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COP29: Finance ambitions fall short

25 noviembre 2024

Some promising new developments in food and agriculture despite lack of attention in UN agreements

After two weeks of climate talks in Baku, Azerbaijan, COP29 ended more than 30 hours later than expected. The summit ran into overtime as country representatives struggled to reach agreement on the main topic of conversation: climate finance. This year’s event was dubbed by some the Finance COP, as the 2015 Paris Agreement required signatories to agree on a New Collective Quantified Goal (NCQG) committing signatories to collective funding for climate finance.

Worryingly, references to the links between finance for climate, biodiversity, land degradation, and the Sustainable Development Goals were removed from earlier drafts of the agreement. More broadly, mention of food systems and agriculture were absent from all the high-level outcomes of this summit. This points to a large and growing failure to understand and address the role of the land sector in climate action.

Land sector greenhouse gas (GHG) emissions account for approximately one quarter of all anthropogenic GHG emissions and represent around one third of all mitigation potential. For private sector companies operating in the agricultural or forestry sectors, land use associated with commodity supply chains is typically the largest source of GHG emissions. As such, any major climate deal must consider how food systems, land, and agriculture can contribute to climate change mitigation and ensure they are appropriately provided for in any agreement.

Key outcomes of COP29

  • $300bn of climate finance agreed: COP29 negotiations went into overtime on the value of the NCQG, agreeing a sum of $300bn per year by 2035. That is triple the $100bn per year by 2020 that was initially specified per the Paris Agreement, but fell short of the $1.3tn that vulnerable nations were pushing for, with India calling the goal a “paltry sum.” Several NGOs also expressed concern, with WWF stating the amount was “not in line with what is needed to support vital climate action in developing countries.”
  • Brazil climate pledge launched: Brazil published its updated Nationally Determined Contribution (NDC) ahead of the 2025 deadline. As Brazil is home to ~60% of the Amazon biome, an ecologically crucial ecosystem for our planet, this is a significant step forward. Brazil is also due to host next year’s climate summit, COP30. At the conference, Brazil announced the NDC’s goal to reduce emissions by up to 67% by 2035, compared to 2005 levels. The NDC also explained Brazilian policy will make “coordinated and continuous efforts to achieve zero deforestation, by eliminating illegal deforestation and compensating for the legal suppression of native vegetation and the greenhouse gas emissions resulting from it.”
  • A new platform for farmers: The FAO announced the Baku Harmoniya Climate Initiative for Farmers. It is intended to bring together dozens of existing coalitions, networks, and partnerships to empower farmers, villages, and rural communities to address climate challenges. It will also attempt to catalyse investments in agrifood system transformation from both private and public sectors, building on strong collaborations with development banks.
  • Indigenous Peoples Troika created: Indigenous leaders from Australia, Brazil, Eastern Europe, and the Pacific launched a Troika of Indigenous Peoples, designed to ensure Indigenous rights, perspectives, and voices are included in climate negotiations.
  • Forest protection goals discussed: Global leaders attended the Protecting Forests for Climate, Lives and Livelihoods event, organised by the Forest & Climate Leaders' Partnership. The event highlighted recent progress and outlined strategies to tackle ongoing challenges in meeting the shared goal of halting and reversing forest loss and land degradation by 2030.
  • Global Methane Pledge includes food systems: More than 30 countries signed on to the Declaration on Reducing Methane from Organic Waste, pledging to reduce methane from food loss and waste. The signatories, of which the US is one, include seven of the world’s ten largest organic waste methane emitters, and account for nearly half of the world’s methane from organic waste. The pledge is part of the broader Global Methane Pledge to cut global methane emissions 30% below 2020 levels by 2030.

AFi updates from COP29

Several organisations that are members of the AFi Coalition attended COP29. They hosted events, convened experts, spoke on panels, and took part in crucial discussions with stakeholders. Some highlights from AFi Coalition members are listed below:

  • Imaflora's Rainforest Wealth Project, created in collaboration with the Instituto Socioambiental, will receive $2.6m in funding from USAID. The project aims to create scalable economic models to conserve standing forests, meet legal requirements, enhance local community welfare, and achieve responsible market standards.
  • Conservation International and The Nature Conservancy, along with a range of both public and private sector stakeholders, launched the Brazil Restoration & Bioeconomy Finance Coalition. It aims to fast track the conservation and restoration of forests in Brazil via the investment of at least $10bn by 2030.

Several AFi Coalition members also commented on the outcome of COP29 and emphasised their goals for next year’s COP in Brazil. They included statements from Conservation International, Nature4Climate (signed by Conservation International, Proforest, The Nature Conservancy, and Rainforest Alliance), The Nature Conservancy, World Resources Institute, and WWF.

See how the Accountability Framework can help

Want to take action on climate change and GHG emissions? The Accountability Framework offers robust guidance to companies on how to address deforestation and ecosystem conversion and reduce emissions from land use change in their agricultural and forestry commodity supply chains. See how to reduce your GHG emissions with the Accountability Framework and related initiatives at the link below.

Read more about land use change emissions

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