Outcomes from Conference of Parties (COP) (1995-2023)

With COP 29 on the horizon, it’s an opportune moment to reflect on the progress made in climate negotiations over the years, especially on climate finance. Key milestones from previous COPs include:

1. COP 15 (2009 – Copenhagen): The Copenhagen Accord was a pivotal moment for climate finance, where developed countries committed to mobilizing $100 billion per year by 2020 to help developing nations adapt to climate change and mitigate its effects. Although the $100 billion target has yet to be fully met, this commitment set the foundation for ongoing climate finance discussions.
2. COP 21 (2015 – Paris): The Paris Agreement was a landmark in international climate efforts. It not only solidified the global goal of limiting temperature rise to well below 2°C, with efforts to stay within 1.5°C, but also reaffirmed the $100 billion climate finance commitment. Importantly, it recognized the need to enhance support for adaptation and emphasized the balance between mitigation and adaptation funding.
3. COP 26 (2021 – Glasgow): Glasgow saw progress in enhancing transparency and accountability around climate finance. Countries agreed to a “Climate Finance Delivery Plan,” with a focus on ensuring funds would flow towards both mitigation and adaptation efforts. Adaptation finance in particular was spotlighted, with pledges to double adaptation funding by 2025. However, the $100 billion goal was still unmet, raising concerns about trust and equity in future negotiations.
4. COP 27 (2022 – Sharm El-Sheikh): One of the most notable outcomes of COP 27 was the establishment of the “Loss and Damage Fund,” aimed at providing financial support to developing countries suffering from the impacts of climate change. This was a significant win for vulnerable nations and a long-standing demand, but details on funding sources and operationalization remain unresolved.

At COP 29, expectations are high for negotiators to push forward on climate finance, setting clear timelines, ensuring that funds are equitably distributed, and establishing transparent measurement standards. These steps are crucial for building trust and ensuring that vulnerable communities receive the resources they need to adapt and thrive in a changing climate.

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