COP29 Week 2: Recap

After a week of heated debates on topics including climate finance, health, peace and science, COP29 week 2 kicked off with a day dedicated to youth and education, followed by negotiations on food security, urbanization and Indigenous Peoples. While all eyes are on delegates in Baku to deliver a final agreement, here’s a recap of the major pledges made and reports published in the second half of the UN climate summit.

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Recap of week 1.

Nationally Determined Contributions (NDCs) & Climate Targets

• Indonesia: The Indonesian Government on Wednesday announced plans to phase out coal-fired power generation in the country within the next 15 years, effectively establishing the target for 2040. The country will also retire all other fossil fuel plants and add more than 75 gigawatts of renewable energy capacity over the same time frame, President Prabowo Subianto said during the G20 Summit in Brazil.

• Joint statement: A group of nations representing 30% of global GDP and 15% of greenhouse gas emissions committed to enhancing NDCs to align with the 1.5C pathway, according to a joint statement issued Thursday. The statement was signed by the UK, Brazil and the United Arab Emirates – which announced 2035 NDC targets last week; the GZERO countries of Bhutan, Madagascar, Panama and Suriname – which have already achieved net zero greenhouse gas emissions; as well as Canada, Chile, the European Union, Georgia, Mexico, Norway and Switzerland.

Climate Finance

New Collective Quantified Goal (NCQG)

A new draft text was released on Thursday. While it addresses several key issues, critical gaps remain.

• On Finance for Nature: The draft includes climate-biodiversity synergies in its context but lacks explicit mentions of climate finance for nature. While sources like debt-for-climate swaps, green bonds, and voluntary carbon markets are included, debt-for-nature swaps are absent. It also calls for 50% of finance to come from non-debt instruments.
• Former $100 Billion Goal: There is still debate over whether the previous goal was met.
• Adaptation: The draft highlights addressing loss and damage and balancing adaptation with mitigation.
• Recipients: The goal targets all developing countries, with ongoing discussions about including specific provisions for LDCs and SIDSs.
• Quantum and Contributor Base – Two options remain, both of which leave out the amount:
  • Option 1: Favored by developing countries, this includes an annual finance goal starting in 2025 and lasting until 2035. It focuses on finance from developed to developing countries, with voluntary contributions from developing nations not counting toward the goal. The sources would include government-provided finance and private finance mobilized by developed countries, similar to the current $100-billion-a-year goal. This option has a clear provision and mobilization goal.
  • Option 2: Preferred by developed countries, this sets a single goal to be achieved by 2035, allowing more time to scale up contributions. It includes a wide range of sources—public, private, bilateral, multilateral, and innovative (e.g., taxes or carbon markets). Developed countries would lead but encourage contributions from economically capable nations. This option includes both a mobilisation goal and a broader investment goal, raising concerns about diluted accountability.
• Harmful Subsidies: The text mentions phasing out inefficient fossil fuel subsidies but excludes other harmful subsidies.
• On Food Systems and Agriculture: despite their link to 30% of emissions and high vulnerability to climate impacts, the draft barely addresses them. Advocates are pushing for stronger language to scale up public finance for sustainable, resilient food systems.
• On Indigenous Peoples: their rights and traditional knowledge are recognized, along with the need for increased finance. However, language on direct access to finance for Indigenous Peoples is weaker than in earlier drafts.

Deforestation

• The Global Forest Coalition (GFC) and members and allies from Central Asia and the Caucasus have issued the “Baku Forest Declaration,” urging a paradigm shift in climate negotiations to prioritize forest protection, Indigenous rights, and climate justice. The declaration calls on the COP29’s presidency and the Parties to the Paris Agreement to address the devastating impacts of forest fires and deforestation, recognise the critical role of natural forests, and move beyond market-driven solutions to achieve sustainable climate action.

• The UK unveiled £239 million (US$300 million) in new funding to help forest-rich nations tackle climate change. The money comprises £188m to SCALE programme for high-integrity forest carbon markets, £48m blended finance to unlock private investment in tropical forest enterprises and £3m for UNFCCC to help countries protect forests and support local communities.

Youth

The UK pledged to the include Universal Youth NDC Youth Clause in the next round of national climate plans (NDCs) due in February 2025, the first country to do so. The initiative was launched by a multisectoral and intergenerational coalition last week urging governments to engage youth as partners and collaborators in delivering the next generation of national climate plans. 

