By Paul Vousden, Head of Client Development at 350 PPM

At the climate change conference, COP29, held in Baku, Azerbaijan, key outcomes highlighted progress, as well as the many challenges in global climate action. The key outcomes can be summarised as follows:

Climate finance: A new global finance target of $300 billion annually was set, focusing on accessibility for the least-developed countries (LDCs) and small island developing states (SIDS). However, specifics on regional allocations and adaptation measures were left vague, raising concerns about equitable distribution of resources, and leaving vulnerable nations uncertain about access to funds.

Fossil fuels and renewable energy: A consensus on phasing out fossil fuels proved elusive, with some nations resisting explicit references to this transition. Countries with significant fossil fuel interests resisted references to reducing reliance on oil, coal, and gas, stalling progress on a global transition plan and critical measures like scaling renewable energy capacity and grid infrastructure development.

Adaptation and mitigation: The Baku Adaptation Road Map was introduced to advance resilience-building measures, but a lack of firm financial commitments remains a barrier to implementation undermining its potential impact. Mitigation efforts, such as the Just Transition Work Programme, aimed at balancing climate goals with socio-economic equity, faced delays due to disagreements on funding and international coordination. This included elaborating on new Nationally Determined Contributions (NDCs), vital for achieving the Paris Agreement goals.

Sectoral initiatives: New pledges included frameworks for decarbonising the building sector and transportation, such as commitments to green cooling and e-fuel deployment in maritime industries. These initiatives aim to enhance sustainability in specific sectors, despite overarching financial and policy disputes.

COP29 faced several challenges, highlighting gaps in achieving ambitious climate action goals.

The summit saw ideological divides between developed and developing nations. Some parties pushed for financial and technical support for developing countries, while others prioritised economic growth over stringent climate measures, resulting in seriously polarised negotiations.

All in all, the discussion and any resulting actions are somewhat underwhelming. The outcomes emphasise both the urgency of global cooperation and the difficulty of achieving consensus on contentious issues.

The missed opportunities at COP29 underscore the urgency of stronger leadership and collaboration at COP30 in Brazil, particularly around strengthening national climate plans (NDCs), securing finance for adaptation, and addressing fossil fuel dependence.

Without resolving these issues, global climate goals remain at risk.

Overall, it looks as though governments from many countries are not going to lead the charge in the fight to reduce CO₂ and it could be many years before we see a significant change. This leaves an opportunity and obligation on the private sector to invent and develop novel and innovative ways to reduce carbon emissions, save energy costs and create profitable global businesses.

At 350PPM, we incubate and accelerate some great practical inventions and technology that have a real impact on addressing the challenges that face the world in the race to net zero. We don’t rely on governments to change but act and make a difference.

Hopefully, governments will start to wake up to the challenge but in the meantime, we are moving forward with our clients and perhaps the public sector will take inspiration from us and others in the private sector.