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Global: Key Outcomes and Looking Ahead to COP30

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The 29th annual conference under the United Nations Framework Convention on Climate Change (UNFCCC) in Baku, Azerbaijan, concluded with significant strides in climate finance and policy. Billed as the “Finance COP,” there was much anticipation as to whether a new collective goal on climate finance would be set and if the Article 6 rulebook would be finalized.

Read insights from our Global Climate Change Practice Group to learn more.

COP29: Key Outcomes and Looking Ahead to COP30

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 Key outcomes

  1. New climate finance goal
    A new collective quantified goal was set to mobilize at least USD 300 billion per year by 2035 for developing countries.
  2. Article 6 rulebook now complete
    The rulebook for Article 6 of the Paris Agreement governs international carbon markets and includes standards for methodologies and removals, enabling the operationalization of the Paris Agreement Crediting Mechanism.
  3. Loss and damage fund
    The fund is now ready to accept contributions and is expected to start financing projects in 2025.
  4. The crucial role of private sector finance
    The significant amount of climate finance needed highlighted the importance of mobilizing private sector finance. Exploring funding methods and other financing instruments to address the gap will be required.
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Andrew Hedges is a climate change and clean energy lawyer based in London. He works on a range of transactions driven by the ongoing transition to a low carbon economy. His expertise spans the development of renewable energy projects, energy efficiency, sustainable energy procurement (including long term corporate PPAs) and carbon finance. Andrew also provides regulatory advice impacting on the design of a range of energy transactions. Andrew is ranked as a Band 1 individual by Chambers Global.

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David Hackett advises senior management, legal departments and boards of major corporations and nonprofits on compliance, risk, environmental and sustainability matters. He has exceptional experience managing US and international compliance and environmental projects, including the evaluation and development of effective compliance and sustainability programs. He also has extensive experience litigating major civil and criminal environmental matters. David sits on multiple nonprofit boards and additionally advises many civic and nonprofit organizations across the globe. Following his tenure with the Environmental Enforcement Division of the US Department of Justice, David joined the Firm where he has played a formative role in the establishment of the Firm's compliance, environmental, climate and ESG practices. At Baker McKenzie, David has served as the managing partner of North America, a member of the Global Executive Committee, and Chicago office managing partner. He has also been the North America Chair of both the Compliance Practice Group and the Banking, Finance and Major Projects Practice Group.

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Daniel De Deo is a partner in the Firm's Transactional Practice Group and serves on the Firm's Steering Committee for Global Climate Change. Daniel began his career with the Firm as a summer associate in the Chicago office in 2008. He previously worked on secondment with Bank of America Merrill Lynch in London as legal counsel to their carbon trading desk.

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