COP29 Week 1 Recap: Nature Takes a Backseat as Climate Finance Dominate
By Kevin D. Mofokeng
We’ve reached the halfway mark of COP29. The first week of the summit—branded the ‘Finance COP’—saw nature take a back seat in discussions, as elusive as sunlight within the concrete confines of the Baku ‘Olympic’ Stadium. Despite the significance of this second Rio Convention meeting of 2024 in mobilizing critical financing and advancing climate action, much remains unresolved as we enter the final stretch. Yet, hope persists, and the momentum continues.
After a brief pause, Parties and non-state actors are back in the arena for a decisive push to address the core issues:
Who will fund the action we desperately need? What’s the game plan for the next round of NDCs?
If you’re banking on the second week to deliver the breakthroughs, here are key highlights to keep you focused on the finish line
Spotlight on Leadership: Brazil and the United Kingdom Set the Pace with Ambitious Climate Commitments
Brazil and the United Kingdom made powerful statements this week, stepping up with proactive climate actions well before the official deadline for updating their nationally determined contributions (NDCs).
The UK, aiming for an ambitious 81% reduction in emissions by 2035 from 1990 levels, reaffirmed its leadership in international climate finance. A significant portion of this commitment—£3 billion—will go toward protecting nature, with £1.5 billion earmarked for forest conservation. Additionally, the UK announced USD 16 million for the Africa Go Green Fund, which has historically supported cleaner cooking initiatives, advancing sustainable solutions across the African continent. (Read the joint WWF-UK and WRI response to the UK’s pledge).
As the next host of the UNFCCC COP, Brazil set forth a bold climate target, aiming to reduce its economy-wide greenhouse gas emissions by 59% to 67% by 2035, relative to 2005 levels. This translates into a reduction of up to 1.05 billion tons of CO2 equivalent, marking a significant step toward meeting global climate goals.
In a compelling move for greater Indigenous participation, leaders from Brazil, Australia, and the Pacific introduced the *Troika of Indigenous Peoples*, calling for Paris Agreement implementation that respects their self-determination and territorial rights. Brazilian Minister Sônia Guajajara passionately advocated for expanded Indigenous representation at COP30 in Belém, underscoring the critical need for their direct involvement in shaping the future of climate negotiations. This marks a pivotal moment in the ongoing struggle for Indigenous voices to be fully integrated into climate action, not just as stakeholders, but as key decision-makers.
Game-Changer for Carbon Markets: Advancing Accountability and Integrity
COP29 made a significant stride this week with the endorsement of a global carbon market framework under Article 6, a move that promises to streamline carbon credit trading and enhance accountability in climate finance. While initial concerns about governance and equity remain, this early agreement marks a crucial milestone, allowing negotiators to focus on finalizing key guidance for Articles 6.2 and 6.4.
A particularly noteworthy development came from the Integrity Council for the Voluntary Carbon Market, which approved three methodologies aimed at generating high-integrity carbon credits for reducing emissions through deforestation and forest degradation in developing countries (REDD+). This approval heralds a new era for the forest carbon market, recognizing nature conservation as a vital and fundable climate mitigation strategy within the voluntary carbon space.
Florence Laloe, Senior Director of Climate Policy at Conservation International, emphasized the importance of this progress, stating:
“The approval of the new 6.4 standards moves the market closer to full operationalization, overcoming a critical roadblock. With this milestone, negotiators can now turn their attention to other pressing issues, including authorizations under Articles 6.2 and 6.4, as well as the international registry. Science clearly shows that meeting global climate goals is impossible without nature. It is essential that countries provide further guidance at this COP to ensure that the tools developed under Article 6.4 do not marginalize nature, keeping all sectors on an equal playing field.”
This moment marks a pivotal turning point—carbon markets are evolving, with nature now recognized as a central component of effective climate action. The path forward requires careful attention to equity and integrity, ensuring that market mechanisms drive real, measurable progress toward global climate targets.
Forest Conservation Takes Center Stage: Shifting Momentum Towards Equity and Action
The Forest and Climate Leaders’ Partnership (FCLP) marked a significant milestone, revealing that over the first three years of the Global Forest Finance Pledge, the 11 participating countries and the European Union have collectively contributed USD 10 billion toward the initial USD 12 billion commitment for forest conservation and restoration. This demonstrates a notable step forward in scaling up global financial support for the preservation of vital ecosystems.
A joint statement from 14 countries—Costa Rica, Ethiopia, Fiji, France, Ghana, Guyana, Kenya, Nigeria, Norway, Pakistan, Peru, Vietnam, the United Kingdom, and the United States—reaffirmed their commitments to REDD+ goals. They also stressed the importance of fair pricing mechanisms to adequately value both the environmental and social benefits of forest carbon. Central to these discussions were the rights of Indigenous peoples and the inclusion of local communities, underscoring a growing emphasis on equity in forest conservation strategies.
In a major development, U.S. President Joe Biden made his inaugural trip to the Amazon, launching the Brazil Restoration & Bioeconomy Finance Coalition (BRB Finance Coalition) to accelerate the conservation and restoration of Brazil’s forests. The coalition aims to secure a collective investment of at least $10 billion by 2030, with founding members including leading organizations like Banco do Brasil, Biomas, Conservation International, and the World Bank Group. Biden also announced additional initiatives, including a USD 50 million investment in the Amazon Fund, a $37.5 million loan for large-scale reforestation projects, and vocal support for Brazilian President Lula’s Tropical Forest Forever Facility.
