COP29: Brazil’s commitments mark global advancements in the fight against climate change

The 29^th Conference of Parts (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC) started this Monday, November 11, in Baku, Azerbaijan. The event gathers thousands of people from signatory countries and observers from international organizations, civil society, the private sector, and academia, among other groups.

Brazil will be in the spotlight at COP29, both because of expectations related to COP30 and because of its role in the presidency troika of Mission 1.5 of COP28 (United Arab Emirates, 2023), COP29 (Azerbaijan, 2024), and COP30 (Brazil, 2025). The three countries are expected to be among the first to present their new national climate commitments, known as Nationally Determined Contributions (NDC), aligned with the goal of limiting the global temperature increase to 1.5ºC.

Brazil’s new climate target under the Paris Agreement, announced last week, will be formally presented by Vice President Geraldo Alckmin, head of the Brazilian delegation at COP29. This target commits Brazil to reducing net greenhouse gas emissions by 59% to 67% by 2035, relative to 2005. This goal equals a reduction of 850 million to 1.05 billion tons of carbon dioxide equivalent by 2035.

The new NDC covers all sectors of the economy and is aligned with the Paris Agreement goal of limiting the planet’s average temperature rise to 1.5°C above pre-industrial levels, as per the Global Stocktake agreed at COP28 in Dubai in 2023. This commitment will enable Brazil to move towards climate neutrality by 2050, which is the long-term goal of its climate commitment.

The new target represents a critical stage for promoting a new development model by implementing initiatives such as the Climate Plan, the Ecological Transformation Plan, and the Pact Among the Three Branches of Government for Ecological Transformation, among others. It also expands the emissions reduction target presented in the first NDC, consolidating a trajectory of increasing ambition, as mandated by the Paris Agreement 2015. Compared to the previously established 2030 target, the ambition for absolute emissions reduction has increased by 13% to 29%.

CLIMATE PLAN — The path to implementing the NDC is outlined in the Climate Plan, which will guide Brazil’s climate action through 2035. The plan will be divided into two main areas: one focused on reducing the effects of greenhouse gas emissions (mitigation) and the other on adapting to the impacts of climate change. It includes seven sectoral plans for mitigation and sixteen for adaptation. To enable this new vision of development, economic instruments such as the Climate Fund (Fundo Clima), Sustainable Sovereign Bonds (Títulos Soberanos Sustentáveis), Eco Invest Brazil, the Brazilian Sustainable Taxonomy (Taxonomia Sustentável Brasileira), and the Tropical Forests Forever Fund (Fundo Florestas Tropicais para Sempre) will be employed.

AZERBAIJANI PRESIDENCY — Baku, the capital and largest city of Azerbaijan2, has a population of just over 2 million. Located on the coast of the Caspian Sea, it lies 28 meters below sea level. Azerbaijan is situated between Eastern Europe and Southeast Asia, with a predominantly Muslim population. From 1920 to 1991, it was part of the Soviet Union; today, it is a presidential republic led by President Ilham Aliyev, who has been in office since 2003. Currently undergoing a transition with the State still playing a significant role, Azerbaijan’s economy is primarily driven by oil and natural gas exports. However, the country also holds considerable agricultural potential.

The Azerbaijani presidency presents COP29 as an "enabling conference" where the volume of resources provided by the developed to the developing countries will be defined to support the transition towards a low-carbon economy. The new quantified collective climate financing goal (NCQG) will replace the commitment of developed countries to provide $100 billion annually to developing countries.

The presidency has prioritized the following key themes for the conference: concluding negotiations on cooperation and market instruments (Article 6 of the Paris Agreement); defining indicators for the Global Adaptation Goal; addressing loss and damage; implementing technology mechanisms; approving a new work plan on gender and climate change; and advancing the fair transition agenda.

CLIMATE FINANCING — The success of COP29 will be a crucial milestone on the path to COP30. The Baku Conference, often called the “Financing COP,” will define the new climate financing goal. This decision will significantly shape the ambition of the next round of national commitments leading up to COP30 in 2025.

In line with the commitments made under the Convention and the Paris Agreement, developed countries—due to their historical responsibilities and financial and technological capabilities—are expected to provide and mobilize climate financing to support actions in developing countries. Brazil emphasizes the importance of the NCQG (New Collective Quantified Goal), providing resources on concessional terms to avoid increasing the debt burden of developing countries. It also advocates for greater clarity in defining "climate financing," seeking to eliminate financial instruments and activities that should not be counted.

The Tropical Forests Forever Fund (TFFF) is one of Brazil’s strategies to counter climate change. Presented at COP28 in Dubai, United Arab Emirates, the initiative aims to compensate developing countries that conserve their tropical forests by directing invested capital to green assets and using the returns to keep them standing. The TFFF will make payments for each hectare of standing vegetation, with penalties for deforested or degraded hectares, and will ensure additional resources for biodiversity protection, traditional territories, and the maintenance of environmental services.

Brazil also launched the Climate and Ecological Transformation Investment Platform (Plataforma Brasil de Investimentos Climáticos e para a Transformação Ecológica / BIP) to support the advancement of the country’s ambitious climate targets, expanding investments in ecological transformation towards the decarbonization of the economy, the sustainable use of resources, and the improvement of the population’s quality of life. The Platform supports the Ecological Transformation Plan (Plano de Transformação Ecológica) and other governmental plans for climate transition and adaptation in key sectors. The National Development Bank (BNDES) will manage day-to-day operations as the Platform’s Secretariat. The platform will support the three main sectors and sub-sectors for ecological transformation: Solutions Based on Nature and the Bioeconomy, Industry and Mobility, and Energy.

BRAZIL PAVILLION — The Brazil Pavilion at COP29, located in the Blue Zone, will serve as a unique venue for discussions led by the Federal Government, states, municipalities, civil society, Black movement, Indigenous peoples, Quilombolas, the private sector, workers, cooperatives, and small- and medium-sized enterprises. Around 60 events will showcase Brazil’s ecological transformation efforts across six key themes: New Green Infrastructure and Adaptation; Sustainable Finance; Bioeconomy and Agri-food Systems; Energy Transition; Technological Advancement and the Productive Sector; and Circular Economy.

COP30 PREPARATIONS — One year before COP30, the Brazilian government intensified preparations to receive over 60,000 people, including heads of state, diplomats, entrepreneurs, investors, activists, and delegations from the 193 member states. Investments total BRL 4.7 billion in funds from the General Budget of the Federal Government, Brazil’s Development Bank (BNDES), and Itaipu. Investments translate into a series of projects in sanitation, macro-drainage, urbanization, and restoration of historical buildings, aiming to meet the increasing demand for transportation, accommodation, and adequate venues to harbor the Summit. Over 20 construction projects will prepare Belém, the capital city of the state of Pará, to host the world’s largest climate event, leaving a legacy for the state population.