The dust is settling and the fog is lifting in the aftermath of the tumultuous COP29 summit in Baku, as governments, pundits and analysts weigh in on the implications of a last-minute agreement that saw wealthy countries pledge $300 billion a year in climate finance by 2035 to support emerging economies’ efforts to shift away from fossil fuel, adapt to a warming climate and respond to losses and damages from climate disasters. Thus, both preventive and corrective actions. The pledge is triple the current target, but will this be sufficient to turn the tide and repair the damage?

End users will pay $10.5 trillion for their energy consumption this year, with $4 trillion earmarked for transportation energy, $3 trillion for energy to industries, $2.5 trillion for energy to households and $1.0 trillion for energy to commercial buildings and data centers. Non-OECD countries pay about 62% of the total bill, or about $6.3 trillion. Thus, the pledge corresponds to about 5% of the total energy bill for developing countries. However, as a thought experiment, we can apply a narrow assumption on the target group, namely investments in new energy for households in Africa, South Asia and Latin America. In this context, the pledges become significant, as $300 billion per year will enable these countries to install about 1,500 GW of solar, 500 GW of wind and 300 GWh of batteries by 2035. This is actually in line with what is needed for these countries to track towards their climate goals.

Another key factor in the race to combat global warming will be the nationally determined contributions (NDCs) to reduce emissions, which are to be submitted by each country during the course of the next three months. Countries are being encouraged to adopt more ambitious NDC targets, but will they heed the call?

And then there’s the perplexing but potentially rewarding matter of methane emissions, which are 30 to 80 times more potent than carbon dioxide. A 50% reduction in global methane emissions over the next 30 years has the potential to translate into a 0.2-degree reduction in global warming, keeping even the most ambitious goals of the Paris Agreement alive.

All of these vital issues, and more, will be on the agenda in the special COP29 edition of our Rystad Talks Industry webinar on Thursday 28 November. Our senior experts will share insights into the opportunities and challenges facing industries and nations as they pursue a net-zero future. We are also pleased to welcome STX Group chief executive Marijn van Diessen, who will share his valuable perspectives from an industry viewpoint.

Our deputy CEO, Lars Eirik Nicolaisen, will guide the program, including a global stocktake, where we’ll assess the world's progress in climate action, identify key gaps, and explore potential solutions for a sustainable path to 2050 and beyond.

Don’t miss this chance to gain a comprehensive understanding of the main takeaways from COP29.