- Strengthening global cooperation is critical to tackling the climate crisis. COP29, from 11th – 22nd November in Baku, Azerbaijan, will bring the world together to accelerate collective efforts at a time when we need it most.
- The UN climate conference is an opportunity to escalate the ambition needed to match the urgency of the task at hand. Governments and organisations at COP29 will need to agree on bolder actions to scale up climate finance, close the emissions gap, and build up resilience to and protect the most climate vulnerable.
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As COP29 approaches, the world stands at a pivotal moment for global climate cooperation. Dubbed the “Finance COP,” this summit offers a critical opportunity to mobilise the finance necessary to transition towards a climate-resilient future aligned with the 1.5°C target. What happens at COP29 will also set the stage for next year’s pivotal climate ambition moment, where countries will be required to deliver new national climate action commitments (NDCs) to meet the Paris Agreement goals. Governments must rise to the challenge, demonstrating their ambition and resolve to ensure a safe climate future for all.
COP29 must deliver a new, ambitious climate finance goal (NCQG) that builds confidence for developing countries that the finance will be available to facilitate their fossil-free, climate-resilient and 1.5oC aligned development without exacerbating debt burdens. Agreeing a new climate finance goal in 2024 which is ambitious and holistic will enable the development of high-ambition nationally determined contributions (NDCs) in 2025.
First-mover governments at COP29 should set the bar on ambitious 2025 NDCs, aligning them with the 1.5°C target. This action will help spur other nations to follow suit ahead of the February 2025 deadline. To make these targets meaningful, they must be underpinned by updated national plans for climate transition and adaptation that will unlock investment and enable delivery of commitments.
COP29 must advance the implementation of the Global Stocktake, creating pathways for further concrete outcomes at COP30. This includes clear action on transitioning away from fossil fuels by cutting both supply and demand, alongside scaling renewable energy efforts, and elevating priority, action, and resources toward resilience and adaptation.
Quotes
Cosima Cassel, Programme Lead, at E3G said:
“COP29 is a critical moment to ensuring the world remains on track to deliver on the Paris Agreement promises. It must secure the financing needed to deliver the transition to a resilient, 1.5 degree aligned world, in order for next year’s global climate ambition moment to be met with firm commitments and real progress, both on mitigation and adaptation. Now is the time for governments to seize the moment and lead with the boldness required to safeguard our planet’s future.”
Rob Moore, Associate Director at E3G said:
“COP29 has been billed as the finance COP. The biggest item up for negotiation is the New Collective Quantified Goal on climate finance – the target must send a strong signal that investment in the net zero transition will significantly increase. An ambitious new goal will build global trust and help ensure all countries see the economic benefits of the transition.”
Leo Roberts, Programme Lead at E3G said:
“Last year at COP28 we saw countries come together and commit to a groundbreaking package of energy transition commitments. COP29 turns the focus to finance, but we must also see continued momentum around the transition from fossil fuels to clean power. Indeed, we now need the world’s wealthiest countries to demonstrate how they will financially support the energy transition in the Global South.”
