As we travel through the midway point of the triple COP season featuring the convening negotiations for biodiversity, climate and land, our attention focuses on how to leverage tangible change. While some countries are experiencing massive shifts in political powers domestically, in some cases leading to a withdrawal of representation during COP 29 negotiations, the pressure is on for those engaged in multilateral environmental agreements to move beyond building ambition and into the details of how to finance action. The urgency for a just transition to a green and circular, sustainable economy simply cannot be underscored. We tune in to the ‘Finance COP’, the 29th Conference of Parties to the UNFCCC to check the pulse on progress, recognizing the increasing importance of local and regional actions. When we act together, we change together. 

“Climate finance is not charity, it’s an investment. Climate action is not optional, it’s an imperative.” United Nations Secretary-General António Guterres, during World Leaders Climate Action Summit

António Guterres, UN Secretary-General (Photo: UN Climate Change – Kiara Worth)

What would it cost to drastically reduce greenhouse gas emissions and address the ever-increasing impacts of the climate emergency for all? The answer is a lot – somewhere in the range of trillions of dollars. Facing this hurdle and developing networked solutions was one of the key focal areas during UNFCCC COP 29 negotiations, which took place in Baku, Azerbaijan from 11 – 22 November 2024. Although the outcome was not as ambitious as needed, there is a clear understanding that in order to achieve the goals of the Paris Agreement, there must be an increase of investment.

Despite the fact that this could be possible, it remains a formidable task to adequately leverage the ever-increasing wealth accumulated in the hands of a few to ignite the finance and political will needed for a just transition for all. The truth is that the wealthiest do not always act on behalf of the collective. Exacerbating a sense of alarm are ongoing conflicts and lack of peace, along with expectations that the incoming US Presidency will continue to undermine progress in climate and the signal sent from 1773 fossil fuel lobbyists in Baku attending the COP, of which 132 participated with Azerbaijan Presidency badges. COP 29 convened during a moment in world history where despair was palpable. Yet, the magnificent quality of courage for change carries an irreplaceable ethos: if we must, we will; if we must, we can: We are the Wave.

Delegates around the venue, Photo UN Climate Change Habib Samadov

COP 29 Context

Delegates gathered in Baku to progress on the mandate of the COP, which is to reach multilateral decisions that accelerate climate policy and action worldwide. In light of the February 2025 deadline for countries to submit their new, improved Nationally Determined Commitments (NDCs), there was both a push to increase ambition as well as a need to name tangible strategies to meet aspirations with action. Negotiations focused on establishing the The New Collective Quantified Goal (NCQG) on Climate Finance embodied the challenge before us: can a new goal that exceeds the previous $100 billion climate finance target adequately raise ambition on unmet goals with a different outcome?

The First Global Stocktake (GST) made clear that adaptation efforts have fallen short in meeting the goals and targets of the Paris Agreement. Financing a transformational just transition could be possible through fragmented yet coherent efforts. Perhaps the power to catalyse change lies in the strength of coalitions. Concerted collective efforts build waves of synergies that can propel global momentum towards the just transformation for all. The NCQG itself is grounded in inclusivity with a prioritisation on adaptation finance, addressing the needs of developing countries. This goal is an important mechanism for regions particularly vulnerable to climate, such as the Mediterranean.

The frequently referenced ‘all of society approach’ requires engagement from all levels of society, local to regional and global, but also from all sectors from private to public. A testament to making this important shift happen was made by investors, reportedly worth a collective $10 trillion in assets, announced during COP29 the Business, Investment, and Philanthropy Climate Platform (BIPCP) to accelerate the deployment of private capital into climate markets. Working regionally to achieve progress and share resources has increasingly become a path forward.

Executive Secretary of the UNFCCC Simon Stiell set the tone for hope during COP 29, expressing that despite what must be confronted, he is inspired by “human ingenuity and determination. Our ability to get knocked down and to get up again over and over again, until we accomplish our goals.” Looking ahead, communal and collective efforts are needed, now more than ever.

Simon Stiell, UN Climate Change Executive Secretary (Photo: UN Climate Change – Kiara Worth)

When We Act Together, We Change Together: Highlights from MedWaves events

During global gatherings, it is important to maintain space for regional, lateral, bilateral meetings, side events and networking in order to process what is on the table and exchange ideas and experiences. Considering the brevity of topics negotiated and challenges facing the Mediterranean region, MedWaves partnered with with the Union for the Mediterranean (UfM) and other Mediterranean stakeholders to establish the Mediterranean Pavillion. This space welcomed representatives from public, private, scientific and academic, technical, civil society, finance and business to progress what has become increasingly apparent: the need to work regionally to achieve global goals.

