REC Participates in COP29

The 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change (UNFCCC) was held in Baku, Azerbaijan, from November 11 to 22, 2024. With the slogan “Solidarity for a Green World,” COP29 highlighted several key agenda items, notably climate finance.

Due to developments in the U.S. and Europe, critical countries with significant emissions and expected financial commitments—such as the U.S., EU, China, and Russia—did not participate at the head-of-state level. This absence led to the conference concluding with outcomes below expectations. Notable developments from the conference include:

• Focus on Climate Finance: Negotiations concluded with developed countries agreeing to provide developing nations with $300 billion annually starting in 2035. The previous target was $100 billion per year from 2020. This amount falls short of the developing countries’ annual target of $1.3 trillion.
• Increased Commitments from Financial Institutions: International financial institutions announced plans to increase funds allocated to climate finance. Non-Annex I countries like China and Saudi Arabia also pledged to provide climate finance to developing nations.
• Loss and Damage Fund Progress: Significant steps were taken regarding the fund established to address the loss and damage experienced by countries most affected by climate change.
• Agreement on Article 6.4 of the Paris Agreement: Consensus was reached on paragraph 4 of Article 6, which regulates market mechanisms, clarifying rules for the formation of global carbon markets.
• Green Digital Action Declaration: A declaration emphasizing the potential of digitalization to enhance climate resilience and support sustainable innovations was published.
• Methane Emissions Reduction Declaration: Over 30 countries signed a declaration aiming to reduce global methane emissions from organic waste by 30% by 2030.

Resource, Environment, and Climate Association (REC) at COP29

Another significant agenda item at COP29 was transparency reports. Article 13 of the Paris Agreement established the Enhanced Transparency Framework (ETF), mandating that all countries, whether developed or developing, submit Biennial Transparency Reports (BTRs). All countries are required to submit their first BTRs by December 31, 2024.

Türkiye submitted its first Biennial Transparency Report to the UNFCCC Secretariat, becoming the third country to do so after Japan and Spain. (Guyana, Andorra, and Panama also submitted their BTRs early.) Covering Türkiye’s climate change mitigation and adaptation actions from 2022 to 2024, the report was honored with the “BTR Champion” award by the UNFCCC Secretariat and the COP29 Azerbaijan Presidency. Click here to access the report.

Award from UNFCCC to Türkiye

At COP29, Türkiye also unveiled its Long-Term Climate Strategy. Notable targets include increasing the share of renewable energy to 50% and raising nuclear energy capacity to 20 GW by 2050. The strategy did not provide information regarding a coal phase-out.

Representing REC in Baku, Chairman Dr. Rifat Ünal Sayman participated in discussions on BTRs. Under the guidance of the Directorate of Climate Change, with support from FAO and all relevant public institutions and organizations, REC contributed to the preparation of the first BTR and the reporting of the accompanying Common Tabular Formats (CTF). Dr. Sayman authored sections on NDC monitoring, current status related to greenhouse gas emissions, and policies. Ceren Ballı Gözen and Özgür Pehlivan authored the adaptation and finance sections, respectively.