COP29: A Milestone in Climate Negotiations and a Glimpse into the Future

The COP29 conference in Baku, Azerbaijan, brought together leaders, experts, and stakeholders from across the globe to tackle some of the most pressing issues surrounding climate change. With representatives from various sectors—governments, private companies, NGOs, and academia—the event served as a platform to align diverse interests and find actionable solutions for a sustainable future. Here’s a detailed look at the key discussions, outcomes, and expectations as the climate action community looks ahead to COP30 in Brazil, in addition to the podcast episode available here.

Inogen Alliance had a presence at COP29 in Baku, Azerbaijan, marking the second time we had a global delegation involved in COP with seven Associate companies. Our team attending and presenting included our local Associate, Sustainera Solutions with Ilkin Hajiyev and team. They worked in collaboration with AzerSun Holding as an official sponsor of COP29, consulting on sustainability topics and events. We also had Associates attending and presenting from Antea Brasil, Hilton Lucio; Antea Group USA and President of Inogen Alliance, Angelique Dickson; Antea Group UK, Alex Ferguson; denxpert, Robert Szucs-Winkler; Integral Consult Egypt, Dr. Amr Osama Abdel-Aziz; and Tonkin + Taylor New Zealand, Brett Ogilvie and Paddy Pringle. Dr. Abdel-Aziz has been involved in COP negotiations for the past 10 years in the formal role of Advisor to the Minister of Environment of Egypt and as a lead negotiator for mitigation and Transparency. Read more about the Blue and Green Zone events our team presented in here.

Our global team shares outcomes, perspectives and insider views below from their attendance.

What is COP? A Convergence of Stakeholders for Global Climate Action

COP, or the Conference of the Parties, is a pivotal gathering under the United Nations Framework Convention on Climate Change (UNFCCC). It brings together member states, private organizations, and civil society to negotiate and decide on global climate actions.

“COP is a multifaceted event where stakeholders converge to align on common goals,” said Hilton Lucio, CEO of Antea in Brazil. “It's not just a negotiation platform but also a social and professional ecosystem, fostering collaboration across disciplines.”

Angelique Dickson shared her perspective on attending COP, “The sheer volume of intellect and passion in one space was astonishing. One of the really inspiring things about COP29 was being surrounded by thousands of people who feel the urgency around climate change. It wasn’t political—it was about global collaboration to address this critical issue. Being surrounded by people committed to the same goal made me hopeful, even though consensus-building among diverse stakeholders is daunting.”

Amr Abdel-Aziz, Chairman of Integral Consult in Egypt, added, “COP is where decisions impacting climate, development, and economies are made. For example, the decision at COP28 in Dubai to transition away from fossil fuels was a landmark moment, signaling the beginning of the end for the fossil fuel era.”

From the perspective of Ilkin Haji, founder of Sustainable Solutions, “COP is an inclusive platform bringing together governments, private sector players, and NGOs. Achieving sustainability requires collective efforts, and COP is the perfect setting for such collaboration.”

Alex Ferguson highlights a main theme from this year’s event: “COP29 was about financing: identifying where climate funds would come from and how they would reach the projects and regions that need them most. Discussions emphasized the need for robust environmental, social, and governance (ESG) standards to ensure funds are used effectively.” Check out more from his perspective in an article here.

Key Takeaways from COP29

Major Decisions and Achievements

COP29 stood out for its tangible outcomes, which included:

1. New Collective Quantified Goal (NCQG) on Finance: “A landmark agreement to mobilize $300 billion annually by 2035 for climate action in developing countries,” explained Abdel-Aziz. “While the figure sounds monumental, the real value—adjusted for inflation and contributions from developing nations—is more modest. Nevertheless, it signals global commitment and opens the door to substantial private sector involvement.”
2. Finalization of Carbon Market Rules: Article 6 of the Paris Agreement, governing carbon markets, was operationalized. “This development paves the way for billions of dollars in carbon trading and incentivizes emission reduction projects globally,” said Dr. Abdel-Aziz .
3. Sector-Specific Mitigation Focus: “Although some controversial topics stalled, progress was made in urban systems and building-related mitigation programs,” he added. “This aligns with global targets to limit warming to 1.5°C.”
4. Adaptation Efforts: Decisions on adaptation indicators and resilience-building projects were laid out, with a promise of more concrete actions at COP30.

