In mid November 2024, Australia attended the 29th meeting of the annual Conference of the Parties – COP29.
COP29 brought together 198 signatories to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement to address the global challenge of climate change. The signatories attended to reach an agreement.
A key focus for COP29 was finance, particularly looking at how global partners can come together to finance climate ambition.
Each year, the Australian Government sends an official delegation to COP to represent Australia as humanity strives to limit the global temperature increase to less than 2 degrees.
Some brief outcomes of COP29:
- Nations agreed to a new collective quantified goal on climate finance. The new goal is a significant commitment to mobilise US$300 billion per year by 2035 to support developing countries respond to climate change.
- The goal also includes a call to secure at least US$1.3 trillion from different sources to support climate action in developing countries.
- Australia and UK negotiated a new climate and energy partnership. The partnership outlines Australia’s commitment to work together with the UK to create cleaner energy and jobs in both countries. As well as an ambition to play significant roles in the global clean energy transition.
- Australia also joined several initiatives as part of the COP29 Action Agenda. These initiatives bring countries together to progress key climate priorities. Australia signed up to the:
- COP29 Hydrogen Declaration
- COP29 Global Energy Storage and Grids Pledge
- Call to Action for No New Coal in national climate plans
- Clean Energy Finance Mission under the Global Clean Power Alliance (GCPA).
- COP29 Hydrogen Declaration
