Page 11 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

? A global goal for climate adaptation: The establishment of adaptation goals should help countries
that are particularly at risk to prepare for the consequences of climate change.

? The Gender Action Plan: This plan aims to ensure that COP resolutions are implemented in a
manner consistent with gender equality.

At the U.N. climate talks in Azerbaijan, developed countries agreed to mobilize $300 billion for the
developing nations every year, a three-times increase over their current mandate of $100 billion to help
developing countries deal with the impacts of climate change and to help their transition to cleaner
energy.

Developing countries, which had sought over $1 trillion in assistance, said the pledge of financing was too
little too late. World Meteorological Organization (WMO) supports the United Framework Convention on
Climate Change (UNFCCC) process and every year participates in sessions of the Conference of the Parties
(COP), by providing the latest scientific advice and information to governments, including on the state of
the climate and greenhouse gas concentrations.

The WMO delegation at COP29, headed by Secretary-General Celeste Saulo, highlighted the urgency of
drastic reductions in greenhouse gas emissions – and more financing to build resilience, and to strengthen
early warning systems.

According to WMO’s State of the Climate Update, the year 2024 is on track to be the hottest on record
and temporarily hit 1.5°C. Greenhouse gas levels are at record observed levels. Sea level rise is
accelerating, glacier retreat is unprecedented, and extreme weather events have caused major loss of life
and livelihoods around the world.

Key focus areas include scaling up the “Early Warnings for All” initiative to ensure comprehensive early
warning coverage, and advancing Global Greenhouse Gas Watch to improve monitoring and mitigation.

Other steps forward at COP29 included: Countries agreed on the rules for an UN-backed global carbon
market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions
and invest in climate-friendly projects. They agreed to an extension of a programme cantered on gender
and climate change; and agreement on support for the least developed countries to carry out national
adaptation plans.

UN Climate Change Executive Secretary Simon Stiell described the new finance goal agreed at COP29 as
“an insurance policy for humanity.” “This deal will keep the clean energy boom growing and protect
billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs,
stronger growth, cheaper and cleaner energy for all.

COP 29 also witnessed the launch of the Baku Dialogue on Water for Climate Action, a platform that
promotes collaboration and initiatives that accelerate solutions for the water crisis.

Another key element of COP29 focused on countries’ national climate action plans, known as Nationally
Determined Contributions (NDCs). In early 2025, countries are expected to submit updated NDCs. During

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