COP29 Expectations: ‘Strong Policy, Decisions & Bravery’

Greenhouse gas concentrations have reached a new record, global temperatures continue to climb and nature talks at COP16 did not reach a satisfying conclusion.

The stakes for the United Nations’ annual Climate Change Conference have never been higher. 

World leaders have a very long list of tasks that need to be accomplished with haste, including a new collective quantified goal (NCQG) for finance. 

Sustainability Magazine has been speaking with leaders across industries to find out what they expect from COP29 in Baku, Azerbaijan.

Sophie Graham, Chief Sustainability Officer at IFS, says: “Finance is going to be high on the agenda.

“I hope there can be some good discussions around the role of finance and innovative models that can enable us to target the impact areas for climate, rather than just the hype areas.” 

How can COP29 build on COP28?

COP28 in Dubai made some positive progress, including a series of historic agreements on fossil fuels.

World leaders agreed to “transition away from fossil fuels”, however this was labelled as a “phase-down” rather than the “phase-out” many had hoped for. 

It also saw the launch of the First Movers Coalition for Food to increase demand for sustainable agricultural products and mobilisation of more than US$2.5bn for agriculture-based climate solutions.

The Green Climate Fund received pledges totalling nearly US$13bn from 31 countries, but estimates show that a cumulative US$266tn is needed by 2050 to avoid damages estimated to be worth more than one quadrillion US dollars.

Gary Lawrence, President of the Power and Grid Segment at Schneider Electric, says: “I was a little bit disappointed by COP28, to be frank.

“There were a lot of statements there but I haven't seen much action since, so I'm hoping for a lot more.

“I am not going to get into the debates of 1.5 degrees or 2 degrees when it comes to the Paris Accord, but I can say we’re a long way from that and we really need strong policy making, strong decision making and some bravery.”

The transition from COP29 to COP30

Some sustainability leaders feel COP29 will act as a stepping stone to COP30, set to be held in the Amazon rainforest of Brazil in 2025.

Roger Martella, Chief Sustainability Officer at GE Vernova, says: “The expectations this year are probably a little more modest than COP28 or COP30.

“I think what we're looking for is a good progress check on a lot of the commitments that were made at COP28. 

“COP28 was really the first private sector COP where the UAE very strategically put the private sector in the lead of taking responsibility and accountability for climate change. 

“I think what we're going to see this year is a bit more focus on how we are doing and what we need to in terms of course corrections for COP30.”

Dr Paige Marie Morse, Enterprise Director Sustainability at AspenTech, explains COP29 “is forecast to be half the size of that in Dubai last year, and likely only a stepping stone to COP30 in Brazil next year”.

“Ambitious topics are on the agenda in Baku but actual progress is uncertain.”

Progress on sustainability reporting at COP29

COP30 and finance aren’t the only topics on the table.

Mandi McReynolds, Vice President, Global ESG and Chief Sustainability Officer at Workiva, expects regulations and disclosures to come up.

Mandi says: “This year’s COP will likely underline the need for mandatory climate disclosures. 

“This would incentivise companies to proactively implement sophisticated approaches to measuring and reporting their climate and sustainability-related risks, which have been shown to have substantial financial implications for all businesses. 

“At such a pivotal time of regulatory changes, the conference will undoubtedly shape the landscape of ESG and sustainability reporting with far-reaching implications for businesses worldwide.”

Mary Jacques, Executive Director, Global ESG and Regulatory Compliance at Lenovo, agrees: “In my view, global leaders and businesses must continue to support policies and strategies rooted in the latest scientific research and with a scientific approach.

“At COP29, it will be crucial to ensure that future decisions are guided by the most accurate and up-to-date data available. 

“Additionally, to effectively tackle climate change, we need clear, global standards that align industries and governments toward the same objectives – ensuring all stakeholders are working towards measurable, consistent goals.”

The agenda at COP29

The UN 2024 Climate Change Conference will run from 11 to 22 November, and each day is scheduled to have a focus.

COP29 themes:

• 12 Nov: World Leaders Climate Action Summit
• 13 Nov: World Leaders Climate Action Summit
• 14 Nov: Finance, Investment and Trade
• 15 Nov: Energy / Peace, Relief and Recovery
• 16 Nov: Science, Technology and Innovation / Digitalisation
• 17 Nov: Rest day with no thematic programming
• 18 Nov: Human Capital / Children and Youth / Health / Education
• 19 Nov: Food, Agriculture and Water
• 20 Nov: Urbanisation / Transport / Tourism
• 21 Nov: Nature and Biodiversity / Indigenous People / Gender Equality / Oceans and Coastal Zones
• 22 Nov: Final negotiations

Mary explains: “I anticipate that discussions will explore how technological innovations can not only accelerate progress but also deliver scalable solutions that can be implemented globally.”

Make sure you check out the latest edition of Sustainability Magazine and also sign up to our global conference series - Sustainability LIVE 2024

Sustainability Magazine is a BizClik brand