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A break in the clouds: What COP29 got right and why it matters

We are on the cusp of unlocking the necessary climate financing needed to create a meaningful impact

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    • COP29 saw 150 countries pledge to collectively deploy 1,500 gigawatts of energy storage by 2030, six times the level of 2022.
    • COP29 saw 150 countries pledge to collectively deploy 1,500 gigawatts of energy storage by 2030, six times the level of 2022. PHOTO: REUTERS

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    Sharad Somani

    Published Tue, Dec 10, 2024 · 05:00 AM

    THE recently concluded 2024 UN Climate Change Conference (COP29) in Azerbaijan deserves recognition for many positive developments that should deliver global benefits and set the stage for more robust agreements in the coming years.

    It was notable in that it demonstrated the convergence of three major trends: the availability of finance across countries and projects; regulatory imperatives driven by key markets; and technological innovations in renewable energy, storage technologies and carbon capture.

    This has set the stage to fast-track the climate agenda in developed and developing markets alike and has important implications for Singapore’s role in helping solve the climate challenge.

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