The COP29 summit, scheduled to take place in Baku, Azerbaijan from November 11–22, 2024, is one of the most crucial climate change conferences in recent history. As the 29th edition of the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP), it represents a pivotal moment for global climate action. This year’s summit will focus primarily on securing financing for climate initiatives, particularly to help developing countries implement necessary actions to combat climate change. But the question is, what exactly does this mean for the future of our planet?
What is COP29?
COP, or the Conference of the Parties, is an annual gathering of governments that have signed onto the UNFCCC or other environmental treaties like the Kyoto Protocol and the Paris Agreement. These conferences provide a platform for global leaders, negotiators, and experts to come together, discuss climate change, and agree on strategies to mitigate its effects. COP29 is especially critical as it is the third in a series of summits aimed at resetting global climate action, which includes COP28 in the UAE and COP30 in Brazil.
The theme of COP29 centers on financing climate action for developing countries, addressing the gap between pledged promises and actual funding. This year’s summit is unique, as Azerbaijan, a country heavily reliant on fossil fuel extraction, presides over the event. Azerbaijan’s role raises concerns about how much progress can be made toward phasing out fossil fuels—a critical issue for the success of global climate efforts.
Why is COP29 So Important?
The urgency of COP29 cannot be overstated. Climate change is accelerating, with increasing extreme weather events and environmental degradation that threaten the stability of ecosystems and human societies. However, despite the promises made at past COPs, actual progress has been slow, especially in terms of securing the financial resources needed to combat climate change on a global scale.
COP29 will attempt to address these challenges in a number of key ways, primarily by focusing on financing climate action for developing nations, implementing the New Collective Quantified Goal (NCQG), and facilitating transparency in climate action through Biennial Enhanced Transparency Reports (BTRs).
Key Issues at COP29
1. Finance for Climate Action
One of the most contentious issues at COP29 will be how to finance the necessary climate action in developing countries. While the previous goal of $100 billion per year was set, it has proven to be insufficient to meet the needs of the developing world. COP29 will work to establish a new financial framework, including the NCQG, that will potentially require trillions, not billions, in funding. Developing nations are demanding that richer countries provide the necessary financial resources in the form of grants and concessional loans, rather than relying on market-based solutions that could exacerbate inequalities.
2. Loss and Damage
Another major topic of discussion will be the funding for loss and damage—a term that refers to the irreversible impacts of climate change, such as extreme weather events and rising sea levels. The loss and damage fund established at COP28 has seen limited contributions thus far, and COP29 will push for more substantial pledges to ensure that the fund can adequately support vulnerable countries suffering from these impacts.
3. Carbon Markets
Carbon trading and carbon markets have been identified as mechanisms to finance climate action. Under the Paris Agreement’s Article 6, countries can trade carbon credits, allowing those that exceed emissions reduction targets to sell credits to countries that have not. While this system holds significant potential to raise funds for climate action, there are concerns about its implementation, including the risk of ‘greenwashing’ and the lack of standardized regulations. COP29 could be the turning point in formalizing and improving these markets to ensure they are both effective and transparent.
4. Adaptation vs. Mitigation
As climate impacts become increasingly severe, the need for adaptation—the process of adjusting to the inevitable effects of climate change—is becoming more urgent. While mitigation (reducing greenhouse gas emissions) remains the priority, adaptation efforts are now being given more focus at COP29. Developing countries, especially those in the Global South, are calling for greater financial support to help them adapt to climate change, which could potentially amount to hundreds of billions of dollars annually.
5. Fossil Fuel Transition
One of the main sticking points in COP29 discussions will be how to accelerate the transition away from fossil fuels. While COP28 made significant strides in recognizing the need to phase out fossil fuels, there is concern that the progress made so far may not be enough to meet the global climate goals of keeping global temperatures below 1.5°C. COP29 must make concrete decisions on how to achieve this transition fairly, particularly for fossil fuel-dependent nations like Azerbaijan.
The Role of Azerbaijan
Azerbaijan’s role in hosting COP29 is fraught with complexities. As a major oil and gas producer, Azerbaijan’s economy is heavily dependent on fossil fuels, which presents a challenge for the country’s leadership in negotiating climate policies that could undermine its primary industries. The host country’s track record on environmental and human rights issues also raises concerns, as civil society participation has been severely restricted in recent years.
Despite these challenges, COP29 presents an opportunity for Azerbaijan to play a significant role in the global transition to a low-carbon economy. Its position as a major energy producer could allow it to contribute valuable insights into how to balance economic growth with climate action.
From COP29 to COP30
While COP29 is focused on securing climate finance and advancing transparency, the real heavy-lifting will be left to COP30, which will take place in Brazil in 2025. COP30 will work on operationalizing the next round of Nationally Determined Contributions (NDCs)—countries’ individual climate action plans—and continuing the fight to keep global temperatures within safe limits.
COP29 is a critical opportunity to address the financial and policy gaps that have hindered global climate action for far too long. By prioritizing finance for developing countries, improving transparency, and ensuring that fossil fuel dependence is phased out responsibly, the world can move closer to a sustainable future. But for COP29 to succeed, it will require global cooperation, honest negotiations, and bold commitments to fund climate adaptation, mitigation, and loss and damage. The question remains: will world leaders rise to the challenge, or will COP29 be yet another missed opportunity?
Related posts:
