The summit brought together world leaders and key stakeholders to advance efforts in addressing climate challenges, resulting in a series of pivotal decisions aimed at combating the climate crisis. The central theme of the conference was climate funding.
One of the most notable outcomes was the launch of the Baku Finance Goal, an ambitious plan to mobilize USD 1.3 trillion annually by 2035 for climate action in developing countries. Under this plan, developed nations are expected to take the lead by securing at least USD 300 billion per year, with the remaining funds to be sourced through a mix of public and private channels, including multilateral development banks and bilateral agreements. The goal is to reduce climate inequality by investing in renewable energy, climate adaptation, and resilient infrastructure.
A key takeaway from COP29, particularly relevant for Serbia and the Western Balkans region, is the operationalization of international carbon markets, including the introduction of a carbon credit trading system. This development opens up new opportunities for Serbian companies and organizations to engage in global climate initiatives, reduce emissions, and invest in sustainable projects through international cooperation.
For Serbia, a sustainable growth strategy must include preparation for participation in this system by developing emission reduction strategies and identifying opportunities for leveraging carbon credits in line with international standards. Additionally, access to global climate finance mechanisms, such as the Fund for Responding to Loss and Damage, presents an opportunity to further support sustainable development by helping identify and apply for much-needed funding to implement climate-related projects.
Another important outcome of COP29 with strong relevance for Serbia was the Declaration on Water for Climate Action, supported by nearly 50 countries. Although Serbia is not yet among the signatories, the declaration emphasizes the essential role of water in climate adaptation and disaster risk reduction. Tourism was also highlighted, with over 50 countries endorsing a declaration to align tourism practices with global climate goals—focusing on emission reduction and increasing resilience in tourism-dependent communities.
As a country facing challenges related to water resource management and climate change, Serbia stands to benefit from proactive initiatives that aim to strengthen the resilience of local communities and water-related infrastructure.
Looking ahead, as a country that ratified the Paris Agreement and adopted it through its National Assembly in 2017, Serbia is expected to develop a sustainable water use strategy, potentially integrating water-related goals into its Nationally Determined Contributions (NDCs). This would include implementing climate adaptation projects and enhancing resilience to extreme climate events.
Through active engagement in areas such as sustainable energy, climate adaptation, and climate finance, KPMG has developed services that can help companies position themselves as regional leaders in the energy transition while contributing to global climate efforts. By connecting global initiatives with local needs, timely consulting and action can play a key role in shaping a future that is both environmentally and economically sustainable—for Serbia and for the global community.
