COP29 reaches global climate deal package

A package of climate agreements was reached early Sunday at the conclusion of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan.

The agreements include decisions on the New Collective Quantified Goal (NCQG) for climate financing and issues relating to the global carbon market mechanism under Article 6 of the Paris Agreement.

Article 6 of the Paris Agreement recognizes that some parties choose to pursue voluntary cooperation in the implementation of their nationally determined contributions to allow for higher ambition in their mitigation and adaptation actions and to promote sustainable development and environmental integrity.

The agreements reached on Sunday set the post-2025 climate finance targets, including an annual funding of at least 300 billion U.S. dollars from developed countries and a broader climate financing goal of at least 1.3 trillion dollars per year by 2035 for supporting developing countries' climate actions.

The arrangement is expected to lay the groundwork for developing countries to undertake climate action and submit a new round of nationally determined contributions next year.

Nearly 200 parties also broke years of deadlock in multilateral negotiations, reaching a consensus on the international carbon market mechanism under Article 6 of the Paris Agreement. This marked the completion of the implementation rules for the market mechanism under Article 6 and resolved the last pending issue within the Paris Agreement.

In addition, the conference also reached decisions on various other issues, including the carbon trading mechanism, the implementation of the Global Stocktake results, the mitigation work program, and the global adaptation goal.

In his speech at the closing plenary session, Zhao Yingmin, head of the Chinese delegation and vice minister of ecology and environment, highlighted that this year marks the 30th anniversary of the entry into force of the United Nations Framework Convention on Climate Change (UNFCCC). Over the past 30 years, the process of climate governance under the convention has faced challenges but has consistently moved forward.

Zhao emphasized that humanity is a community with a shared future, and that in the face of the climate crisis, unity and collaboration are the only viable paths.

"We have noticed that the outcome document on the NCQG reveals that developed countries' financial commitments still fall far short of meeting the needs of developing nations, and their financial obligations must be further clarified," Zhao said.

He added that addressing the global climate crisis requires adhering to the principle of "common but differentiated responsibilities," upholding multilateralism, and working together for mutual benefit.

"China, as a responsible major developing country, will steadfastly promote the multilateral process and international cooperation on climate change together with all parties, regardless of how the global landscape evolves. China will continue to implement its national strategy for actively addressing climate change, pursue its carbon peaking and neutrality goals, and engage extensively in South-South climate cooperation. We will contribute to global green, low-carbon, climate-resilient and sustainable development," Zhao said.

COP29 reaches global climate deal package

China's strong commitment to climate action and green transition efforts have yielded remarkable outcomes, accelerating its low-carbon development and contributing substantially to global climate mitigation efforts.

China has long placed great emphasis on addressing climate change, being an early signatory to the United Nations Framework Convention on Climate Change and one of the first to sign and ratify the Paris Agreement. The country showcased its accomplishments in meeting its "dual carbon" goals of peaking carbon emissions before 2030 and achieving carbon neutrality before 2060 at a side event on "Energy Conservation and Carbon Reduction: China's Actions", held during the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan earlier this month. China has established the world's largest and most comprehensive new energy industry system, with solar power generation costs falling by 80 percent, said Wen Hua, Deputy Director of the Department of Resource Conservation and Environmental Protection at the National Development and Reform Commission. The official also noted that China's exports of wind and solar products helped other countries cut 810 million tons of carbon emissions in 2023 alone.

"We really need to thank China more generally, because China is building the industrial base, the capacity, the planning, the vision, the complex systems infrastructure to actually get this done right now," said Columbia University Professor and economist Jeffery Sachs.

Official release shows that China has continued to reduce carbon intensity, with the share of non-fossil energy consumption reaching 17.9 percent in 2023, while the share of coal consumption dropped from 67.4 percent in 2013 to 55.3 percent. The country's forest stock has increased by 6.5 billion cubic meters since 2005, reaching 19.49 billion cubic meters.

By the end of July 2024, China's total installed capacity of wind and solar power had exceeded 1.2 billion kilowatts, more than doubling the 2020 level and achieving the 2030 target 6 years ahead of schedule.

"Our commitment to addressing climate change and pursuing green, low-carbon development is self-driven, not imposed upon us by others. As a major developing country, China has always been a responsible nation, honored its commitments with concrete actions. Since announcing our goals of peaking carbon emissions and achieving carbon neutrality to address climate change, we have strictly adhered to them. We organically integrate global climate change goals with our own green, low-carbon development efforts, working towards building a community with a shared future for mankind," said Chang Jiwen, deputy director of the Institute of Resources and Environmental Policy at the Development Research Center of the State Council.

China accelerates green transition, boosts global climate efforts