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The World Ocean Council (WOC) was honored to participate in COP29 Azerbaijan held in Baku this month. Over 55,000 participants came together to exchange ideas, forge solutions, and build partnerships to advance climate action. This year’s event brought key developments and impactful discussions, which are summarized below: Highlights and Key Takeaways Climate Finance Agreement: $300 Billion Annual Funding Developed nations committed to providing $300 billion annually by 2035 to support developing countries in transitioning from fossil fuels, enhancing climate resilience, and addressing loss and damage caused by extreme weather events. This surpasses the $100 billion annual target set in 2009. Global Carbon Markets: Article 6 Finalization The operationalization of Article 6 established rules for global carbon trading, enabling countries and companies to trade carbon credits for emission reductions. This framework aims to lower costs and accelerate climate plan implementation. Shipping Value Chain – Call to Action Over 50 leaders in the global shipping value chain signed a Call to Action urging the adoption of zero-emission fuels. Spearheaded by RMI, the UCL Energy Institute, and the United Nations Foundation, this initiative aligns with the International Maritime Organization’s (IMO) goal of net-zero emissions in maritime by 2050. Regulatory frameworks for global fuel standards and greenhouse gas pricing mechanisms are expected at the Marine Environment Protection Committee's 2025 meeting. Ocean-Based Marine Carbon Dioxide Removal (mCDR) The WOC spotlighted marine carbon dioxide removal at COP29. Jill Storey, WOC’s mCDR Advisor, participated in four panels, emphasizing the ocean’s critical role in achieving the IPCC’s target of removing 10Gt of carbon dioxide annually by 2050. Key points included: - The urgency to fund scientific research for all mCDR pathways - The importance of educating future generations and engaging societal stakeholders. Gratitude and Partnerships We extend our congratulations to the United Nations and Azerbaijan for hosting a successful and complex COP29. Our heartfelt thanks go to the following organizations for their collaboration and sponsorship: Panel Discussion Partners: The Climate Foundation, Centre for Climate Repair, Ocean Visions, Woods Hole Oceanographic Institution, The Climate Emergency Forum Exploring Ocean Iron Solutions - ExOIS (ExOIS) Ocean Pavilion Sponsors: Woods Hole Oceanographic Institution, Scripps Institution of Oceanography, UC San Diego Together, these partnerships and discussions continue to advance the role of the ocean in global climate solutions. #ocean #marine #shipping #mCDR