MedWaves contributed to activities on the side of negotiations, drawing from experiences derived from a network of interrelated activities that demonstrate the successful incubation of sustainable, blue and green eco entrepreneurs.

MedWaves Delegation at COP29

Selected side events addressed the prevailing theme regarding access to finance. Among the activities, on the 11 of November, Interreg NEXT MED Programme organised a Call for Green Transition Projects. Rather than solely speaking about the aspiration to bring in finance to support the activities that forge a pathway to a just transition, this event literally opened a window of funding for an €83 million EU-funded Interreg NEXT MED Programme call for green transition projects. The event provided space to review and explain how to access funding for activities revolving around the root causes of climate-induced mobility in the Mediterranean, such as disaster risks, drought, high temperatures, and water scarcity.

On 14 November, the Government of Catalonia and the Mediterranean Climate Action Partnership (MCAP), with the support of MedWaves, convened a session on Building Resilience Together: A Dialogue on Adapting to Mediterranean Climate Impacts. Members that share a similar climate and threats met and released a Call for Action to urge the UNFCCC and COP 29 leaders to recognize the importance of Mediterranean bioregions and their common climate impacts, calling for resources and programs to be directed to the Mediterranean regions to address these challenges that have reverberating effects globally. In the Azerbaijan Republic Pavilion, Jesús Maestro Garcia, Director of MedWaves, participated in the side event: Financing the regional and transboundary cooperation in addressing climate change in the region. During discussions, he explained that “Fostering an innovative source-to-sea approach in transboundary cooperation is key to further strengthening land, water and marine ecosystems’ management and tackling maritime pollution at the source, upstream.”

Jesús Maestro, MedWaves Director

Learning about the gravity of our shared global condition can be sobering. It is important to shine a light on what is working to address these challenges. In this regard, NEXT MED and MedWaves hosted a side event on 15 of November: Localizing Climate Action through Sustainable Innovation Economies: Success stories from the Mediterranean. Locally driven technologies, community-based knowledge, and sustainable entrepreneurship are charting new pathways to resilience.

Marta Junquera, Team Leader – Policy Area

MedWaves and the Hot or Cool Institute convened a side event on 16 of November: Social Pressures and Climate Change: Do Climate Targets Reflect a Just Transition? The challenges of climate change, biodiversity loss, and pollution are recognised, yet a critical fourth dimension underpinning these issues is the inequality crisis. The event addressed how sustainable consumption and production (SCP) and Circular Economy could drive decarbonisation and improve product access when integrated within a broader, transformational framework. Matías Ibáñez Sales, Coordinator of Operations, MedWaves shared: “To foster a just transition to a circular economy, both global and regional actors should tackle the 5 proprietary justice axes: labour, gender, environment, democracy and geopolitics.”

Matías Ibáñez, Coordinator of Operations at MedWaves

On the 18 of November, the Tunis International Centre for Environmental Technologies (CITET) organised a side event: Contribution of sustainable waste management systems in the tourism sector to pollution control in the Mediterranean: Experience of the TouMaLi project and other initiatives in Tunisia. MedWaves signed a MoU with CITTET-Tunisia to continue to strengthen collaboration to promote green and circular economy.

Signing of MoU with CITTET-Tunisia

From Baku to Barcelona

“These global events at COP 29 are very important for us, for the Mediterranean region. We are part of the Mediterranean Pavilion because we think Mediterranean voices need to be included. The Mediterranean shares environmental impacts and also all the challenges. Some other regions in the world also face similar challenges. That’s why here, to share our voices, our experiences, our actions. We can bring this knowledge, this sharing of passion, but also actions to the world to show them how we are addressing these challenges, but also to listen to them, how they are addressing the same challenges in other regions, in other countries. Because of this community of solidarity, it also helps engage each other. And I think we can face these challenges together with global and joint solutions.” Matías Ibáñez Sales, Coordinator of Operations, MedWaves

“We have to consider that the Mediterranean is leading the way in many thematics, in many topics, like for example, the fight against plastics or circular economy in certain sectors. We need to show to the rest of the world that the Mediterranean is leading the way. And finally, also very important, we have to take from the rest of the world. So that’s why all the partners of the Pavilion are here in Baku, getting information, getting insights from our strategic partners, with the final objective to be stronger together and of course to change together.” Vincent Ernoux, Coordinator for the Western Mediterranean – Interreg NEXT MED Programme

While the central focus of the formal negotiations is to advance policy, the event gathers people from around the world to share and exchange ideas and experiences. MedWaves proudly participated by continuing to create the actual examples of what can be done on the ground to progress climate friendly development. Bringing these examples into side events and sharing with others was a positive experience, providing ample inspiration to continue to forge ahead. Returning to headquarters in Catalonia, MedWaves settles in to continue to work together for the world we want, paving the way for a just and sustainable transition.

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