During the first week of COP29, the U.N. climate conference in Azerbaijan, delegates learned global fossil fuel emissions hit record highs in 2024, the world's emissions reduction efforts are not good enough to meet 2050 net zero carbon goals and the international response to climate change has "flatlined."

Now, a group of veteran climate leaders and scientists, are calling for a significant overhaul of future COP conferences, including Christiana Figueres, head of the Paris climate talks in 2015; Ban Ki-moon, former secretary-general of the U.N.; and Mary Robinson, the former president of Ireland and a climate advocate.

In an open letter, the 22 signatories begin by praising the past accomplishments of the COP conferences and the framework that has been established.

"We recognise the important diplomatic milestones of the past 28 years of climate negotiations," the letter states. "A remarkable consensus has been achieved with over 195 countries having agreed to strive to hold global warming to 1.5°C."

But the signatories go on to say that despite the COP successes, including agreements to phase out fossil fuels, "it is now clear that the COP is no longer fit for purpose. Its current structure simply cannot deliver the change at exponential speed and scale, which is essential to ensure a safe climate landing for humanity."

The group says the world needs to "shift from negotiation to implementation" and listed seven recommendations for reforming what's become the most significant climate meeting in the world.

One suggested change is implementing "strict eligibility criteria" for future COP presidents to "exclude countries who do not support the phase out/transition away from fossil energy." That would also prevent their countries from hosting the event. Some climate advocates have criticized the decision to hold the last two COP meetings in countries where oil is a primary export.

The group is also calling for changing the meeting structure from one giant yearly convention to "smaller, more frequent, solution-driven meetings," improving implementation and accountability and better tracking of climate response funding, specifically interest-bearing loans the group says "exacerbates the debt burden of climate vulnerable nations."

In response to the letter, Laurence Tubiana, the head of the European Climate Foundation, posted on social media, "I know some are frustrated with the COP and UNFCCC processes, given the urgent need to accelerate action. While reforms are needed, let's not forget: multilateralism is the foundation of climate progress. The Paris Agreement happened because every country had a voice."

-ABC News Climate Unit's Matthew Glasser

Before a single delegate arrived in Azerbaijan for COP29, the U.N. climate conference, the event was being billed as the “finance COP.” The expectation was that world climate leaders would reach an agreement on how to fund global efforts to curb climate change and aid developing countries who are bearing a great burden of climate-related loss and damage.

From highlighting global policy advancements to the gaps in funding climate progress, Thursday’s conference activities had a clear message: invest now.

Leaders from the Taskforce on Net Zero Policy published a report on how well the world is doing in reaching net zero, a state where the carbon emissions we generate can be absorbed and stored by nature or technology. To be in line with the goals of the Paris Agreement, countries must be on target to reach net zero emissions by 2050.

While the report indicated significant advancement in achieving net zero, it found that emissions reduction efforts are not ambitious enough to meet the 2050 target.

During his remarks on Thursday, U.N. Secretary-General António Guterres pushed for businesses, financial institutions and governments to all work towards more aggressive net zero policies while maintaining high levels of transparency.

“We need a massive global effort to steer our world onto a path to safety; a path to net zero by mid-century. Cities and regions, businesses and financial institutions play a pivotal role. And you are out in the front: Helping consumers, investors and regulators understand what credible net zero looks like,” the Secretary-General said.

But to make those policies possible, the money must be there.

Since COP26, the Independent High Level Expert Group on Climate Finance has released a report on how much it could cost to meet the Paris Agreement targets. In their latest report, they estimate that $6.5 trillion is needed yearly by 2030.

“The transition to clean, low-carbon energy, building resilience to the impacts of climate change, coping with loss and damage, protecting nature and biodiversity, and ensuring a just transition, require a rapid step-up in investment in all countries,” the report stated.

The question of who pays is a heated topic. Delegates are using their time in Baku to negotiate a global finance agreement. Whether they can come to an agreement is yet to be seen.

The report, however, emphasized the importance of acting now.

“Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability,” the report continued. “The less the world achieves now, the more we will need to invest later.”

-ABC News' Charlotte Slovin

As world climate leaders meet in Azerbaijan at this year's climate conference, COP29, a new report warns that their efforts to curb climate change have "flatlined" since 2021.

