(ISO: Geneva) -- As COP29, the 2024 United Nations Climate Change Conference, drew to a close on Nov. 22, 2024, in Baku, Azerbaijan, the Standards Pavilion, led by ISO, IEC, and ULSE, alongside eight other standards organizations, hailed significant progress in recognizing the crucial role of globally agreed standards in turning climate commitments into measurable actions.

Convening for the first time, the Standards Pavilion acknowledged the following key milestones from COP29. The Pavilion Partners see a role for international standards to support their implementation, and are ready to partner with other organizations on these initiatives:

Establishment of international carbon market standards: Delegates ratified a framework under Article 6 of the Paris Agreement, enabling global trading of U.N.-backed carbon credits to unlock critical climate finance.

Increased climate finance commitments: Multilateral development banks, including the World Bank and European Investment Bank, pledged to raise their climate-related lending to $120 billion annually for developing nations. The Asian Development Bank also plans to allocate an additional $7.2 billion for climate projects, with support from the U.S. and Japan.

Operationalization of the Loss and Damage Fund: Building on the fund established at COP27, COP29 has made strides in operationalizing financial assistance mechanisms for nations disproportionately affected by climate change.

Landmark report, “Net Zero Policy Matters”: Assesses policy progress against the U.N. high-level expert group recommendations across the G20 that steer the action of companies and financial institutions on net zero, and takes stock of net-zero policy adoption with a focus on corporate and financial policies.

Adoption of enhanced nationally determined contributions (NDCs): Countries including Brazil and the U.K. updated NDCs with ambitious new targets to limit warming to 1.5°C.

Launch of Baku Initiative for Climate Finance, Investment and Trade (BICFIT Dialogue): A new dialogue to mobilize investments for climate resilience in vulnerable regions.

Introduction of the COP29 declaration on green digital action: A commitment to leverage digital innovations for climate mitigation and resilience.

Commitments to phasing out fossil fuels: Progress made on timelines for phasing out coal and advancing green hydrogen markets to meet Paris Agreement targets.

Focus on adaptation finance: Emphasis on scaling finance and encouraging all nations to adopt national adaptation plans (NAPs) by 2025.

Engagement of the private sector in climate finance: Partnerships fostered to leverage private capital for scalable climate adaptation and mitigation projects.

Advancements in transparency and reporting: Biennial transparency reports (BTRs) were submitted by several countries to boost accountability and drive climate action.

COP29-IEA high-level energy transition dialogues: Driving consensus on implementing COP28 energy goals and mobilizing greater investment in energy transitions, especially in developing economies.

COP29 Hydrogen Declaration: COP29 Presidency’s Hydrogen Declaration of commitments to scaling up the clean energy. The declaration sets out eight points to reach its overarching goal, including demand stimulation, the development of global standards, and advancing global trade.

The Pavilion partners also welcomed the G20 Rio de Janeiro Leaders’ Declaration, which called for urgent scaling of climate finance and investment.

Looking ahead to COP30, the partners of the Standards Pavilion reaffirm their dedication to supporting global climate action by fostering collaboration and following trusted, internationally recognized standards. The international standards community welcomes the opportunity to work with the presidency of COP30 and contribute actively to next year’s climate conference. Together, these efforts aim to enhance the sustainability of products, systems, and environments, building a more resilient and sustainable future.

For more information on the Standards Pavilion and COP29 highlights, visit www.standardspavilion.org.