The main goal of COP29, like other past conferences, is to advance global efforts, particularly through strengthening commitments made under the Paris Agreement to limit global temperature rise to 1.5 degrees above pre-industrial levels.

In 2015, as part of the Paris Agreement, countries agreed to establish a New Collective Quantified Goal (NCQG) to succeed the 2009 COP15 Copenhagen’s US$100 billion annual goal. The goal encompasses climate initiatives in two key areas: Mitigation, aimed at reducing greenhouse gas (GHG) emissions, and adaptation, focused on enhancing resilience to climate effects.

However, even with intensified efforts, nations will still confront unavoidable losses and damages from existing climate impacts. "Loss and damage" specifically address the consequences that exceed one’s capacity to adapt, such as the loss of homes, livelihoods and lives.

A ceremonial milestone at COP29 was the Nov. 12 signing of foundational agreements for the Fund for Responding to Loss and Damage (FRLD), marking its transition toward operationalization.

Independent High-Level Expert Group on Climate Finance estimates that developing countries will require approximately $1 trillion annually in external climate finance by 2030, rising to $1.3 trillion by 2035. Of this, about $500 billion should come from public funds and the remaining $500 billion from private sources.

However, much of the private financing will need to be catalyzed by public investments through mechanisms such as guarantees or co-investments, which help reduce the risks associated with emerging markets and technologies. At COP29, a key focus for negotiators is securing the public funding component and leveraging it to attract private investment.