Latin America's Climate Strategies at COP29: Successes and Hurdles

Last month, the 29th edition of the United Nations Climate Change Conference (COP29) took place in Baku, Azerbaijan, between 11 and 22 November 2024.  One of the key goals of the COP29 was to set a new global climate finance goal - known as the “New Collective Quantified Climate Finance Goal” - by which developed countries agree to collectively mobilize funds to help developing nations both reduce emissions and adapt to climate change.  The final text of the New Collective Quantified Goal decision sets a headline target figure of US $300 billion per year of climate financing to be raised by 2035 by developed countries (but includes language that 'encourages' developing nations with strong economies such as China, South Korea, and the Gulf states to also contribute).  While this figure falls short of the US $1.3 trillion per year that developing nations originally called for, it still represents a substantial achievement. 

At COP29, delegations from several Latin American countries, including Argentina, Brazil, Chile, Colombia, and Mexico presented themselves as potential beneficiaries of funding from the developed countries.  These countries, four of which have left-leaning governments that have advocated for more to be done in order to fight climate change, have each adopted unique positions reflecting their regional perspectives and needs.   

Argentina

A significant setback at COP29 was Argentina's decision to withdraw its delegates shortly after the conference began.  President Milei's administration is now contemplating a formal withdrawal from the Paris Agreement.  Since taking office, President Milei has shown skepticism towards climate change and has aimed to ease rules on forests and glaciers in pursuit of economic growth, a move that has been criticized by global NGOs.  This position starkly contrasts with Argentina's historical stance, which has been to actively engage in climate change negotiations since the adoption of the UN Convention on Climate Change in 1992.

Brazil

Unlike their Argentine counterpart, Brazil emphasized the urgency of addressing the climate crisis through resilience and low-carbon consumption, and aimed to unite society, economic sectors, and federal entities under the National Pact for Ecological Transformation.  Brazil acknowledged the impact of the climate crisis, including recent droughts, extreme rainfall, and forest fires, and stressed the need for social cohesion and climate justice.  The country committed to a comprehensive set of actions, such as accelerating energy transition by investing in the decarbonization of the energy matrix and promoting low-carbon technologies like biofuels and hydrogen.  Practical examples include the approval of legal frameworks for offshore wind energy production and sustainable aviation fuel, as well as the creation of the Brazilian emissions trading system to set limits for Greenhouse Gas Emissions (GHG).  Brazil also aims to enhance climate adaptation strategies by developing local adaptation and resilience plans and ensuring legal certainty in environmental matters. The country targets reducing its net GHG emissions by 59 to 67 percent below 2005 levels by 2035, which aligns with its goal of achieving net-zero emissions by 2050.  Additionally, Brazil will be hosting next year’s COP 30, which will provide an opportunity for the country to further contribute to the global climate dialogue and showcase its initiatives in climate action.

Chile

Chile announced several initiatives in the context of COP29.  The country launched the Global Matchmaking Platform, a mechanism that provides tools, connections, and guidance to accelerate industrial decarbonisation.  It additionally made announcements regarding its Nationally Determined Contribution (“NDC”), which are submitted every five years under the terms of the Paris Agreement as part of a continuing effort to “limit the temperature increase to 1.5 °C.”  Chile presented in April 2020 its latest NDC with its emissions reduction plan for 2030, and its next NDC with the plan for 2035 is due February 2025.  In connection with its 2025 NDC, the country has committed to include measures to reduce GHG emissions through more effective management of organic waste, such as closing irregular garbage dumps and incorporating grassroots recyclers into the waste value chain.  The grassroot recyclers were recently recognized in Chile by the Law to Promote Recycling and Extended Producer Responsibility.  Chile’s NDC will also align with ambitious emissions reductions towards mid-century net-zero goals.  Specific measures include ensuring that every vehicle entering Chile is zero-emissions by 2035 and every bus by 2040, supporting the country’s strategy to become carbon neutral by 2050.  Further announcements were documented in a November 19, 2024 Report.

Colombia

Colombia is another country that strongly advocated for substantial climate financing to support its transition into a post-fossil fuels economy.  The country emphasized the critical need for international financial assistance to overcome high borrowing costs and economic challenges.  These challenges follow from the current Government's policies, which have halted new oil drilling contracts, banned fracking, and initiated offshore wind projects, aiming to replace oil and coal that currently make up over half of Colombia's exports.  In this regard, Colombia’s delegation reaffirmed the country’s commitment to the Fossil Fuel Non-Proliferation Treaty Initiative, highlighted the urgency of integrating biodiversity conservation into climate goals, and proposed innovative approaches to emissions reduction and debt-for-climate action swaps.

Mexico

Mexico reiterated its proposal made during the G20 summit to allocate 1% of military spending to reforestation and announced a commitment to net-zero emissions by 2050, making it the last G20 nation to set such a goal.  Mexico also endorsed the COP29 declaration on reducing methane from organic waste and highlighted that the US $300 billion figure falls short of the US $1.3 trillion that developing countries need to address climate change.  Despite these statements, Mexico’s governmental actions have raised concerns, as its government has reduced the 2025 climate change mitigation budget by 40% compared to 2024.  Controversial projects like the Tren Maya railroad and the Dos Bocas refinery have been accused of causing environmental damage such as deforestation.  Additionally, constitutional reforms have given state-owned energy companies CFE and Pemex competitive advantages over private actors, despite concerns over their environmental impact due to their reliance on non-clean energy sources.

Looking ahead to COP30

COP29 showed the diverse climate action perspectives from key Latin American countries.  From Argentina’s controversial withdrawal to Brazil’s and Chile’s innovative decarbonization platforms, Colombia’s call for substantial climate financing, and Mexico’s ambitious net-zero commitment, the region showed a broad spectrum of views and strategies towards combatting climate change.  

This ongoing engagement (with some exceptions) underscores the region’s commitment to addressing climate change and achieving sustainable development goals.

Latin America will take the spotlight at next year’s iteration of the conference, which is set to take place in Belem, Brazil, in November 2025.  After two consecutive years of the conference taking place in oil producing cities in Western Asia (Dubai and Baku), COP 30 in Brazil is expected to continue the conversation on decarbonization and the move away from fossil fuels while still engaging with the issues of nature protection, biodiversity, and climate loss.  As Latin America continues to grapple with its unique set of climate challenges and opportunities, COP 30 in Brazil will serve as a crucial platform for the region to showcase its progress, share its lessons learned, and strengthen its commitment to a sustainable and resilient future.

For our broader coverage of the COP29 conference, we invite you to read our COP29 insights and our COP29 Recap articles.