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EVORA
COP29 has concluded, leaving us with a mix of progress, setbacks, and reminders of the urgency required in tackling climate change. This year’s summit in Baku, Azerbaijan, unfolded against a backdrop of high stakes and critical decisions, many of which directly impact the real estate and infrastructure sectors.
The Headlines: Finance, Fossil Fuels, and Frustration
One of the most significant outcomes was the updated climate finance target. Developed nations committed to channelling $300 billion annually by 2035, with a longer-term goal of mobilising $1.3 trillion per year. Unlike the $100 billion target set previously, the new agreement allows voluntary contributions from developing nations, opening the door for countries like China to step in.
Yet, the failure to finalise a clear path for phasing out fossil fuels is a major setback. The issue has been deferred to COP30 in Brazil, leaving questions unanswered for another year. This delay underscores the challenge of aligning global priorities, particularly when key players remain heavily reliant on fossil fuel revenue.
To add to that, Azerbaijani President Ilham Aliyev brought renewed focus on his country’s interest in fossil fuels by referring to oil and gas as “a gift of God”, leaving a bitter taste for all of us engaged in climate matters.
This also drew renewed scrutiny towards Azerbaijan’s presidency, with senior figures like former UN Secretary-General Ban Ki-moon and former UN climate chief Christiana Figueres later calling the COP process “no longer fit for purpose.” In an open letter, they argued that countries unwilling to support the phase-out of fossil fuels should not hold the presidency.
Built Environment – Emissions Have Decreased, but Progress Remains Slow
On November 20, the spotlight was firmly on the built environment, which accounts for 34% of global carbon emissions. While emissions from buildings have decreased, progress remains far too slow to meet 2030 and 2050 climate goals. The Global Status Report preview by the Global Alliance for Buildings and Construction (GlobalABC) highlighted critical gaps, including insufficient national policies, lagging energy efficiency investments, and limited adoption of zero-carbon codes.
However, the discussions signaled a strong push for collaboration as countries prepare to submit updated national climate action plans (NDCs). Stephen Richardson, Senior Impact Director of the World Green Building Council underscored the urgency, emphasising that this next round of NDCs must prioritise the building sector.
The built environment must become a priority if we are to meet our climate goals.
A Call to Action
The summit made one thing clear: progress hinges on collaboration across governments, businesses, and communities. Policies alone cannot deliver the scale of change required. Businesses have a unique role to play in driving immediate action, reducing emissions, and building resilience.
This message feels even more urgent in light of the re-election of Donald Trump, who has vowed to dismantle climate policies and withdraw the world’s largest historical emitter from the Paris Agreement once again. His return to power is a stark reminder that relying solely on political commitments is risky. Instead, COP29 highlighted the need for businesses to take the lead, using the finance agreements as a steppingstone for meaningful change. The path to net-zero demands action today – not waiting for perfect conditions tomorrow.
COP29’s outcomes feel like a first step rather than a destination. The new climate finance goal is a safeguard against escalating climate risks, but its impact will depend entirely on whether nations deliver on their promises.
As Simon Stiell, UN Climate Change Executive Secretary, put it: “This is no time for victory laps, we need to set our sights and redouble our efforts”.
You Will Shape the Future
Much of the work that lies ahead won’t make headlines but holds the key to protecting billions of lives. The road to COP30 in Belem is steep, and it will take unwavering focus and collaboration to make real progress.
For companies invested in real assets, this is an opportunity to shape the conversation. How will your business contribute to the transition? Are you ready to take bold steps, innovate, and lead by example? The choices made today will define the opportunities of tomorrow.
At EVORA Global, our mission is to be part of the solution. We help you start where you are and evolve to where you want to be. Reach out to us if you’re ready to take the next step.
