COP29: Yearbook of Global Climate Action highlights significant strides by cities, businesses, and civil society as non-State actors call on government to accelerate the pace at Baku

11th November, Baku. Climate-driven damage combined with tangible economic growth opportunities are driving an increase in actions to decarbonise industries and make cities more resilient.

Even amidst shifting political realities, the Yearbook of Global Climate Action highlights that rapid growth in clean technology, rising demand for low-carbon solutions, and the persistent risks of climate change are likely to drive continued and accelerating action.

Launched in the lead-up to COP 29 (taking place from 11-22 November in Baku, Azerbaijan), the 2024 Yearbook is the eighth of the series published by UNFCCC, which provides an overview of the progress, trends and challenges of real-world climate action taken by non-Party stakeholders, to inspire further actions and raise ambition.

This annual stocktake of efforts by leaders across society and the real economy incorporates contributions from the Marrakech Partnership network of non-State entities and several recent reports. It highlights significant advances over the past 12 months including:

• Power: Renewable energy capacity expanded by 473 GW in 2023, marking a 14% increase during the year.
• Investment: Global investment in clean technology manufacturing reached approximately US$200 billion – a 70% increase from 2022
• Cars: 35% growth in zero-emission vehicle sales, now totalling 18% of global car sales in 2023 around the world
• Cement: The sector reduced its carbon intensity by 8% compared to 2020 levels and more than a third of members of The Global Cement and Concrete Association have now set science-based targets for emissions reduction
• Food: 103 agri-food businesses have established and validated science-based targets – a more than 700 per cent increase from 2023

These developments, alongside the continued growth of the Global Climate Action Portal now tracking action from over 39,000 actors, demonstrate considerable headroom for governments to make their next round of nationally determined contributions to the Paris Agreement more ambitious than the last round in 2020. 

The Yearbook also addresses areas where strong policy leadership can both scale up climate solutions and accelerate the breakthroughs we need to achieve both rapid decarbonization and to protect vulnerable communities against the increasing severity of climate shocks.

Firstly, powering up the global energy sector will support a just transition away from fossil fuels. Building on the momentum of COP28, the Utilities for Net Zero Alliance (UNEZA), which comprises 32 major utilities companies, recently announced their collective intent to invest over US$116 billion annually in renewable energy generation and power grid infrastructure. In addition, three-quarters of leading businesses have increased their investments in the net zero transition over the past three years with 90 per cent saying they would invest more if targeted sector policy measures were implemented. 

In parallel, members of the Net-Zero Asset Owner Alliance convened under the Race to Zero campaign, redirected US$555 billion in combined investments on climate solutions in 2023, marking a quadrupling since 2020. Moving from pledges to plans, Race to Zero members are offering their leadership and support to help governments develop investable and implementable climate policy.

Finance is also a cornerstone of ambitious climate action. Public finance is essential but insufficient. The Yearbook indicates the power of private finance to turbocharge the green transition, particularly in emerging markets and developing economies. National climate action plans which include sectoral targets and consistent policy frameworks can help accelerate investment in the net-zero economy.

Lastly, we know that urgent and rapid decarbonization is essential but not enough to limit global warming to 1.5°C above pre-industrial temperatures. Nature is a key ally in effective climate action and over the past 12 months initiatives to  halt and reverse deforestation, restore ecosystems, and transform food systems have expanded under the leadership of the High-Level Champions  and Marrakech Partnership. 

For instance, over 500 business and financial institutions are advancing at least one of the actions of the Nature Positive for Climate Action initiative, including adoption of science-based targets, and commitment to the Taskforce on Nature-related Financial Disclosures (TNFD). 

The Yearbook also reflects important advances by initiatives helping people adapt to the realities of climate change. For instance, action by partners of the Race to Resilience  now cover more than 2 billion people in more than 160  countries.  Members of The Mangrove Breakthrough support the protection and restoration of more than 65,000 hectares of mangroves, and major companies such as Nestlé and Unilever have expanded their regenerative agriculture programmes, helping to restore degraded lands while securing supply chains, and impacting over 500,000 smallholder farmers.

In Baku, the UN Climate-Change High-Level Champions for COP28 and COP29, H.E. Razan Al Mubarak and Nigar Arpadarai, together with the Marrakech Partnership, stand ready to build on this significant action by actors across the global economy and signal to governments that ambitious, investable national climate action plans are both welcome and necessary. 

Ms. Arpadarai said: “Climate-driven damage is making the world a riskier place for people, businesses, supply chains, investors, and communities. Storms, floods, and wildfires super-sized by climate change inflicted over $350 billion losses last year alone. Meanwhile, momentum towards the new clean energy economy is set to sustain and scale, even amidst the many uncertainties the world faces. But while the economic benefits and human imperatives make this global transition inevitable, whether the pace of change will be sufficient is not. And this is a choice that no one organization or nation can make but for the whole of the world to determine, accelerating from Baku.”

Ms. Al Mubarak added: “The facts are clear. The underlying science of climate change is unequivocal. Climate impacts are getting worse, materially impacting all countries, devastating lives and livelihoods. Since the unprecedented commitments recognised in the UAE Consensus to transition away from fossil fuels and integrate nature in climate action, leaders across the global economy have responded – not only because it’s the right thing to do, but because it’s the smart and economically sound thing to do.”

Building on the momentum made throughout the year, the High-Level Champions and Marrakech Partnership Programme at COP 29 will highlight concrete and impactful projects from cities, regions, businesses, investors, and civil society that support national action and need to be scaled to limit warming to 1.5 degrees, build resilience, and mobilize finance at scale. In doing so, the programme aims to inspire further climate action and collaboration across stakeholders and sectors to maintain momentum towards a sustainable and resilient future for all.