Day three at COP29 in Baku saw leaders and climate experts advance essential goals, focusing on funding, emissions reductions, and support for vulnerable communities. Countries are working towards ambitious emissions targets for 2030 and beyond, with significant encouragement for major emitters to step up their nationally determined contributions (NDCs). Many stakeholders emphasized the importance of these near-term targets to keep global warming under 1.5 degrees Celsius. The session included discussions on setting sector-specific emissions reduction targets to better guide policies across energy, agriculture, and transportation.

In addition to emissions, financing for adaptation remains a central topic. Developed countries reiterated commitments to double adaptation finance by 2025, as initially outlined in the Glasgow Climate Pact. However, filling the adaptation finance gap requires new strategies, especially for low-income nations that bear the brunt of climate impacts. Participants discussed how flexible terms and low-interest options could help countries protect communities from floods, droughts, and other climate-induced disasters.

The conference also covered progress on the Fund for Responding to Loss and Damage (FRLD), a critical resource created to support countries already experiencing irreversible climate impacts.

Negotiators further focused on carbon markets under Article 6 of the Paris Agreement, discussing how they could drive climate action by allowing countries to trade carbon credits, facilitating funding for projects that offset emissions globally.

COP29 continues to shape global climate policy, underscoring the urgency and unity required to address one of the world’s most pressing challenges.