Reflections from COP29: Key Takeaways and Ground-Level Insights
COP29 in Baku, Azerbaijan, was an intriguing event filled with climate leadership, controversies, and on-the-ground insights. With discussions ranging from climate finance, renewable energy, food & agriculture, to transportation and human capital, COP29 showcased the complexity of the climate crisis and the pressing need for global, coordinated action. Here's a recap of my key updates, takeaways, and behind-the-scenes insights from the world’s largest climate conference.
The Global Negotiation Landscape: Progress and Challenges
This year’s COP, called the “Climate Finance COP”, has not been without its challenges. While much of the world focuses on climate finance, adaptation, and loss and damage, many of these negotiations have reached a standstill. Unlike last year’s COP28, this year has seen stalled negotiations on critical themes, like the push for phasing out fossil fuels and the elusive final New Collective Quantified Goal (NCQG) which at $300 billion, fell short of the $1.3 trillion required to keep developing countries on track to decarbonize economies on the 1.5 degree pathway.
We had large fossil-fuel countries like Saudi Arabia blocking several areas of progress around a fossil fuel phase out, and displeasure by developing countries and civil society as developed countries failed to front the large funding goal, instead calling private and public funders to supporting this investment to $1.3 trillion annually until 2035.
However, we saw climate leaders emerge to fill the vacuum of the elephant in the room - the US’s climate leadership with the impending change in administration - with the UK pulling out an ambitious updated Nationally Determined Contribution (NDC) target of 81% emission reduction by 2035, and Brazil, next year’s COP host, announcing a 67% emissions reduction target by 2035.
After 10 years of negotiating, Article 6.4 was finally approved, meaning a global carbon trading market has finally been setup to allow countries to buy and trade credits based on their ability to decarbonize their emissions.
Loss and Damage funding jumped to ~$750m with Australia pledging USD 32.5 million to the Loss and Damage Fund, cementing a more confident bid as they pitch for host privileges for COP31 in 2026.
Daily Recap of COP29: Insights and Key Takeaways
Day 1: The Opening Session and Setting the Stage
The opening day plenary set the tone for COP29, with speeches emphasizing the need for global cooperation and urgent action. Azerbaijani President Ilham Aliyev kicked off the conference, discussing the country's transition plans and commitment to supporting climate finance initiatives. UN Secretary-General António Guterres stressed that "time is running out" and called for greater action to fulfill the goals of the Paris Agreement.
Key moments:
Azerbaijan’s commitment to transitioning: Azerbaijan aims to move away from fossil fuels while maintaining energy security.
Global finance focus: Early on, the conference emphasized the crucial need for mobilizing funds for climate adaptation and resilience, as well as addressing the further scale up of Loss and Damage.
Day 2: Energy, Technology, and Climate Finance
Discussions on the second day centered around financing the green transition. Despite the lack of consensus in negotiations, there was progress in funding mechanisms for developing countries. Governments and the private sector pledged increased investments in renewable energy technologies and innovation. However, a primary sticking point emerged in talks surrounding the definition of “Climate Finance,” with developing countries pushing for more clarity and accessibility, and funding in the form of grants to shift away from our old traditions of saddling developing countries with development finance debt.
Key moments:
Contradictions in Energy Transition: Discussions revealed stark contrasts in priorities. Exxon Mobil Chief Darren Woods reiterated a shareholder-focused approach, highlighting the company’s engineering expertise as transferable to renewables like biofuels and hydrogen. Meanwhile, just steps away, the Moana Blue Pacific Island Pavilion launched a $1.5 billion campaign to keep warming under 1.5°C, showcasing the urgency of action for vulnerable nations.
Progress on Carbon Markets: After last year’s stalemate at COP28, Article 6.4 on carbon trading found consensus. However, some countries criticized the rushed approval process for limiting meaningful negotiation.
Innovation in Stakeholder Collaboration: Anglo American shared how its Southern Peru mining project achieved community approval by meeting extensive environmental and social conditions. Measures included diverting rivers to ensure drinkable water access, building a desalination plant for the community, and utilizing arsenic-laden water for mining operations, showcasing pragmatic, stakeholder-driven solutions.
Day 3: Adaptation and Resilience
Hülya Kurt, Vivian Marcondes de Oliveira, Cácia Pimentel and Matthias Muehlbauer.
Day 3 shifted focus to adaptation strategies, with discussions centered on how vulnerable nations can better prepare and build resilience against climate impacts. The focus was on the Global South, where countries like Bangladesh and the Philippines shared their experiences and called for more urgent support. A significant breakthrough was the creation of a new global platform for sharing climate adaptation solutions, aiming to reduce the adaptation gap.