Researchers from Climate Action Tracker, an independent project tracking government action on climate change, say their report demonstrates "a critical disconnect" between the impacts of climate change and political action to address it.

"Despite an escalating climate crisis marked by unprecedented wildfires, storms, floods, and droughts, our annual global temperature update shows global warming projections for 2100 are flatlining, with no improvement since 2021," the study says. "The aggregate effect of current policies set the world on a path toward 2.7 degrees Celsius of warming."

The 2.7 degrees estimate is significantly higher than the 1.5 degrees Celsius above pre-industrial levels limit called for in the Paris Agreement. Scientists say the world must stay below 1.5 degrees to "significantly reduce the risks and impacts of climate change."

"We are clearly failing to bend the curve. As the world edges closer to these dangerous climate thresholds, the need for immediate, stronger action to reverse this trend becomes ever more urgent," Sofia Gonzales-Zuniga of Climate Analytics, the report's lead author, said.

Gonzales-Zuniga did, however, caution that the 2.7 degree metric was a median estimate and the actual warming number has a 50% chance of being above or below 2.7 degree Celsius.

"But our knowledge of the climate system tells us that there is a 33% chance of our projection being 3.0 degrees Celsius - or higher - and a 10% chance of being 3.6 degrees Celsius or higher, an absolutely catastrophic level of warming," she added.

The world's governments are currently developing their Nationally Determined Contributions (NDCs), which happens every five years as a part of the Paris Agreement. NDCs are climate action plans showing countries' emissions reduction goals through 2035.

The Climate Action Tracker also calculated the potential impact of President-elect Donald Trump's possible climate regulation rollbacks as laid out in Project 2025.

Researchers found that if the impact is limited to the U.S., warming could increase by 0.04 degrees Celsius. However, if other countries follow suit, there could be a much more significant negative impact.

"Clearly, we won't know the full impact of the U.S. elections until President-Elect Trump takes office, but there is a clean energy momentum in the U.S. now that will be difficult to stop," Bill Hare, CEO of Climate Analytics, said. "While the Trump administration will undoubtedly do its best to throw a wrecking ball into climate action, the clean energy momentum created by President Biden, being actioned across the country, is likely to continue at a significant scale."

"The key issue is whether countries stick together and continue to move forward with action, a Trump rollback of U.S. policies, as damaging as it is, can be overcome," he added.

-ABC News Climate Unit's Kelly Livingston

After a yearslong deadlock, delegates at COP29, the U.N. global climate conference, have finally reached an agreement on international carbon market standards, a critical step in launching a global carbon market.

The new global carbon market would standardize the issuing, trading and redeeming of carbon credits. A carbon credit is a voucher representing a specific amount of greenhouse gas reduction or removal from the atmosphere. Individuals, businesses, organizations and countries can use carbon credits to offset an action that produces emissions -- for example, paying for tree planting to offset the emissions from a factory or an airplane flight.

Presently, carbon trading markets are run by various organizations with little to no regulation or universal standards. However, a U.N.-backed global carbon market would provide the financial and regulatory support of the international governing body.

U.N. Climate Change Executive Secretary Simon Stiell said the new global carbon market will help countries implement their climate plans faster and cheaper, driving down emissions. Since this will be an open international market, companies, organizations and individuals could utilize the market to meet their voluntary climate targets, regardless of their nation’s participation.

A U.N.-backed global climate market would also bring significant financial benefits to the global market. Yalchin Rafiyev, COP29 lead negotiator, said this new market will be a game-changing tool that directs resources to the developing world and helps save up to $250 billion a year on climate plan implementation.

The International Emissions Trading Association, a nonprofit business group that supports global carbon markets, said that within a few years, the implementation of the U.N.-back carbon market not only has the potential to save the global economy billions of dollars per year, but could also cut approximately 5 billion metric tons of carbon output annually.

While a path has been cleared for this new carbon market to become operational, COP29 negotiators said there is still more work to do before it can be launched. Discussions will continue through the end of the conference to address any additional questions and concerns.

-ABC News meteorologist Dan Peck and ABC News Climate Unit's Matthew Glasser