BAKU, Nov. 24 -- A package of climate agreements was reached early Sunday at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan.
The agreements included decisions on the New Collective Quantified Goal for climate financing and issues relating to the global carbon market mechanism under Article 6 of the Paris Agreement.
The agreements set the post-2025 climate finance targets, including an annual funding of at least 300 billion U.S. dollars from developed countries and a broader climate financing goal of at least 1.3 trillion dollars per year by 2035 to support the climate actions of developing countries.
A BASE ON WHICH TO BUILD
"Reaching an agreement at COP29 was essential to keep the 1.5 degrees Celsius global warming limit alive," UN Secretary-General Antonio Guterres said in a post on X. "I had hoped for a more ambitious outcome -- on both finance & mitigation -- to meet the scale of the great challenge we face, but the agreement reached provides a base on which to build."
Guterres added that the agreement "must be honored in full and on time. I appeal to governments to do so urgently."
The arrangements are expected to lay the groundwork for developing countries to undertake climate action and submit a new round of nationally determined contributions next year.
Nearly 200 parties broke years of deadlock in multilateral negotiations, finally reaching a consensus on the international carbon market mechanism under Article 6 of the Paris Agreement. It marked the completion of the implementation rules for the market mechanism under Article 6 and resolved the last pending issue within the Paris Agreement.
In addition, the conference also reached decisions on various issues, including the carbon trading mechanism, the implementation of the Global Stocktake results, the mitigation work program, and the global adaptation goal.
In his speech at the closing plenary session, Zhao Yingmin, head of the Chinese delegation and vice minister of ecology and environment, highlighted that this year marks the 30th anniversary of the entry into force of the United Nations Framework Convention on Climate Change. Over the past 30 years, the process of climate governance under the convention has faced challenges but has consistently moved forward.
Zhao emphasized that humanity is a community with a shared future, and in the face of the climate crisis, unity and collaboration are the only viable paths.
Zhao noted that the outcome document on the New Collective Quantified Goal revealed that developed countries' financial commitments still fall far short of meeting the needs of developing nations, and their financial obligations must be further clarified.
He added that addressing the global climate crisis requires adhering to the principle of "common but differentiated responsibilities," upholding multilateralism, and working together for mutual benefit.
Zhao reaffirmed that China, as a responsible major developing country, will steadfastly promote the multilateral process and international cooperation on climate change, regardless of how the global landscape evolves.
China will continue to implement its national strategy for actively addressing climate change, pursue its carbon peaking and neutrality goals, and engage extensively in South-South climate cooperation to contribute to global green, low-carbon, climate-resilient and sustainable development, said Zhao.
"I commend everyone who worked hard to build consensus. You have shown that multilateralism -- centered on the Paris Agreement -- can find a path through the most difficult issues," said UN chief Guterres in his COP29 closing statement.
CHINESE CONTRIBUTION
During COP29, Liu Zhenmin, China's special envoy for climate change, noted that over the past decade, China has become one of the world's fastest reducers of energy intensity, saving approximately 1.4 billion tonnes of standard coal.
Liu said China's renewable energy capacity accounts for over one-third of the global total, and cumulative investments in renewable energy rank first worldwide. The country is also a leading international supplier of wind power, photovoltaic equipment and battery technologies.
In an interview with Xinhua, former UN Under-Secretary-General Erik Solheim noted that China is now an indispensable nation for global climate efforts.
He affirmed China's important role in the global green energy transition, which accounts for 60 percent or more of global production in key green sectors, including solar, wind and hydropower, as well as electric cars and batteries.
Jeffrey Sachs, president of the UN Sustainable Development Solutions Network, told Xinhua that China is making energy structure transformation possible around the globe by exporting green technologies through good partnerships worldwide, which is a vital part of the solution to climate change.
Zhao noted China has supported South-South countries in low-carbon demonstration projects, mitigation and adaptation efforts, and talent training.
Official statistics showed that China has signed 54 cooperation agreements with 42 developing countries on climate change cooperation. Since 2016, the country has provided and mobilized over 24 billion dollars for projects to assist other developing nations in tackling climate challenges.
