate agenda.
Climate finance, adaptation, and carbon markets were highlighted as key priorities by UN Climate Chief Simon Stiell at COP29. He stressed that climate finance is essential to achieve global goals, not merely a charitable contribution, and called for concrete commitments prioritizing both environmental and human welfare.
Day 1 was marked by significant developments, from climate finance pledges to breakthroughs in carbon market negotiations, building hope and momentum for the critical weeks ahead.
Key Highlights
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WMO’s Report.
One of the most striking moments of the day came with the release of the report by the The report revealed that on record, with global temperatures temporarily hitting —a sobering reminder of the intensifying climate crisis. WMO’s warning that this could become the prompted many leaders to reaffirm their commitments to the Paris Agreement goals and strengthen immediate actions to curb warming.
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A Major Milestone in Carbon Markets.
In a breakthrough that will reverberate across global climate efforts, COP29 saw the for the creation of carbon credits under of the Paris Agreement. This decision promises to enhance the integrity of international carbon markets and unlock critical resources for developing countries.
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Record Pledges to the Loss and Damage Fund.
A milestone pledge amount of has been committed to the Loss and Damage Fund, as announced by COP28 President H.E. Dr. Sultan Al Jaber. This fund is critical for aiding vulnerable nations in adapting to climate impacts and strengthening resilience to future climate threats. The substantial commitment underscores the global dedication to support communities most affected by climate change.
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A Bold Pathway to Renewable Energy.
In a powerful statement, the called for an According to IRENA’s projections, fossil fuels should be reduced from of the global energy mix today to just by 2050. To reach this goal, over in renewable energy investments are required from 2024 to 2030—a clear call to global leaders to commit to this critical funding.
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Youth Declaration for Climate Justice
COP29 President Mukhtar Babayev presented a historic declaration on children, youth, and climate change, signed in partnership with UNICEF, underscoring the importance of empowering future generations to lead in climate solutions.
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Global Cooperation to Drive Action
In collaboration with the the COP29 Presidency identified. These include scaling up , infrastructure, boosting investment in developing economies, and ensuring that investments are aligned with the goal of tripling capacity by 2030. A focus on , alongside policies to progress by 2030, will be critical to achieving global climate goals.
GC’s Perspective
At General Carbon Advisory (GC), we view the developments of COP29 Day 1 with cautious optimism. The finalization of key standards under Article 6.4 and the growing momentum for climate finance are crucial steps for scaling up global carbon markets. As a company deeply involved in carbon offset and climate finance strategies, we recognize the importance of these decisions in driving a market-driven approach to emissions reduction.
The discussions on climate finance and the emphasis on directing resources to developing countries align with GC’s long-standing commitment to fostering sustainability through strategic carbon market mechanisms. As the conference progresses, we will continue to monitor these developments closely, focusing on their potential to shape the future of carbon markets and climate finance.
Looking Ahead
With COP29 off to a strong start, the next two weeks are crucial for turning calls for ambitious climate action and equitable finance into tangible results. GC Advisory remains committed to guiding organizations through these changes and driving impactful collaboration for a sustainable, equitable future.