Last week’s developments signal a vital shift toward integrating finance with equity, recognizing that preserving the world’s forests is not just about environmental protection, but also about safeguarding the rights and livelihoods of those who depend on these ecosystems. The increased emphasis on local community participation and fair value for forests could set a powerful precedent for future conservation efforts.
Week 2 Outlook: A Critical Turning Point for Nature in Climate Negotiations
As heads of state and high-level representatives turn their attention to other priorities, like the G20, the real action now shifts to the negotiators on the ground. The stakes remain high at COP29, with the potential prize still uncertain—whether it will amount to $200 billion or a trillion remains to be seen. So far, nature has largely been sidelined, left on the bench as the clock ticks down. However, with ‘Nature Day’ scheduled just before the final stretch on the 21st, there is still hope for a last-minute game-changer that could turn the tide in favour of nature-based solutions.
A Reminder of the Urgency:
1. Triple finance for nature by 2030 to meet both climate and biodiversity goals, ensuring that nature is properly valued and funded.
2. Create ambitious and investable NDCs that can attract private sector investment into nature-based solutions, bridging the gap between policy and implementation.
3. Harmonize plans, policies, and budgets across the Rio Conventions** ahead of COP30, fostering cohesive and coordinated action on climate, biodiversity, and land use.
As COP29 progresses, the pressure is mounting to not only recognize but also act on the crucial role nature plays in addressing the climate crisis. The outcome of this conference could set the stage for whether nature will be a central player or remain on the sidelines in future climate action. The final days are critical—nature’s moment may yet come.
Key Nature Highlights from COP29 You Might Have Missed
COP29 saw significant moves across the global landscape, with nations and organizations stepping up their climate commitments and calling for more action on nature and financing. Here are some highlights that may have flown under the radar:
The G-ZERO Forum: Bhutan, Comoros, Madagascar, Panama, and Suriname—carbon-negative countries—launched the G-ZERO Forum to push for a net-zero, climate-resilient, and nature-positive world. Their goal is to leverage the unique capabilities of climate-negative and carbon-neutral countries to drive global momentum for the climate agenda.
Multilateral Development Banks (MDBs): MDBs issued a joint statement revealing their aim to increase their collective climate financing to USD 120 billion annually by 2030, including USD 42 billion for adaptation. Additionally, they plan to mobilize USD 65 billion from the private sector to support low- and middle-income countries.
Inter-American Development Bank (IDB): The IDB announced its intention to scale its climate investments in Latin America and the Caribbean by USD 11.3 billion annually by 2030, marking a significant boost for the region’s climate action efforts.
Singapore’s EDB: Singapore’s Economic Development Board pledged USD 500 million to accelerate capital flows into climate solutions, signaling a strong push for sustainable investments.
Ivory Coast: The Ivory Coast revealed plans for a USD 500 million green-financing facility, backed by the African Development Bank and the Climate Investment Funds, to combat climate change and accelerate green projects.
Ghana’s Carbon Credit Success: Ghana’s President Nana Akufo-Addo announced that the country had secured over USD 800 million by trading carbon credits with Switzerland and Sweden, contributing to global efforts to reduce emissions through the carbon markets.
Agriculture and Land Use Finance Gap: A new report from Tree Aid, the Alliance of Biodiversity International, and CIAT, supported by the CGIAR Research Initiative on Climate Resilience, found that Africa faces a USD 55.47 billion finance gap for agriculture, forestry, and land use (AFOLU) by 2030. While funding is on the rise, Africa’s needs remain critically underfunded.
Brazil’s Climate Investment Platform: Brazil unveiled its Climate Investment and Ecological Transformation Platform (BIP), designed to mobilize both national and international capital for climate transition and ecological transformation projects. The platform aims to act as a bridge between investors and projects in biodiversity, bioeconomy, renewable energies, and decarbonization.
Brazil’s Carbon Credit Strategy: The Brazilian state of Tocantins submitted its Trees Registration Document (TRD) at COP29, positioning itself to issue ART TREES credits. The state aims to raise USD 430 million in carbon credits through forest conservation by 2030.
BTG Pactual Timberland Investment Group: BTG Pactual crossed the USD 500 million milestone in its goal of mobilizing USD 1 billion for its Latin American Reforestation Strategy, highlighting the financial backing for forest-based solutions in the region.
Mission 2025 Coalition: A coalition of businesses, investors, governments, scientists, and civil society leaders launched Mission 2025, calling on G20 leaders to set a high-ambition Collective Quantified Goal on Climate Finance at COP29. This initiative aims to lay the groundwork for success at COP30 and calls for more ambitious Nationally Determined Contributions (NDCs).
TV Indígena: A new multi-media platform, TV Indígena, was launched to showcase the culture, knowledge, and traditions of Indigenous Peoples globally, providing a valuable voice and visibility to Indigenous perspectives in the climate conversation.
These developments underscore the growing recognition that climate finance, nature-based solutions, and Indigenous leadership are central to achieving a sustainable future. While the financial pledges and initiatives at COP29 are promising, the real challenge will be ensuring that these commitments translate into tangible action that benefits both people and the planet.