Challenges and Polarization

While COP29 achieved notable successes, challenges persisted. “The discussions around top-down versus bottom-up approaches to sectoral targets highlighted divisions among countries,” Abdel-Aziz noted. Some critical topics were postponed to COP30. 

Negotiators failed to reach agreements on certain key initiatives set in motion at COP28 in Dubai. Agreement on the UAE Work Programme on Just Transition was postponed as negotiators deliberated the complexity of the program and worked to align on a holistic approach. Similarly, countries were unable to find alignment on how to respond to results from COP28’s global stocktake, which assessed progress made towards reaching the goals of the Paris Climate Agreement.

Angelique Dickson observed “One recurring theme was the disparity between small nations, especially those highly impacted nations like the island nations versus a big country like the US, who is still producing a very large carbon footprint. The disparity is very great there, and that urgency is different, and so I think that is difficult when you have that many parties negotiating to come up with a consensus agreement on how to move forward.”

Regional and Private Sector Impact

“The event spurred energy transition projects, increased awareness in the private sector, and accelerated regulatory development in Azerbaijan,” said Ilkin Haji. He pointed to the adoption of a new taxonomy for sustainable investments as a significant step forward.

Hilton Lucio observed that “the growing presence of private sector stakeholders at COP underscores their role in translating national climate goals into actionable business strategies.”

“At COP29, it was clear that private investment would play a critical role in achieving climate goals. For consultants, this opens up opportunities to help businesses navigate new guidelines, access funding, and implement impactful projects. The private sector’s contributions will be vital in bridging gaps left by government efforts,” states Angelique Dickson.

Side Events: Catalysts for Collaboration and Innovation

Side events at COP29 provided valuable platforms for in-depth discussions and cross-sector collaboration. “These events allow you to get more into the details and gain more exposure to substantive issues,” said Haji. “For example, in one of our events on water scarcity, we had companies presenting technological innovations, consulting firms sharing insights, and businesses discussing their challenges. These discussions painted a full picture of current and upcoming challenges.”

Lucio added, “The richness of the ecosystem makes it impossible not to absorb new ideas. Whether it's preserving forests for water management or creating tourism potential to protect natural resources, the interconnectedness of climate resilience issues becomes clear.”

Opportunities for Progress

Dr. Abdel-Aziz highlighted the Mitigation Work Program as a key area of focus for COP30. “We hope Brazil’s presidency will help harness the potential of this program by sidestepping polarizing issues and advancing meaningful solutions to achieve the 1.5°C target,” he said.

Haji expressed optimism about incremental progress. “I hope we see more clarity on mechanisms for fund disbursement,” he said. “And while it might sound wishful, I’d like to see less polarization. Climate catastrophes don’t discriminate between developed and developing countries.”

Lucio reflected on Brazil’s role as host: “Brazil is a place for collectiveness, not polarization. Our strong diplomatic relationships, diversified economy, and active NGOs create the perfect setting to advance climate solutions. With COP30, we have the opportunity to build on the solid foundation laid at COP29 and previous conferences.”

The Role of the Private Sector in Future COPs

Private sector engagement at COPs has grown exponentially. “Since Dubai, the presence of the private sector has increased dramatically,” said Lucio. “Companies are translating national contributions into actionable strategies, aligning their goals with climate targets.”

For governments, private sector involvement is crucial for achieving Nationally Determined Contributions (NDCs). “Public-private partnerships, innovation, and investment in renewable energy and infrastructure will be key to turning commitments into tangible outcomes,” he added.

“The business case for renewable energy and sustainable practices is stronger than ever, driven by the need for reliable resources and consumer demand. As sustainability becomes essential for long-term success, the private sector’s contributions are critical to accelerating the transition to a greener economy,” Alex Ferguson adds.

Final Thoughts

COP29 in Baku underscored the complexity and urgency of global climate action. While progress was made in areas like finance and carbon markets, much work remains. As the world looks to COP30 in Brazil, there is hope that the event will foster collaboration, innovation, and actionable solutions as they are uniquely positioned to lead on critical climate issues due to their diverse economy, vibrant civil society, and extensive natural resources. Whether through high-level negotiations or grassroots side events, COP continues to be a critical platform for shaping the future of our planet.

Register for our roundtable webinar on COP29: The Way Forward, 15 January 2025 and available on-demand following this date.

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