![](/sites/nl/files/styles/standard_banner_xs/public/header/axa-im-insight-article-ri-g1203521294.jpg?h=9004a14a&itok=qqnojfas)
COP29 and the US election: Where does the battle against climate change go now?
- 13 December 2024 (7 min read)
A meagre COP29 outcome
COP29’s progress on climate mitigation, as expected, was quite limited as it failed to move forward on the vital task of transitioning away from fossil fuels. In fact, this was not even mentioned in the final text of the agreement made at the United Nations climate change conference in Baku, Azerbaijan.1
From now on, all eyes should thus turn to COP30 - set to take place in Belém, Brazil - to see what comes out of updated National Determined Contributions (NDCs).
The UK and the United Arab Emirates (UAE) were among those announcing new NDCs during this Conference of the Parties (COP). The UK has committed to reducing its emissions by at least 81% by 2035, compared to 1990 levels, a clear progression on its previous NDC pledge to cut emissions by at least 68% by 2030.2
It is yet to be seen whether other developed countries will follow suit. For its part the UAE set a reduction target of 47% by 2035 compared to the 2019 baseline, up from a target of 19% by 2030 relative to 2019, which is not viewed as credible by Climate Action Tracker3 and does not reference any reduction in oil and gas production. This is not insignificant.
- PGEgaHJlZj0iaHR0cHM6Ly91bmZjY2MuaW50L3NpdGVzL2RlZmF1bHQvZmlsZXMvcmVzb3VyY2UvY21hMjAyNF9MMjRfYWR2LnBkZiI+Q01BIDIwMjQ8L2E+
- PGEgaHJlZj0iaHR0cHM6Ly9xdWVzdGlvbnMtc3RhdGVtZW50cy5wYXJsaWFtZW50LnVrL3dyaXR0ZW4tc3RhdGVtZW50cy9kZXRhaWwvMjAyNC0xMS0xMi9oY3dzMjA2Ij5VS+KAmXMgMjAzNSBOYXRpb25hbGx5IERldGVybWluZWQgQ29udHJpYnV0aW9uIGVtaXNzaW9ucyByZWR1Y3Rpb24gdGFyZ2V0IHVuZGVyIHRoZSBQYXJpcyBBZ3JlZW1lbnQ8L2E+
- PGEgaHJlZj0iaHR0cHM6Ly9jbGltYXRlYWN0aW9udHJhY2tlci5vcmcvY291bnRyaWVzL3VhZS8yMDM1LW5kYy8iPjIwMzUgTkRDIHwgQ2xpbWF0ZSBBY3Rpb24gVHJhY2tlcjwvYT4=
Disclaimer
This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities.
Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.
Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales, No: 01431068. Registered Office: 22 Bishopsgate, London, EC2N 4BQ.
In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.
© 2024 AXA Investment Managers. All rights reserved
Image source: Getty Images