This Executive Report prepared by Arpel summarizes the main conclusions from the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change, COP29, which took place from November 11 to 22, 2024, in Baku, Azerbaijan.

The document was created with the collaboration of professionals from Arpel's member companies: Ancap, Chevron, Ecopetrol, EP Petroecuador, GeoPark, Pan American Energy, Petrobras, Raízen, and TEMA.
The coordination was led by Irene Alfaro, Senior Managing Director of Arpel.

As a conclusion of the report, the authors state:

COP29 made progress with regards to climate finance and carbon markets, but political tensions persisted.

The New Collective Quantified Goal (NCQG) of USD 300 billion annually by 2035 is an important step, though insufficient, requiring greater mobilization of public and private funds.

The full operability of carbon markets under Article 6 of the Paris Agreement offers opportunities to reduce NDCs implementation costs and attract investments. However, consensus on a just transition and on the phasedown of fossil fuels is not complete.

The Methane Reduction Declaration underscores the importance of addressing emissions in key sectors, including oil and gas.

The hydrocarbon industry, as a pillar of the energy transition, must continue diversifying its energy mix, mitigating emissions, and promoting inclusive dialogues to achieve global climate goals in a sustainable and equitable manner.

Download link: https://www.arpel.org/en/publications/arpel-upper-management-report-on-climate-change-cop29