UNFCCC Conference of the parties (COP)

COP29 was held in Baku, Azerbaijan, from 11 to 24 November 2024. COP29 concluded with the adoption of a new global climate finance goal, the Baku Climate Unity Pact, which aims to mobilise 1.3 billion annually by 2035, to help developing nations address climate change. Key outcomes also included the finalisation of technical rules for international carbon markets under the Paris Agreement.

The Swedish Energy Agency participated in the Swedish negotiating delegation and in the Swedish business delegation. The Swedish Energy Agency signed two bilateral agreements with Zambia and Nepal on climate cooperation under Article 6.2 of the Paris Agreement.

The negotiations at the 2023 UN Climate Change Conference COP28 in Dubai, United Arab Emirates, closed with an agreement that signals the "beginning of the end" of the fossil fuel era. Countries are also urged to contribute to tripling global renewable energy capacity and doubling the average rate of energy efficiency by 2030.

At the sidelines of COP28, the Swedish Energy Agency announced three new partnerships that will contribute to the transition to a low carbon economy:

• Partnership with the UN Development Programme (UNDP), aiming to implement emission reduction activities in up to four countries in sub-Saharan Africa
• Partnership with the Asian Development Bank (ADB), joining the fund Climate Action Catalyst Fund, aiming to implement emission reduction activities in Africa, Asia and the Pacific
• Pilot cooperation with Switzerland to test the rules for international carbon markets in the field of carbon removal technologies

The issue of loss and damage received the most attention during COP27. During the meeting, the parties agreed to set up a new fund for loss and damage, enabling countries affected by extreme weather to receive financial support to help rebuild and restore infrastructure, housing, and damages to nature due to climate disaster.

During the conference, Sweden entered a new initiative from Japan to speed up implementation of international climate cooperation.