Key moments:
Vulnerable nations lead the charge: Leaders from the Global South continued to push for stronger commitments on adaptation finance. Representatives from countries like Bangladesh and the Philippines advocated for equitable solutions that address the urgent realities of climate impacts and challenged wealthier nations to fulfill their commitments under international law. Despite their efforts, the final adaptation finance pledge of $300 billion by 2035 fell significantly short of the $1.3 trillion per year they deemed necessary to support mitigation and adaptation.
Adaptation gap solutions: The launch of a new platform to share successful adaptation solutions could help close the gap in vulnerable regions.
Can Strong ESG Practices Lead to More Sustainable and Less Risky Business?: I joined a panel with Cácia Pimentel (Instituto Presbiteriano Mackenzie & CP Consultoria), Hülya Kurt (Independent Board Member at Smart Güneş Teknolojileri), and moderated by Vivian Marcondes de Oliveira (Senior Associate at Rolim Goulart Cardoso), hosted by RTCC and ICESCO. We explored how strong ESG practices drive sustainable and resilient businesses, and actionable strategies and real-world success stories, including some fascinating case studies on climate resiliency in Kenya and Burundi, as well as how ESG is progressing in Brazil. Watch the full session on Climate Change TV!
Day 4: Nature-Based Solutions and the Role of Ecosystems
Day 4 saw discussions on the importance of Nature-based Solutions. Nations and organizations emphasized the importance of protecting ecosystems as part of both mitigation and adaptation strategies. The focus was on safeguarding biodiversity and leveraging natural systems for carbon sequestration. The private sector also took a more prominent role, with large companies pledging funds toward ecosystem restoration projects.
Key moments:
Private sector investment: Major companies like Unilever and Nestlé announced commitments to fund large-scale nature-based restoration projects.
Global partnerships for ecosystems: At COP29, the Forest & Climate Leaders' Partnership (FCLP) continued to emphasize international collaboration in addressing climate change through forest conservation and carbon offsetting. While the partnership was established earlier in 2024, COP29 marked a significant moment for advancing these initiatives. During the event, attention was given to further developing collaborative projects aimed at safeguarding forests, enhancing ecosystem restoration, and improving global carbon sequestration strategies. The launch of additional partnerships under the FCLP banner was seen as a key development in advancing these critical climate goals.
Day 5: Climate Justice and Equity
Day 5 was dedicated to discussions around climate justice, with key panels featuring leaders from indigenous communities, grassroots organizations, and developing nations. A common theme was ensuring that climate action does not come at the cost of vulnerable populations. Leaders called for more inclusive policy-making and for wealthy nations to take on a greater share of the responsibility for both mitigation and adaptation.
Key moments:
Indigenous voices integrated: Indigenous leaders, especially from the Amazon, presented their climate solutions based on traditional knowledge.
Financial justice: Calls for more transparency and equity in climate finance were amplified, with demands for wealthier nations to fulfill their historic responsibility to support developing nations.
Standards and Skills: What’s needed to manage Critical Minerals for the Energy Transition?: I joined Bianca Derya Neumann (UNECE EGRM Young Member Group), Maureen Gallagher (European Federation of Geologists), and Efrem Bycer (LinkedIn) at the Arctic Pavilion to explore the urgent need for upskilling in managing critical minerals for the energy transition. Watch the full recording on YouTube!
Matthias at the “Standards and Skills: What’s needed to manage Critical Minerals for the Energy Transition?” panel
Day 6: Transportation and the Path to a Sustainable Future
Transportation was the focal point on Day 6, with discussions on transitioning to sustainable mobility and transport systems. Urbanization and the role of transport infrastructure in climate change were key topics, as several countries committed to phasing out internal combustion engine vehicles by 2040, marking a significant step toward reducing emissions in one of the most carbon-intensive sectors.
Key moments:
Vehicle emission reductions: Norway and the Netherlands, amongst other countries, reaffirmed their commitment to banning gasoline and diesel vehicles by 2040.
Public transport solutions: Cities such as New York and London shared their plans for expanding electric public transport networks to further reduce emissions.
Day 8: Skills, Education, and Human Capital
Day 8 marked the first-ever Skills, Education, and Human Capital Day at COP, where the role of education and workforce development in the green transition took center stage. Panels discussed the critical need for a workforce trained in green technologies and sustainable practices. This was also the day when private sector leaders, as well as governments, committed to funding upskilling programs for workers displaced by the transition to a green economy.
