KPMG COP29

Türkiye, which joined the COP by ratifying the UNFCCC in 2004, approved the Paris Climate Agreement in 2021 and committed to achieving net-zero emissions by 2053.

In Türkiye's first Nationally Determined Contribution (NDC) submitted in 2015, it was shared that the country aimed to reduce emissions by 21% by 2030. With the Updated First NDC shared in 2022, this target was increased to 41%.

COP29, also referred to as the "Finance COP," focused primarily on the issue of annual financing to support climate action in underdeveloped and developing countries. 

COP29 President Muhtar Babayev, while calling for the operationalization of carbon markets under Article 6 of the Paris Agreement, emphasized that time is running out for the implementation of action plans to reduce carbon emissions.

He reminded parties that the first Biennial Transparency Reports (BTRs) must be submitted by the end of 2024, and called for the preparation of national adaptation plans by 2025.

On the second day of the conference, a call was made for developed countries to fulfill their financial commitments on climate finance without exacerbating the debt burdens of developing countries. The need for transparency and accessibility in climate finance was emphasized.

It was also decided not to include discussions on the Carbon Border Adjustment Mechanism (CBAM) in the conference agenda.

On the third day of the conference, the first draft text for the New Collective Quantified Goal (NCQG), one of the key negotiation topics of COP29, was presented. It was stated that the NCQG addresses the three main pillars of climate action: mitigation, adaptation, and loss and damage. The new goal aims to outline the obligations of developed countries to help finance the reduction of climate change impacts and adaptation efforts in developing countries.

The day continued with global leaders announcing their climate commitments. Countries like Russia and the United States strengthened their pledges to transition to a low-carbon economy, while parties emphasized the importance of translating commitments into effective and measurable outcomes.

The negotiations on climate finance were opened with a speech by Executive Secretary Simon Stiell, who emphasized the need for accessible and predictable finance that is proportional to the challenges faced by developing countries. The session continued with statements from various groups and countries.

Developing countries called for the climate finance target to be increased to $1.3 trillion by 2035.

Sweden pledged $763 million for the second replenishment of the Green Climate Fund and $19 million for the Loss and Damage Fund.

Germany emphasized that the era of fossil fuels is over, advocating for collaboration with financial markets, strengthening innovative financing sources such as pollution taxes, and increasing the credit capacity of multilateral development banks.

Azerbaijan announced a $1.2 billion investment commitment for green projects. The Baku Climate Finance, Investment, and Trade Initiative (BICFIT) aims to strengthen the link between trade and climate, signaling that the banking sector will align with global climate goals.

It was emphasized that renewable energy serves as a catalyst for the reconstruction of post-conflict regions, providing stability and resilience, and playing a key role in peacebuilding, cooperation, and recovery efforts.

The COP29 Presidency launched three energy initiatives focused on Green Energy, Hydrogen, and Global Energy Storage and Grids. In collaboration with countries including Egypt, Italy, Germany, the United Arab Emirates, and the United Kingdom, the "Baku Call for Climate Action on Peace, Aid, and Recovery" was introduced. This call highlighted the need to prevent conflicts caused by climate change and stressed the importance of supporting vulnerable countries in the face of climate impacts.

On the 6th day of COP29, the focus of the negotiations was on the transformative role of artificial intelligence (AI) and digital technologies in the fight against climate change. The COP29 Green Digital Action Declaration was shared, encouraging the use of digital tools to reduce greenhouse gas emissions, support climate resilience, and advance sustainable development.

In the second week of the summit, a call was made to accelerate efforts towards the creation of new climate finance mechanisms.

On the first Comprehensive Human Development Day, which focused on health, education, and children and youth, the Baku Guiding Principles for Human Development for Climate Resilience were adopted.

With the initiative of the COP29 Presidency, and as part of the Nationally Determined Contributions (NDCs), the Methane Reduction from Organic Waste Declaration aimed at reducing methane emissions was signed by 35 countries.

On the 10th day of COP29, the sessions focused on urbanization, transportation, and tourism. At the end of the day, the COP29 Resilient and Healthy Cities Declaration and the COP29 Enhanced Climate Action in Tourism Declaration were signed.

With the Climate for Water Action Declaration approved by approximately 50 countries, a call was made for the protection of water basins and the adoption of integrated approaches in the fight against climate change. The declaration emphasized the need to include measures in national climate policies to reduce the impacts of climate change on water resources, mitigate water stress, and adapt to these changes.

On Gender Day, it was highlighted that women, who disproportionately experience the effects of climate change, must have better access to resources, opportunities, and decision-making mechanisms. Additionally, the importance of gender-sensitive finance for climate action was underscored as being vital for addressing these challenges.

On the final day of COP29 in Baku, negotiations on new climate finance continued with disagreements. In response to the demand from developing countries for an annual budget of $1.3 trillion, developed countries proposed a contribution of $250 billion by 2035.

• New Collective Quantified Goal (NCQGs): The $100 billion target set in 2009 for climate finance was tripled, with the aim to reach $300 billion by 2035.
• An agreement was reached on a UN-supported global carbon credit market. It was stated that this market has the potential to reduce the annual cost of implementing countries' climate plans by $250 billion.
• Article 6 of the Paris Agreement was finalized. After 10 years of negotiations, a pathway was established for $1 trillion in annual investments in carbon markets by 2050.
• A total of $730 million was pledged to ensure the establishment of the Loss and Damage Fund by 2025.
• The agreement reached at COP28 regarding the phase-out of fossil fuels was confirmed.
• With the Green Digital Action Declaration, 75 countries and 1,000 digital technology leaders committed to collaborating on the use of digital tools to achieve climate goals.
• 35 countries, representing 47% of global methane emissions, pledged to reduce methane emissions from organic waste sources.
• The Net Zero Standard developed by ISO will be shared at COP30.

• In 2025, the National Green Taxonomy Regulation will be shared, and the Emissions Trading System will be implemented.

• A 16% reduction in energy consumption by 2030 is targeted, which will result in a reduction of 100 million tons of carbon emissions in total.

• Energy efficiency investments will be increased to 20.2 billion dollars by 2030.

• With the full operation of the Akkuyu Nuclear Power Plant, 30 million tons of carbon emissions will be reduced annually, and nuclear energy capacity will be increased to 7.2 GW by 2035.

• By 2035, renewable energy investments will reach 59 billion dollars, and energy storage investments will total 2.5 billion dollars.

• By 2053, 69.1% of energy production will come from renewable sources, and the installed capacity of solar and wind energy will be quadrupled.