The 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) hosted in Dubai last year reignited vital discussions about our planet’s future. The Global Stocktake, in particular, was a stark reminder that the world is off pace to achieve critical decarbonization objectives. Unfortunately, not much has changed a year later. As countries begin gearing up for this year’s COP 29, being held in Baku, Azerbaijan, there are many outstanding issues that delegates and observer organizations need to tackle.
What Happened at COP28?
The final COP28 agreement outlines goals for mitigating climate change, such as halting deforestation and promoting regenerative agriculture. Agriculture and food systems operations contribute about 30% of global greenhouse gas emissions.
Conference leaders noted that COP28 made considerable progress. In particular, the Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action received 160 endorsements. It highlights how agriculture and food systems are imperative pieces of the climate solution puzzle.
COP28’s outcomes and broader commitments serve as calls to action. The Coalition for High Ambition Multilevel Partnerships (CHAMP) for Climate Actions, endorsed by 72 countries, urges coordination to accelerate local efforts to address climate change, biodiversity loss, and poverty. Separately, a statement recognizing the nexus between climate change and its impact on human health gained endorsements from 143 countries.
Looking Ahead to COP29: Financial Commitments and Integrated Solutions
COP 29 has been dubbed the climate finance COP. Multiple international institutions, such as the World Resource Institute, predict that this COP will establish a new global climate finance goal to support developing countries in their mitigation and adaptation efforts. This continues the finance work begun in last year’s agreement, which emphasized bolstering financial support for integrated large-scale initiatives to achieve climate mitigation goals.
Governments, intergovernmental organizations, and the philanthropic community made significant funding commitments in 2023. Sara Scherr, president and CEO of EcoAgriculture Partners, stressed that this critical new funding must get to the right people. “We need ways to ensure that these new financial flows are directed to local landscape activists who are mobilizing holistic action against climate change, biodiversity loss, food insecurity, and poverty,” she said. EcoAg and partners of the 1000 Landscapes for 1 Billion People initiative (1000L) have produced a report with actionable recommendations for governments on how to do exactly that.
However, notable gaps still exist, particularly in distributing funding. Carbon markets, for example, have the potential to bolster climate action. Yet, unresolved issues regarding country-to-country trading, buying, and selling hinder progress and clarity regarding their effectiveness.
“Recognition of – and agreements to fund – integrated climate solutions in the billions of dollars is just the beginning,” said Juan Ramos, senior finance and policy manager at EcoAgriculture Partners. “True commitment lies in implementing the systems that empower local climate solutions to work for various sectors, such as governmental organizations, businesses, and NGOs, just to name a few. To truly support climate, nature, and people, the path forward demands credible action where it matters most: in our landscapes and territories.”
A Clear Path Forward to COP29
To direct funding to those working at the forefront of humanity’s greatest challenges – farmers, small businesses, and land managers – EcoAgriculture Partners and the 1000L partners initiated a call for world leaders at COP28 to adopt an integrated finance model through the declaration titled Funding a Better Future: An Urgent Plea and Plan to Remake the Financial System to Support Holistic Landscape Development Led by Local People. This campaign swiftly garnered over 70 high-level signatories. EcoAgriculture and the 1000L partners will present the report with all responses at COP29.
The next five years are crucial. Climate action is imperative now, and any delay poses a significant risk to our collective future. COP28 illuminated a path forward, underscoring the urgent need for immediate, concerted efforts toward a sustainable, climate-resilient world.