Key moments:
Workforce development: Initiatives like OnePointFive Academy were highlighted for their efforts in upskilling workers for the climate workforce.
Youth and future leaders: Young activists and students took the stage to urge education systems to better prepare future generations for climate action.
Educating for Just Transition. Promoting the Human Capital in Making Impact: I was part of a scintillating panel hosted at the Spain Pavilion, alongside experts like Jane Eisenhardt (UNFCC High-Level Champions Race to Zero & Environmental Defense Fund), Olga Strietska-Ilina (International Labor Organization) and Perla Cecilia Martínez Lozano (Center for the Future of Cities of Tecnológico de Monterrey), and Robert Marinkovic (International Organization of Employers), moderated by Philippine Ménager (ECODES, Fundación Ecología y Desarrollo), where we discussed embedding green skills in education systems and the workforce impact of skills targets in NDCs.
Matthias’s at the “Educating for Just Transition. Promoting the Human Capital in Making Impact” panel
Day 9: Food, Agriculture, and Water
Day 9 turned attention to the intersection of food systems, agriculture, and water, key areas for addressing both mitigation and adaptation challenges. While progress was made, discussions about the need to reduce fossil fuel use highlighted the complexities of global climate negotiations.
Key moments:
Methane reduction targets: A pledge from 35 countries to cut methane emissions from agricultural waste was a major step forward, though major agricultural economies like China and India were absent from the agreement.
Australia’s climate finance leadership: Australia’s $50 million pledge to the Loss and Damage Fund positioned them as a critical player in COP29 discussions, becoming its sixth-largest contributor.
Day 10: Urbanization, Transportation, and Tourism
Day 10 of COP29 highlighted the challenges and opportunities in urbanization, transport and tourism. In a slightly meta focus as Baku hosted a global climate conference with over 65,000 attendees (and tourists), discussions centered on reducing emissions in these carbon intensive sectors and improving urban resilience.
Key moments:
Tourism emissions and NDCs: Tourism (responsible for around 8.8% of GHG emissions) became a focal point, with discussions aiming to integrate them into NDCs and establish better emissions measurement frameworks.
Urban resilience: With more than 70% of the world’s population living in cities—and 40% of cities on the frontlines of rising sea levels—urban resilience took center stage. New frameworks like MAP Climate Resilient Cities are pushing for more climate-resilient infrastructure, especially for coastal cities vulnerable to sea-level rise.
COP31’s Host Battle: A tense competition between Australia and Türkiye to host COP31 in 2026 highlights the importance of the host nation’s role in shaping the conference’s agenda. Australia’s alliance with Pacific Island nations emphasized the urgency of addressing sea-level rise and climate risks, while Türkiye represented the interests of developing nations. We left COP29 without a concrete answer, and we may have to wait until COP30 for a winner.
Looking Ahead: Lessons and Calls to Action from COP29
COP29 demonstrated both the complexities and possibilities of global climate action. While significant milestones—such as the approval of Article 6.4 on global carbon markets and increased funding for Loss and Damage—represent progress, many critical challenges remain. The failure to meet ambitious funding targets and the stalled negotiations on phasing out fossil fuels highlight the ongoing struggles in achieving consensus on urgent climate priorities.
However, the conference also showcased inspiring leadership, innovative solutions, and a growing recognition of the role of human capital, education, and equitable policies in driving the green transition. From the emergence of adaptation finance platforms to the integration of indigenous knowledge and youth voices, COP29 reinforced the power of collective action.
As the global climate community prepares for COP30 in Brazil, the lessons from Baku are clear: bold commitments, inclusive policies, and scaled-up funding are essential to turning ambition into action. Let’s continue to hold ourselves accountable and push for transformative change—because the clock is ticking, and the stakes have never been higher.
Reflecting on Baku, there are many outstanding areas that are yet to be resolved. In this episode of Climate Theater, many were dissatisfied with COP29 outcomes. With stalled progress on multiple fronts, one can naturally become disillusioned with the slow, consensus-driven approach. Walking into the ‘belly of the beast’ into a region with a more than 90% fossil-fuel dependent economy certainly created internal conflict. But I fundamentally believe that if we can’t figure out how to transition these types of economies because they aren’t involved in the process, we’ll never be able to create the global change we need.
It is clear in the face of climate policy inaction and a vacuum of US political leadership that the role of the private sector, and companies such as ours, is critical in this moment to fill in the gaps of inaction.
To hear Matthias Muehlbauer’s live updates from COP29, watch the LinkedIn Live here: Watch Now.
Let’s explore how we can do this important work together. We’d love to find out how.
