“Climate finance is not charity”… Announcement of increased UK greenhouse gas reduction target [COP29 브리핑]

The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) opened in Baku, Azerbaijan on November 11 (local time). This conference will run until November 22nd, and delegates from over 200 countries around the world will gather to continue important discussions on responding to the climate crisis.

The main agenda of the first two days of meeting, along with the opening ceremony, was the expansion of climate finance, carbon emissions trading regulations, and loss and damage fund operation plans. A Better Future provides key agenda items discussed during COP29 in a briefing format.

“Climate finance is not charity”

At the opening ceremony, Simon Stiel, Secretary-General of the United Nations Framework Convention on Climate Change (UNFCCC), emphasized that “climate finance should not be viewed as charity,” and that “ambitious goals are needed for the benefit of all countries, including rich ones.” Azerbaijan’s Minister of Ecology and Natural Resources, Mukhtar Babayev, who was elected as chairman of this meeting, presented the new climate finance target (NCQG) as a key agenda for COP29.

“It is important at this meeting to set a floor, not a ceiling, on commitments,” said Durrell Halleson, WWF Africa policy and partnerships manager. “A prudent approach is needed to ensure that climate finance for the African region does not add to its debt burden.”

Article 6 of the Paris Agreement, carbon emissions trading regulations agreed

At the COP29 opening plenary session, the Paris Agreement Assembly (CMA) announced agreement on Article 6.4 of the Paris Agreement. This provision allows carbon credits to be traded on a market run by the United Nations, a key measure for sustainable development. Although no agreement was reached at the last COP28, this agreement is seen as an important step forward in resolving a decade of deadlock.

Although some States Parties have expressed concerns about possible circumvention of governance procedures during the adoption of the Guidelines, the operationalization of Article 6 of the Paris Agreement is seen as an important step toward sustainable development.

UK announces increase in NDC target

On the evening of Day 1, British Prime Minister Keir Starmer announced that the UK’s National Greenhouse Gas Reduction Target (NDC) by 2035 would be raised. Prime Minister Starmer said, “We will raise the previous government’s 78% reduction target to 81%,” and added, “The UK will play a leading role in reducing carbon emissions.”

In response, WWF UK requested the establishment of science-based sectoral targets, reflection of Global Transition Test (GST) results, and the addition of food system transformation and nature conservation.

Ki-yong Cho, Better Future Reporter