The COP29 climate summit in Baku concluded with agreements on several key issues, most notably a new collective quantified goal on climate finance. Developed nations have committed to increasing financial support for developing countries, aiming to mobilize USD 300 billion annually by 2035. While this represents a step forward from previous commitments, concerns remain about whether this amount will be sufficient to address the rapidly growing needs of vulnerable nations already facing the escalating impacts of climate change.
Adaptation Efforts Highlighted but Action Depends on Future Steps
The conference emphasized the importance of adaptation with the establishment of the “Baku Adaptation Road Map.” Furthermore, the Global Goal on Adaptation was reaffirmed and received further guidance on its indicator system. Beyond finance and adaptation, COP29 saw delays on several fronts. Other discussions, however, such as the review of the Warsaw International Mechanism (WIM) for Loss and Damage and National Adaptation Plans (NAPs), were postponed to next year. Similarly, on the crucial issue of mitigation, countries failed to build upon the progressive language from COP28 regarding “transitioning away” from fossil fuel use. One positive outcome was the reaffirmation of the Fund for responding to Loss and Damage and its interim structure at the World Bank. However, additional progress depends on a decision by the Board in 2025.

MCII’s Presence at COP29

The Munich Climate Insurance Initiative (MCII) maintained a significant presence at COP29, with all teams actively participating in various events. MCII’s focus centered on the WIM review, the integration of Climate Disaster Risk Finance and Insurance (CDRFI) into national adaptation planning, regional risk pools, enhancing risk understanding, and empowering civil society organizations (CSOs). The presence of the MCII Project Office and various members facilitated valuable discussions and collaborations. Notably, COP29 also saw the launch of the CLIMER Initiative, further highlighting MCII’s commitment to advancing financial protection approaches against climate risks and building resilience in vulnerable communities.