LNB News 25/11/2024
Document Information
Issue Date: 25 November 2024
Published Date: 25 November 2024
Jurisdiction(s): World and Eire
On 22 November 2024, the last scheduled day of the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29) ran into overtime, after draft finance texts drew criticism from all sides. On 23 November 2024, the conference was extended for an additional day as negotiations remained unresolved, with the closing plenary finishing early on 24 November 2024. Key outcomes included the submission of the first Biennial Transparency Reports (BTRs), the agreement of the Baku Finance Goal (BFG) and the adoption of a New Collective Quantified Goal (NCQG) on Climate Finance. Additionally, agreements were reached on global carbon market rules and support for national adaptation plans in least developed countries. The conference emphasised the need for countries to develop comprehensive climate plans ahead of COP30, incorporating targets for renewable energy expansion and fossil fuel transition.
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