Abstract:

The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) adopted decisions on Article 6 of the Paris Agreement and reached a balanced package of outcomes known as the “Baku Climate Unity Pact”, including decisions on new collective quantified goal on climate finance, mitigation work programme, global goal on adaptation. COP29, a bridging conference held after the first global stocktake under the Paris Agreement and before Parties submit a new round of Nationally Determined Contributions (NDCs), has successfully concluded despite the shadow of a potential U.S. withdrawal from the Paris Agreement. The outcomes have strongly upheld multilateralism and advanced global climate governance. However, challenges remain, including follow-up arrangements on finance, mitigation, and the global stocktake, as well as the new situation of procedural developments at the conference that deviated from established multilateral negotiation rules. Additionally, the prospect of the U.S.’s “de-climatization” policies and the EU’s rightward political shift pose significant constraints on climate action. It is recommended to proactively address U.S. withdrawal from the Paris Agreement, actively guide the direction of global climate governance, leverage climate and trade issues, strengthen research on China’s climate finance mechanism, and holistically prepare for COP30 in advance.

Key words: Climate change, Global climate governance, Climate negotiation, Baku Climate Unity Pact, Paris Agreement