
COP29 and the US election: Where does the battle against climate change go now?
- 13 December 2024 (7 min read)
A meagre COP29 outcome
COP29’s progress on climate mitigation, as expected, was quite limited as it failed to move forward on the vital task of transitioning away from fossil fuels. In fact, this was not even mentioned in the final text of the agreement made at the United Nations climate change conference in Baku, Azerbaijan.1
From now on, all eyes should thus turn to COP30 - set to take place in Belém, Brazil - to see what comes out of updated National Determined Contributions (NDCs).
The UK and the United Arab Emirates (UAE) were among those announcing new NDCs during this Conference of the Parties (COP). The UK has committed to reducing its emissions by at least 81% by 2035, compared to 1990 levels, a clear progression on its previous NDC pledge to cut emissions by at least 68% by 2030.2
It is yet to be seen whether other developed countries will follow suit. For its part the UAE set a reduction target of 47% by 2035 compared to the 2019 baseline, up from a target of 19% by 2030 relative to 2019, which is not viewed as credible by Climate Action Tracker3 and does not reference any reduction in oil and gas production. This is not insignificant.
- PGEgaHJlZj0iaHR0cHM6Ly91bmZjY2MuaW50L3NpdGVzL2RlZmF1bHQvZmlsZXMvcmVzb3VyY2UvY21hMjAyNF9MMjRfYWR2LnBkZiI+Q01BIDIwMjQ8L2E+
- PGEgaHJlZj0iaHR0cHM6Ly9xdWVzdGlvbnMtc3RhdGVtZW50cy5wYXJsaWFtZW50LnVrL3dyaXR0ZW4tc3RhdGVtZW50cy9kZXRhaWwvMjAyNC0xMS0xMi9oY3dzMjA2Ij5VS+KAmXMgMjAzNSBOYXRpb25hbGx5IERldGVybWluZWQgQ29udHJpYnV0aW9uIGVtaXNzaW9ucyByZWR1Y3Rpb24gdGFyZ2V0IHVuZGVyIHRoZSBQYXJpcyBBZ3JlZW1lbnQ8L2E+
- PGEgaHJlZj0iaHR0cHM6Ly9jbGltYXRlYWN0aW9udHJhY2tlci5vcmcvY291bnRyaWVzL3VhZS8yMDM1LW5kYy8iPjIwMzUgTkRDIHwgQ2xpbWF0ZSBBY3Rpb24gVHJhY2tlcjwvYT4=
Disclaimer
The information on this website is intended for investors domiciled in Switzerland.
AXA Investment Managers Switzerland Ltd (AXA IM) is not liable for unauthorised use of the website.
This website is for advertising and informational purpose only. The published information and expression of opinions are provided for personal use only. The information, data, figures, opinions, statements, analyses, forecasts, simulations, concepts and other data provided by AXA IM in this document are based on our knowledge and experience at the time of preparation and are subject to change without notice.
AXA IM excludes any warranty (explicit or implicit) for the accuracy, completeness and up-to-dateness of the published information and expressions of opinion. In particular, AXA IM is not obliged to remove information that is no longer up to date or to expressly mark it a such. To the extent that the data contained in this document originates from third parties, AXA IM is not responsible for the accuracy, completeness, up-to-dateness and appropriateness of such data, even if only such data is used that is deemed to be reliable.
The information on the website of AXA IM does not constitute a decision aid for economic, legal, tax or other advisory questions, nor may investment or other decisions be made solely on the basis of this information. Before any investment decision is made, detailed advice should be obtained that is geared to the client's situation.
Past performance or returns are neither a guarantee nor an indicator of the future performance or investment returns. The value and return on an investment is not guaranteed. It can rise and fall and investors may even incur a total loss.
AXA Investment Managers Switzerland Ltd.