COP29: Meet the Leaders Seeking Bold Climate Decisions

COP29 President Mukhtar Babayev will bring global leaders to Baku, Azerbaijan this November with high expectations to tackle some of the world’s most pressing climate challenges.

Following criticism over COP28’s outcomes, there’s growing pressure on this year's United Nations Climate Change Conference to push for substantial commitments and targeted action on climate finance and technology.

With record greenhouse gas emissions and rising global temperatures, COP29 serves as a crucial opportunity for bold, transformative decisions to address these urgent issues.

Building on COP28’s mixed legacy

COP28, held in Dubai, saw limited but significant progress, including an historic consensus on phasing down fossil fuels.

However, some leaders felt it lacked the strength required, as the agreement fell short of a complete fossil fuel phase-out.

Despite pledges to shift towards sustainable agricultural practices and a promising US$2.5bn mobilisation for agriculture-based climate initiatives, many viewed the conference as a missed opportunity.

Gary Lawrence, President of Schneider Electric’s Power and Grid Segment, expresses disappointment in COP28’s lack of concrete actions: “There were a lot of statements there but I haven't seen much action since, so I'm hoping for a lot more." 

He urges COP29 leaders to show “strong policy making, strong decision making and some bravery.”

COP28 did yield substantial pledges, such as nearly US$13bn for the Green Climate Fund from 31 nations.

Yet, this is just a fraction of the estimated US$266tn needed by 2050 to stave off climate catastrophe, highlighting the urgent need for innovative financing mechanisms and substantial private sector investment.

"Finance is going to be high on the agenda," comments Sophie Graham, Chief Sustainability Officer at IFS.

She hopes COP29 will foster “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.”

COP29 as a bridge to COP30

Many experts view COP29 as a critical “progress check” on promises made at COP28 and a stepping stone toward COP30, scheduled to take place in Brazil’s Amazon rainforest.

Roger Martella, Chief Sustainability Officer at GE Vernova, sees the event as an opportunity to evaluate progress and make necessary adjustments before the Brazil summit.

“The expectations this year are probably a little more modest than COP28 or COP30," he says. 

"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.”

Spotlight on reporting and regulation

Beyond financing, COP29’s agenda is likely to prioritise regulatory standards, corporate disclosures and the development of mandatory climate reporting. As the ESG landscape continues to evolve, these measures would push companies to disclose more on their environmental impact, encouraging transparency and accountability.

Mandi McReynolds, Vice President of Global ESG at Workiva, expects these regulatory topics to take centre stage at COP29.

“This year’s COP will likely underline the need for mandatory climate disclosures,” she says, noting that such requirements would compel businesses to measure and manage climate-related risks actively.

Mandi believes these standards are crucial at a time of rapid regulatory change, as they could “shape the landscape of ESG and sustainability reporting with far-reaching implications for businesses worldwide.”

Similarly, Mary Jacques, Executive Director of Global ESG at Lenovo, emphasises the importance of science-based policies to guide global climate action.

She points out that COP29’s decisions should be anchored in the latest research to ensure they’re effective in addressing climate change.

Mary advocates for “clear, global standards that align industries and governments toward the same objectives – ensuring all stakeholders are working towards measurable, consistent goals.”

The agenda for COP29

The 2024 UN Climate Change Conference runs from 11 to 22 November, with each day dedicated to a specific theme.

Major focuses include finance, energy, technology, health, agriculture and biodiversity - with lots of potential for Scope 3 emission reduction discussions. 

• 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

COP29 has the weighty task of setting tangible benchmarks for nations and industries alike.

Many attendees are keen to explore how technological advances can speed up climate action and deliver scalable solutions across regions and industries. 

With critical policies, substantial funding and measurable goals all on the agenda, COP29 is poised to play a pivotal role in shaping the next chapter of climate action. 

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