COP29 Nations Commit to Triple Climate Finance to $300 Billion Annually

Nations at COP29 committed to triple annual climate finance to $300 billion a year by 2035 for developing countries, alongside a goal from all public and private actors to mobilise $1.3 trillion a year by 2035. High-integrity carbon markets were at the centre of key announcements including the UK's endorsement of voluntary carbon market integrity principles and agreement on international standards under Article 6.4 of the Paris Agreement.

The UK government launched principles for voluntary carbon and nature market integrity at COP29, referencing the ICVCM as a guide for high-integrity credits. Delegates also agreed standards under Article 6.4 of the Paris Agreement and a mechanism to update them, supporting global trading of UN-backed carbon credits. The Integrity Council engaged stakeholders through 28 panel appearances and six tailored sessions for policymakers and NGOs, with its CEO Amy Merrill and Chair Annette Nazareth leading discussions on scaling private investment through high-integrity carbon markets.

The Integrity Council also announced during COP29 the approval of three REDD+ methodologies for issuing high-integrity carbon credits, marking a new chapter for nature-based finance. A town hall session co-hosted with the Global Carbon Markets Utility and VCMI focused on transformative voluntary carbon market reforms for Indigenous Peoples and climate-vulnerable countries. Representatives of Indigenous Peoples and local communities, who manage 40% of the planet's ecologically intact landscapes, were identified as essential to the success of carbon market reform.

Nature-based solutions were highlighted at COP29 as capable of delivering around a quarter of the emissions reductions needed to meet global climate goals. The Integrity Council's Continuous Improvement Work Programmes are exploring strengthened permanence requirements, pooled buffer reserves, and innovative risk management approaches including industry-wide buffer pools and insurance solutions. The council stated it will continue working with governments, businesses, and civil society to build trust and scale carbon markets toward the $1.3 trillion annual mobilisation goal.

Key figure — $300 billion per year by 2035 in climate finance committed at COP29