BusinessEurope expectations for COP29

The stakes are high as the world is counting down towards COP29. In times of geopolitical tensions and military conflicts, as well as record breaking temperatures and natural disasters with 2023 being the warmest year on record, the importance of international climate negotiations is ever so clear.                              

Thus, the expectations on Parties to reach a consensus on several important topics will be high in Baku. Negotiators should agree on a New Collective Quantified Goal for Climate Finance (NCQG) for the period of 2025-2035, to further scale up international climate finance. Parties will also work towards the full operationalisation of the carbon crediting mechanisms under Article 6 of the Paris Agreement, by agreeing on topics such as removals and methodological requirements for Article 6.4. Other critical issues include advancing on climate adaptation in terms of increased financing and implementation of adaptation actions, as well as enabling ambitious Nationally Determined Contributions (NDCs) due in 2025.

European businesses stand firmly behind the goals of the Paris Agreement as well as the EU’s climate neutrality target for 2050. COP29 provides a pivotal opportunity to accelerate our collective actions to put the world on a 1.5 degrees trajectory and will be a key milestone on the journey towards COP30 in Brazil. Businesses play an imperative role in making the transition successful and are indispensable partners in the journey to climate neutrality. To play their part, companies require visibility on the global framework and global rules.

BusinessEurope, as an official observer of the UNFCCC process, urges Parties to seize the opportunity to advance on several key topics outlined below.