Oxford Institute for Energy Studies – Preparing for COP 29

The October 2024 report by the Oxford Institute for Energy Studies outlines seven critical success factors essential for the effectiveness of COP 29, scheduled in Baku from November 11-22. The report emphasizes the importance of finalizing the New Collective Quantified Goal (NCQG) for climate finance, enhancing the Loss and Damage Fund, and increasing mitigation commitments in response to the global stocktake results. It also highlights the need for progress on tripling renewable energy capacity by 2030, doubling energy efficiency, and transitioning away from fossil fuels. Additionally, the report calls for robust systems to monitor non-CO₂ emissions, particularly methane, and the operationalization of carbon markets under Article 6 of the Paris Agreement. The prioritization of adaptation strategies is also discussed, acknowledging the immediate impacts of rising global temperatures, especially on developing nations.