COP29: Climate Summit 2024
We supported the goal of boosting energy storage and electricity grids at the UN climate change conference in Baku
Events Energy transition Climate action
The 29th UN Climate Change Conference, better known as COP29, was held from 11 to 22 November 2024 at the Olympic Stadium in Baku, Azerbaijan. The slogan "In Solidarity for a Green World" marked this high-level meeting where agreements were reached on climate finance and carbon markets. At Iberdrola, we support electrification through the goal of developing energy storage and electricity grids.
As in previous editions, the Iberdrola Group played an active role in COP29.
From 11 to 22 November 2024, the capital of Azerbaijan, Baku, became the global epicentre of dialogue on climate change and the commitments to sustainability of the different participating states and social agents. The theme that represented this edition, "In Solidarity for a Green World", highlighted the urgency of real political will on the road to an energy transition and multilateralism between countries to achieve it.
More than 30,000 participants, including heads of state and government, government officials, representatives of international organisations, business leaders, academics and civil society representatives took part in the event.
COP29 Conclusions
The summit, which focused on climate finance, brought together almost 200 countries and the negotiations were concluded with mixed results. However, some far-reaching agreements were reached:
Financing for developing countries
The new Collective Quantified Goal on Climate Finance was agreed on: developed countries should provide at least $300 B annually by 2035 in climate finance (from public, private, multilateral sources) to support developing countries' climate action. Developing countries (such as China) were also encouraged to make voluntary contributions to promote south–south cooperation.
An agreement was reached to work towards increasing this figure to $1.3 T (considered by experts to be the support needed for developing countries on an annual basis until 2035). To this end, the "Baku to Belem Roadmap to 1.3T" was launched, which aims to increase climate finance to the 1.3 trillion target (mobilising both concessional finance and public funds, guarantees, etc.) to help implement Nationally Determined Contributions (NDCs) and national adaptation plans.
Stronger carbon markets
The participants reached an agreement on the rules for a global market for carbon credit transactions and projects to reduce greenhouse gas emissions. States had not been able to agree on this issue since its creation was approved in the Paris Agreement in 2015.
Important agreements were also reached on the transparency of climate reporting by states to strengthen policies and identify financing needs and opportunities. However, no explicit reference to phasing out fossil fuels was agreed on.
In this sense, UN Secretary-General António Guterres's statement at the closing of COP29 was both a call to action and a warning. He insisted that countries submit new national climate action plans before COP30 in 2025 aligned with the 1.5o C target, as promised. Guterres also pointed out that "G20 countries, the biggest emitters, must take the lead", and recalled that these new strategies have to address all types of emissions and cover all sectors of the economy, accelerate the phasing out of fossil fuels and contribute to the goals of a just energy transition.
Iberdrola's participation in COP29
The Iberdrola Group played an active role in COP29, participating in various forums and meetings. The company has been two decades ahead of the energy transition, is a benchmark in the fight against climate change and is committed to a sustainable and competitive business model that creates value for society. Its objective is to achieve emissions neutrality in its generation plants, electricity distribution and own consumption by 2030 (scopes 1 and 2) and net zero emissions in all its activities by 2040.
"We need more security of supply, more resilience and a better use of our natural resources and the best way is to invest in electrification, creating, at the same time, opportunities in reindustrialisation, competitiveness, and job creation"
Ignacio Galán
Executive Chairman of Iberdrola
At the 2024 Climate Summit, Ignacio Galán, Executive Chairman of Iberdrola, stressed that the meeting comes at the right time to make decisions and adapt infrastructures to the possible consequences of climate change. The CEO supported the COP Presidency's objective of increasing energy storage sixfold by 2030 and expanding electricity grids in line with the scenario to achieve the global goal of net zero emissions.
Iberdrola, which took part in more than twenty events at this COP, took an in-depth look at the energy transition in the midst of a complex geopolitical context and committed to working with all the agents involved globally in accelerating this energy transformation and climate action.
Our Director of Climate Change, Gonzalo Sáenz de Miera, in Baku.
That's how the COP29 started: objectives and priorities
The President-Designate of COP29, Mukhtar Babayev, Minister of Ecology and Natural Resources of the Republic of Azerbaijan, sent his first official letter
External link, opens in new window. to the conference parties and stakeholders at the end of August. In it he highlighted the action priorities as well as the barriers that remain to be overcome to achieve them.
Framework for action
Key objective
Emissions reductions to keep temperatures below 1.5°C.
Higher ambitions
Ensure commitment to ambitious plans and encourage funding.
Inclusive process
Everyone's voices must be heard to achieve inclusive outcomes.
Key objective
Emissions reductions to keep temperatures below 1.5°C.
Higher ambitions
Ensure commitment to ambitious plans and encourage funding.
Inclusive process
Everyone's voices must be heard to achieve inclusive outcomes.
"It is imperative that we take tangible steps to demonstrate our shared commitment to climate action"
Mukhtar Babayev
Minister of Ecology and Natural Resources of the Republic of Azerbaijan
Priorities for action
To advance efficient and sustainable climate action, the COP29 President highlighted the following priorities:
Aligning climate finance contributions with global needs
Efficient mobilisation of resources for capacity building where needed
Increasing the ambition of Parties in the creation of the next national climate plans
Promoting transparency as a cornerstone of mutual trust and accountability
Engaging "civil society, indigenous peoples, women, youth and other key stakeholders" to enhance mutual ambition
International agreements
25 years of searching for consensus on the fight against climate change.
Origin of the COP
Why are there different POPs and what is their history? Find out!
COP28, the predecessor of COP29
This edition came on the heels of COP28 in 2023 in Dubai, where a very positive agreement was reached. For the first time, an explicit call was made to move away from fossil fuels to achieve net zero emissions by 2050. In addition, a target of tripling renewable capacity and doubling energy efficiency improvements was set for 2030.
The scenario to reduce the temperature increase to below 1.5°C through concrete actions on emission reductions and accelerated deployment of clean technologies was reaffirmed. A call was also made to reduce emissions from land transport and technical aspects and financial contributions for adaptation to climate change were approved.
At Iberdrola Group, a global leader in the fight against climate change, we are actively participating in COP28, showing our commitment to a sustainable energy model that generates opportunities. In addition to supporting the goal of tripling renewable capacity by 2030, we addressed various key issues such as skills development among young people to promote green job opportunities, positive renewable deployment for biodiversity and the promotion of energy infrastructures.
