World leaders, climate experts, industry representatives, and activists have gathered in Baku for COP29, the twenty-ninth session of the Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC). With the landmark UAE Consensus from COP28 fresh in mind, COP29 will place a strong emphasis on climate finance and scaling up ambitious targets to limit global warming. Experts from WSP and other sustainability leaders are expected to contribute critical insights on resilience and sustainability as countries negotiate a path forward.

Building on COP28: The UAE Consensus and the Path Ahead

COP28, held in Dubai in 2023, concluded with the establishment of the UAE Consensus, a blueprint for the global climate agenda that included accelerating renewable energy, improving climate resilience, and committing to a responsible transition from fossil fuels. This framework came from the first-ever Global Stocktake, which revealed that global progress on climate goals remains dangerously insufficient. The UAE Consensus urged countries to triple renewable energy capacity by 2030, double its efficiency, and commit to a just and orderly transition away from fossil fuels to achieve net zero by 2050.

Notably, COP28 also saw the operationalisation of the Loss and Damage Fund, an initiative aimed at providing aid to developing countries severely impacted by climate change. Almost $700 million was pledged to support vulnerable nations as they work to recover from and adapt to climate impacts.

A Focus on Climate Finance in Baku

Baku, a city with both modern infrastructure and a rich cultural heritage, is hosting COP29 with a focus on climate finance. Azerbaijan’s Minister of Ecology and Natural Resources, Mukhtar Babayev, highlighted the importance of addressing challenges such as extreme heat and water scarcity, as well as declining Caspian Sea levels. This focus aligns with the New Collective Quantified Goal (NCQG) – a major item on the agenda aimed at scaling climate finance beyond the current $100 billion floor set in prior agreements.

Discussions on finance will explore increased contributions to the Loss and Damage Fund, as well as the potential for climate finance to shift toward more public funding, reducing the dependency on private sector investment. COP29 is also expected to finalise Article 6 of the Paris Agreement, establishing clear frameworks for carbon trading and emissions reporting to combat ‘greenwashing’ and ensure transparency.

Built Environment Takes Centre Stage

As delegates debate finance and policy, experts have called attention to the built environment as a critical area for climate action. Representing 40% of global energy-related emissions, the building sector presents both a significant challenge and an opportunity to achieve net-zero goals. A coalition of researchers and sustainability leaders has advocated for mandatory net-zero emissions in buildings by 2030. Scientists, led by institutions like Karlsruhe Institute of Technology and Aalto University, are calling for improved collaboration between researchers and policymakers to meet these urgent targets.

The World Green Building Council (WorldGBC) and 75 national Green Building Councils are pushing for sector-specific climate commitments. WorldGBC CEO Cristina Gamboa stated that adequate climate finance must target the built environment to fund sustainable housing and infrastructure, especially in regions most at risk.

Four Key Actions for the Built Environment

The GBC network is urging nations to prioritise four key actions: enhancing ambition in Nationally Determined Contributions (NDCs), mobilising climate finance for the building sector, increasing resilience, and joining the Buildings Breakthrough initiative. This initiative, signed by 29 countries, promotes resilient, near-zero emission buildings as the standard by 2030.

A Defining Moment

COP29 arrives as countries prepare for the crucial February 2025 deadline for revising their NDCs, with the 1.5°C warming threshold alarmingly close. Stephen Richardson, Senior Impact Director at WorldGBC, stressed that Baku’s summit is an opportunity to move from commitments to concrete actions.

With high stakes and ambitious targets on the table, COP29 represents a critical moment for the world to take unified, decisive action to ensure a resilient future. As discussions progress, all eyes are on Baku to deliver meaningful commitments that will help steer the world onto a more sustainable path.