The OA Alliance at COP29

The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) concluded in Baku, Azerbaijan last month. 

 The meeting ran from 11-22 November and included delegates from nearly 200 nations gathered to make progress on increasing levels of climate finance, reducing the usage of carbon and fossil fuels, and implemetning key aspects of the Paris Climate Agreement. 

This year’s meeting was  focused on climate finance and specifically how countries support the New Collective Quantified Goal (NCQG)  a new for increasing international financial support for climate action.  The final amount agreed to includes $300 billion per year by 2035, with Parties working to increase the goal to $1.3 trillion with the help of non-Party actors by 2035.

 At present, climate financing for ocean mitigation and adaptation is inadequate. Less than 2% of international climate adaptation funding is applied towards ocean and coastal adaptation projects. Only 1.6% of official development assistance supports the ocean economy.

 That’s why the OA Alliance joined forces with other ocean focused countries and civil society leaders to advance the critical role of climate- ocean action in meeting the goals and targets set by the Paris Climate Agreement and calling for increased funding to support this work.

With the 10-year anniversary of the Paris Climate Agreement upon us in 2025, we must not back down from urgent action to reduce carbon dioxide emissions and support communities that will be hit the hardest from ongoing impacts of climate and ocean change.

Jessie Turner, Director of the OA Alliance