The 29th Conference of Parties (COP29) to the UN Framework Convention on Climate Change concluded in Baku, Azerbaijan, after intense negotiations that extended beyond the scheduled timeline.

The summit yielded significant agreements and set ambitious targets, particularly for the built environment, a sector critical to global decarbonisation efforts.

Major Agreements and Targets

1. Climate Finance Goal
   Delegates agreed on an annual climate financing framework targeting a total of $1.3 trillion by 2035. This new collective quantified goal (NCQG) will replace the current $100 billion target expiring in 2025. While welcomed as a step forward, many developing nations criticised the figure as insufficient to address the climate crisis.

2. Global Carbon Market
   COP29 finalised rules for a UN-backed global carbon market, enabling countries to trade carbon credits. This mechanism is designed to incentivise emission reductions and investments in sustainable projects.

3. Gender and Adaptation Programmes
   The summit extended initiatives addressing gender and climate change and provided additional support for least developed countries to implement national adaptation plans.

Challenges and Criticism

Despite the progress, the negotiations faced significant contention.

Representatives of vulnerable nations, including small island states and least developed countries, expressed frustration at the perceived inadequacy of financial commitments.

India's delegation called the financing target a "paltry sum," while Sierra Leone highlighted a lack of goodwill from developed nations.

UN Secretary-General António Guterres acknowledged the agreement as a foundational step but stressed the urgency of translating commitments into action: "This deal offers hope, but only if it is honoured fully and swiftly. Commitments must become cash, and we must aim for the highest end of the financial goal."

Built Environment Focus

The built environment, responsible for 34% of global carbon emissions, was a central focus at COP29. Key developments included:

• Launch of Low-Carbon Cement and Concrete Definitions:
  The Global Cement and Concrete Association (GCCA) introduced internationally recognised standards for green cement and concrete, crucial for promoting sustainable construction. German Vice Chancellor Robert Habeck praised the move as a step toward decarbonising essential sectors.

• NDC Enhancements:
  Ministers emphasised the role of updated Nationally Determined Contributions (NDCs) in creating policy frameworks that drive investment in sustainable buildings. A forthcoming NDC Scorecard for Sustainable Buildings from the World Green Building Council (WorldGBC) aims to support these efforts.

• Urban Climate Finance:
  Discussions highlighted the need for reformed finance mechanisms to scale investments in energy-efficient buildings and climate-resilient cities.

New Collaborations and Declarations

• Intergovernmental Council on Buildings and Climate (ICBC):
  Formally established during the summit, the ICBC will oversee global policy collaboration on decarbonising the building sector. Chaired by France, with Kenya and Brazil as vice-chairs, the council aims to enhance international efforts under the Paris Agreement.

• Multisectoral Actions Pathway (MAP):
  A new declaration was launched to promote cooperation across platforms like COPs and UN forums, aiming to accelerate climate resilience in cities.

Looking Ahead

COP29’s outcomes lay the groundwork for the next summit, COP30, in Belém, Brazil, where nations will be expected to demonstrate progress. Simon Stiell, Executive Secretary of UN Climate Change, described the agreements as “an insurance policy for humanity” but warned of the immense work still required:
"This is no time for victory laps. We must redouble efforts as we prepare for the challenges ahead."

The built environment’s transformation remains critical, with time running short to meet 2030 and 2050 climate goals. Governments, industries, and civil society must now act decisively to convert these agreements into impactful action.