This year’s 29th United Nations Climate Change Conference of the Parties (COP29), which began in Azerbaijan, aims to present a solid plan for climate finance. The summit is expected to highlight various climate funds created to combat the climate crisis, and experts are referring to it as the “Finance COP.”
Scientists are growing more concerned about the changes they observe in the climate system. The annual “Global Climate Change Indicators” report reveals that the trends are heading in the wrong direction. Because of this, multilateral cooperation among countries has become more crucial than ever. One of the key prerequisites for this cooperation is ensuring that sufficient climate finance does not obstruct the transition plans and development goals of developing countries. Rising concerns about trade further emphasize the need for constructive, multilateral collaboration and bold commitments to climate finance to support developing nations.
The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) kicked off in Baku under these circumstances, with a primary focus on climate finance. COP29 will address many critical issues related to climate change, including the current state of the fight against global warming. It is being prioritized as the official global platform for climate crisis negotiations and solutions.
After the official opening of COP29, the World Leaders Climate Action Summit (WLCAS) took place, attended by heads of state and government from 100 countries. UN Secretary-General António Guterres, in his speech ahead of the summit, called the past year the “master class in climate destruction,” stating, “The sound you hear is the ticking of the clock.” Guterres also expressed optimism about the transition to clean energy, stressing that no group, business, or government will be able to stop it.
For the First Time, Finance Takes Center Stage
Since 1995, the United Nations Climate Change Conference has been held annually in different cities, with the ultimate goal of fostering global cooperation in the fight against climate change. Each year, heads of state, ministers, civil society representatives, businesses, faith groups, scientists, and local communities from around the world participate in the event. COP focuses on different topics and action points each year. What sets COP29 apart from previous conferences is its strong emphasis on finance. At the heart of the discussions is the goal of securing a new climate finance target, known as the New Collective Qualified Goal (NCQG).
Expected Revisions
In 2009, developed countries committed to raising $100 billion annually by 2020 to support the climate action of developing countries. With the 2015 Paris Climate Agreement, this target was extended to 2025, and it was agreed that a new financial target would be set after 2025, based on the $100 billion annual baseline, while taking priorities into account. The negotiations for this new target, called the New Collective Qualified Goal (NCQG), have been ongoing for three years and will be finalized at COP29. Finance is crucial in the fight against climate change, especially for the climate action of developing countries. For this reason, it is critical that the summit sets a target that can meet these demands.
Developing countries need an additional $500 billion to $1 trillion annually, after using their own resources, to address the climate crisis. This means the committed amount is at least five times too small. At COP29, efforts will focus on revising these targets to reflect current realities. Experts agree that the annual $100 billion will no longer be enough to tackle the climate crisis.
Which Leaders Are Attending COP29?
Alongside Türkiye’s President Recep Tayyip Erdoğan, the leaders attending COP29 include UK Prime Minister Keir Starmer, Spanish Prime Minister Pedro Sánchez, Italian Prime Minister Giorgia Meloni, Belgian Prime Minister Alexander De Croo, Greek Prime Minister Kyriakos Mitsotakis, Albanian Prime Minister Edi Rama, Hungarian Prime Minister Viktor Orbán, Russian Prime Minister Mikhail Mishustin, Jordan’s King Abdullah II, and Saudi Crown Prince Mohammed bin Salman. Notably absent are US President Joe Biden and Russian President Vladimir Putin. Other notable figures not attending include European Council President Ursula von der Leyen, French President Emmanuel Macron, and German Chancellor Olaf Scholz.
COP29 will also host meetings such as the 19th Meeting of the Parties to the Kyoto Protocol (CMP19), the 6th Meeting of the Parties to the Paris Agreement (CMA6), and the 61st sessions of the Subsidiary Body for Implementation (SBI61) and the Subsidiary Body for Scientific and Technological Advice (SBSTA61). COP29, which began on November 11, will conclude on November 22.