Available for comment
E3G experts at COP29 for in-person background, quotes, and analysis:
Nick Mabey OBE (EN), co-CEO and co-founder, (climate diplomacy, foreign policy, 2025 ambition)
m: +44 (0)7949 768 771|nick.mabey@e3g.org
Alden Meyer (EN), E3G Senior Associate, (UNFCCC and G7/G20 dynamics, multilateral climate and clean energy diplomacy, mitigation ambition, climate finance, US policy and politics)
m: +1-202-378-8619 | alden.meyer@e3g.org
Kaysie Brown (EN), E3G Associate Director, (multilateral climate diplomacy, geopolitics, US foreign policy)
kaysie.brown@e3g.org
Cosima Cassel (EN, DE, ES), E3G Senior Policy Advisor, (UK and German Climate foreign policy, multilateral climate diplomacy)
m: +49 (0) 160 339 0883| cosima.cassel@e3g.org
Ana Mulio Alvarez (EN, ES), E3G Researcher, (UNFCCC, loss and damage, adaptation)
m: +32 490 000 514 | ana.mulio@e3g.org
Ignacio Arroniz Velasco (EN, FR, ES), E3G Senior Policy Advisor, (EU climate diplomacy and foreign policy, trade & climate, climate & security nexus)
m: +34 (0) 689 768 246 | ignacio.arroniz@e3g.org
Harry Camilleri (EN), E3G Researcher, (UK Foreign Policy, NCQG, International financial architecture reform)
harry.camilleri@e3g.org
Kate Levick (EN), E3G Associate Director and Co-Head of the Transition Plan Taskforce Secretariat, (International and UK sustainable finance, public and private sector finance, financial initiatives, climate disclosure, transition planning, financial regulation, non state actor accountability)
m: +44 (0) 7860 861225 | kate.levick@e3g.org
Laura Sabogal Reyes (EN, ES, DE), E3G Senior Policy Advisor, (Public development banks, Paris Alignment and E3G Public Bank Climate Tracker Matrix, climate finance, nature finance, innovative financial mechanisms, country platforms)
m: +49 160 96466368 | laura.sabogal@e3g.org
Rob Moore (EN), E3G Associate Director, (MDBs/DFIs, financial architecture reform, climate finance geopolitics)
rob.moore@e3g.org
Marc Weissgerber (EN, DE) E3G Executive Director Germany and CEE, (International financial architecture reform, World Bank group, private capital mobilisation)
m: +49 175 1974404 | marc.weissgerber@e3g.org
Matthew Webb (EN), E3G Associate Director, (Energy Transition, Coal phase down, Global Clean Power Alliance, Fossil Fuel Transition)
m: +44 7548 240390 | matthew.webb@e3g.org
E3G experts closely following the proceedings from our offices, also available for background, quotes, and analysis:
Travis Brubaker, (EN), E3G Senior Policy Advisor, (US Climate Foreign Policy)
m: +1(202)-870-4350 | travis.brubaker@e3g.org
Franklin Steves (EN, RU, SP, FR), E3G Senior Policy Advisor, (International financial architecture reform, CAF reform, climate finance)
m: +44 7484 815434 | franklin.steves@e3g.org
Jurei Yada (EN, FR, PL, JP), E3G Programme Lead, (EU sustainable finance, ESG, EU regulations including sustainability reporting standards)
m: +32 (0)4 92 11 38 68 | jurei.yada@e3g.org
Heather McKay (EN), E3G Senior Policy Advisor, (UK sustainable finance, the UK Net Zero Strategy)
m: +44 7707275359 | heather.mckay@e3g.org
Ronan Palmer (EN), E3G Associate Director, (Financing the clean economy, Bridgetown Initiative, debt, fiscal space, public banks, international development)
m: +353 89 491 7948 | ronan.palmer@e3g.org
Johanna Lehne (EN, DE), E3G Programme Lead, (Industry decarbonisation including steel, industrial policy, circular economy, built environment, trade policy)
m: +44 (0) 770 848 6383 | johanna.lehne@e3g.org
Leo Roberts (EN), E3G Programme Lead, (JETPs, coal phase-out, power sector transitions particularly Global South)
m: +44 (0) 7908 664 334 | leo.roberts@e3g.org
Maria Pastukhova (EN, DE, JP, RU), E3G Programme Lead, (energy diplomacy, energy security, geopolitics of the energy transition)
m: +49 (0) 160 901 67735 | maria.pastukhova@e3g.org
Notes to Editors
- E3G is an independent climate change think tank with a global outlook. We work on the frontier of the climate landscape, tackling the barriers and advancing the solutions to a safe climate. Our goal is to translate climate politics, economics and policies into action. About – E3G
- For further enquiries email press@e3g.org or phone +44 (0)7783 787 863
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