Food

Food systems

The Alliance of Champions for Food Systems Transformation (ACF) reconvened in Baku on Tuesday (Food, Water and Agriculture Day at COP29), one year after its launch at COP28, to highlight progress since Dubai and to unite in urging governments and financial institutions at COP29 to prioritise climate finance for food systems. The snapshots, which showcase progress from across the ACF member countries since launch, include:

• In Sierra Leone, the implementation of the national flagship ‘Feed Salone’ strategy is sustainably driving local food production by making agriculture more competitive for investment, decreasing food imports and supporting smallholder farmers, especially women and youth.
• In Brazil, a National Program for Productive Forests (Programa Nacional de Florestas Produtivas) to promote sustainable agroforestry practices, enhance food production, generate employment, and restore degraded areas. The program’s initial phase targets the state of Pará and supports Brazil’s wider commitments to restore 12 million hectares by 2030 and create up to 2.5 million jobs.
• In Cambodia, the deployment of 1,600 agriculture officers in agricultural communes across the country, developing modern agricultural cooperatives to improve access to markets, capital and water, whilst also increasing the economic efficiency and sustainability of smallholders;
• In Norway, an annual policy dialogue with farming unions to negotiate policy measures that are tailored to farmers’ needs, delivering a ‘bottom up’ participatory approach that is designed to deliver against the country’s national and international commitments;
• In Rwanda, a commitment by 2030 to halve per capita food waste at the retail and consumer levels and to reduce food losses in farm production and along supply chains, including post-harvest losses.

Soil

78 NGOs, including Save Soil, 4per1000, and SEKEM, have endorsed a policy recommendation document, to be presented to the UNFCCC at COP29, calling on the Convention to facilitate access to climate finance for farmers to restore soils. Key policy recommendations include:

• Making climate finance accessible to farmers for adopting regenerative agroecological practices;
• Increasing climate finance allocation to farmers for creating carbon sinks in farmland ;
• Developing supportive policies and infrastructure for adopting sustainable land practices;
• Mobilising private investment into soil regeneration;
• Integrating soil restoration into climate finance strategies.

Farmers

• A new report – “Money Well Spent?” – reveals family farmers farmers are shut out of decision-making and have no direct access to finance, highlighting how two biggest global climate funds are failing to get finance to grassroots farmers organisations where it can have the most impact. Read the full report.

• The Food and Agriculture Organization (FAO) and the COP29 Presidency on Tuesday launched the Baku Harmoniya Climate Initiative for Farmers “to help farmers navigate their way through dozens of initiatives and programs working to support climate-resilient agrifood systems transformation.”

Livestock Emissions

A new hub spearheaded by the International Livestock Research Institute and launched on Tuesday will provide a one-stop-shop for solutions to help the livestock sector in developing countries meet rising demand for animal-source foods while keeping emissions to a minimum.

The Livestock and Climate Solutions Hub will bring together new and existing approaches to support the transition to climate-smart, sustainable livestock production in low- and middle-income countries. The solutions may be technical, such as advances in animal health, genetics and nutrition, or practical, such as improved management of livestock systems based on circular economy principles.

Nature

A global group of over 70 NGOs, business coalitions, companies, Indigenous Peoples organizations and influential individuals has issued an urgent COP29 Nature’s Leaders Statement calling for UNFCCC Parties to properly recognize and finance nature’s role in addressing the climate crisis, or risk undermining global efforts to limit global warming to 1.5C.

The statement, coordinated by Nature4Climate, a coalition of 28 international members, emphasizes the need for countries to deliver an ambitious and actionable New Collective Quantified Goal (NCQG) on climate finance, recognizing that healthy ecosystems are not merely co-benefits – they serve as cost-effective climate solutions that urgently need dedicated funding. The statement includes three specific asks:

1. Deliver a fair, ambitious, and actionable New Collective Quantified Goal on climate finance that is adequate to the urgency and scale of needs and priorities of developing country Parties, ensures social and environmental integrity, and leaves no one behind.
2. Maintain the recognition of the crucial synergies between the Rio Conventions and the interdependencies between finance for climate, biodiversity, land degradation and the sustainable development goals.
3. Ensure that climate finance delivery respects, promotes and considers the rights, needs and priorities of Indigenous Peoples and local communities as key actors of change, as well as secures improvements in their ability to directly access funding. 

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