FHow COP29 Will Impact Climate Technologies

Greenhouse gas concentrations have soared to new heights, global temperatures are on the rise and the discussions at COP16 about nature fell short of expectations. 

These developments set the stage for an urgent agenda at the United Nations' 2024 Climate Change Conference, with expectations sky-high for meaningful outcomes.

World leaders will tackle a comprehensive list of urgent tasks at COP29, including the establishment of a new collective quantified goal (NCQG) for financial contributions to climate actions. 

This money will support climate tech innovations and developing countries on the way to net zero.

Sophie Graham, Chief Sustainability Officer at IFS, says: “Finance is going to be high on the agenda.

“I hope there can be some 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.” 

What happened at COP28?

COP28 in Dubai saw some big impact, including historic resolutions concerning fossil fuels. 

Though termed a “phase-down” rather than a “phase-out,” the agreements marked a shift in global fossil fuel policies. 

The event also launched the First Movers Coalition for Food, promoting sustainable agriculture and securing more than US$2.5bn for related climate solutions. 

The Green Climate Fund received pledges totalling nearly US$13bn from 31 countries, but estimates show that a cumulative US$266tn is needed by 2050 to avoid damages estimated to be worth more than one quadrillion US dollars.

Gary Lawrence, President of the Power and Grid Segment at Schneider Electric, says: “I was a little bit dispointed by COP28, to be frank.

“There were a lot of statements there but I haven't seen much action since, so I'm hoping for a lot more.

“I am not going to get into the debates of 1.5°C or 2°C when it comes to the Paris Accord, but I can say we’re a long way from that and we really need strong policy making, strong decision making and some bravery.”

How COP29 will prepare for COP30

Some leaders expect COP29 to serve as preparation for the more prestigious COP30 in 2025.

Roger Martella, Chief Sustainability Officer at GE Vernova, says: “The expectations this year are probably a little more modest than COP28 or COP30.

“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.”

Dr Paige Marie Morse, Enterprise Director Sustainability at AspenTech, explains COP29 “is forecast to be half the size of that in Dubai last year and likely only a stepping stone to COP30 in Brazil next year”.

“Ambitious topics are on the agenda in Baku but actual progress is uncertain.”

Progress for sustainability reporting and disclosures

Mandi McReynolds, Vice President, Global ESG and Chief Sustainability Officer at Workiva, expects regulations and disclosures to come up.

Mandi says: “This year’s COP will likely underline the need for mandatory climate disclosures. 

“This would incentivise companies to proactively implement sophisticated approaches to measuring and reporting their climate and sustainability-related risks, which have been shown to have substantial financial implications for all businesses. 

“At such a pivotal time of regulatory changes, the conference will undoubtedly shape the landscape of ESG and sustainability reporting with far-reaching implications for businesses worldwide.”

Mary Jacques, Executive Director, Global ESG and Regulatory Compliance at Lenovo, agrees: “In my view, global leaders and businesses must continue to support policies and strategies rooted in the latest scientific research and with a scientific approach.

“At COP29, it will be crucial to ensure that future decisions are guided by the most accurate and up-to-date data available. 

“Additionally, to effectively tackle climate change, we need clear, global standards that align industries and governments toward the same objectives – ensuring all stakeholders are working towards measurable, consistent goals.”

What’s on the official COP29 agenda?

COP29 will take place from 11 to 22 November 2024 and each day has a scheduled theme.

COP29 themes:

• 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

Mary explains: “I anticipate that discussions will explore how technological innovations can not only accelerate progress but also deliver scalable solutions that can be implemented globally.”

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