Article
Sarah Chabane
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Why you should pay attention to COP29 in Baku, Azerbaijan
Will the upcoming COP29 summit in Baku, Azerbaijan be a key moment in the global climate agenda? What are the main hurdles and opportunities? And why is it called the "finance COP"? Let’s look at why the UN Climate Conference matters and why you should follow it on We Don’t Have Time.
What is COP29 and why is it important?
From November 11-22, 2024, COP29, or the 29th Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC), will focus on accelerating international efforts to mitigate climate change. Each year, this global summit brings together government representatives, scientists, NGOs, and industry leaders to negotiate and tackle the most pressing issues of our time. Although COP29 has been dubbed a "small COP", it carries an important role in setting new targets, advancing climate finance and reminding us of the importance of global climate cooperation.
We are at a turning point in global climate efforts. With greenhouse gas emissions at record levels and extreme weather events becoming our daily reality, this year’s conference will tackle mitigation strategies and enhance the implementation of existing commitments under the Paris Agreement. The choice of Azerbaijan, yet another petrostate, may be unconventional for a climate conference. But let's remember that addressing the climate crisis requires engaging all nations, including those whose economies are deeply rooted in fossil fuels.
The "Finance COP"?
Solving the climate crisis depends on sufficient investment in the climate transition, particularly in developing countries. And one of the biggest talking points around COP29 is its focus on climate finance. Dubbed the "Finance COP", this year's summit will look at the financial gap that needs to be bridged to support climate action. Rich countries previously pledged to mobilize USD 100 billion per year by 2020 for climate adaptation and mitigation, but this target still needs to be met. To that end, COP29 discussions will consider a new financial target, the infamous NCQG or New Collective Quantified Goal, to be finalised before 2025.
The significance of climate finance cannot be overstated. Funding will determine the success of climate action plans, known as Nationally Determined Contributions (NDCs), and COP29 will be the arena where nations negotiate how much financial support will be provided and how it will be distributed.
Article 2.1C: aligning global finance with climate action
A core issue under the spotlight at COP29 is Article 2.1C of the Paris Agreement, which aims to align global financial flows with climate-resilient development. However, its implementation has met challenges, as different countries have varied interpretations of what aligning financial flows entails. This article will likely dominate negotiations in Baku, as it holds the key to ensuring that global investments advance a decarbonized economy.
Global Stocktake and National Commitments
At COP29, countries will build on the findings of the recent Global Stocktake (GST), which revealed that current NDCs are far from sufficient to limit global warming to 1.5°C.
Currently, national pledges would only reduce emissions by 2.6% by 2030, far below the IPCC’s recommendation of a 43% cut by that year to avert severe climate impacts.
Commenting on the most recent Synthesis Report on the NDCs, UN Climate Change head Simon Stiell urged for a "new age of acceleration" in climate commitments, stating that without bolder NDCs, countries face "a human and economic trainwreck."
To ensure effective climate action, Stiell outlined an "ABC test" for the new NDCs due next year: they must be Ambitious with economy-wide targets covering all greenhouse gases; Broken down by sectors and gases to clarify focus areas; and Credible, supported by laws, regulations, and adequate funding.
For Simon Stiell, COP29 is a “vital moment in the world’s climate fight.” Governments must be ready to convert the pledges from COP28 to triple renewable energy, secure adaptation goals, and transition from fossil fuels into tangible outcomes that protect livelihoods globally. As Stiell puts it, “The last generation of NDCs set the signal for unstoppable change. New NDCs must outline a clear path to make it happen.”
Executive Secretary, Simon Stiell, at the closing of the June UN Climate Meetings - Photo: Lucia Vasquez, UNFCCC
Addressing Loss and Damage
Another critical topic at COP29 will be the implementation of the Loss and Damage Fund, created at COP27. This fund is designed to support vulnerable countries suffering the worst impacts of climate change. However, turning this fund into a functional mechanism has been a challenge, and COP29 will seek to figure out the details of how it will be financed and distributed. On September 21, the Board of the Fund for Responding to Loss and Damage (FRLD) announced Ibrahima Cheikh Diong as its first Executive Director for a four-year term beginning November 1, 2024, a positive step toward implementation. These discussions will be crucial if we want a fair climate transition.
Accelerating the energy transition
The energy transition will be at the centre of COP29. With its agreement to “transition away from fossil fuels in energy systems,” COP28 made historical progress. Now it’s time to address both technological and financial barriers and ensure that the energy transition is equitable and just for all countries.
The energy transition is not just a technical issue but also a deeply political one, as it requires rethinking national economies and infrastructure. COP29 will provide a forum for countries to outline their plans for scaling up renewable energy while balancing economic growth and environmental sustainability.
Follow COP29 on We Don't Have Time
With major decisions on climate finance, energy transition, and global climate commitments on the agenda, COP29 might be a turning point for climate action. Follow the summit on We Don’t Have Time COP29 Climate Hub, get access to real-time updates, watch live broadcasts, join expert discussions, and follow the #BuyMoreTime campaign. Register now on We Don’t Have Time to stay updated and follow us on our social media channels.
COP29 Climate Hub – Nov 11, 2024–Nov 22, 2024
Daily live broadcasts from COP29 in Baku. November 11–22, 2024.
https://www.wedonthavetime.org/events/cop29
/ Sarah Chabane, We Don't Have Time
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3 w
The NDCs implementation commitment is what is tragically lacking.
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4 w
Great article with critical topic. Let's hope they will walk the talk.
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4 w
Governments must be ready to convert the pledges from COP28 to triple renewable energy💯
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4 w
Coming up with mitigation strategies that will enhance the implementation of existing commitments is the way to go .
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Will anyone be travelling to Baku without flying? https://www.seat61.com/georgia-armenia-and-azerbaijan-by-train.htm
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5 w
The UN COP29 will be a closely followed event world over and we can only hope that climate finance solutions are addressed once and for all
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5 w
Thank you Sarah for sorting this out to us!
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How can we truly advance the climate agenda when the host country has a vested interest in fossil fuels?
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@ann_nyambura_542 it's a very good question and it will 100% be a challenge
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COP29 is crucial for addressing climate finance& shaping global climate strategies. Definitely worth following!