The 29th United Nations Climate Change Conference (COP29) kicks off on today (11 November) in Baku, Azerbaijan. This year’s summit, known as the "Climate Finance COP," will bring together global leaders, negotiators, and experts for two weeks of intensive talks on advancing climate action. Here’s a brief overview of the key issues and goals for COP29.
NCQG Focus: A primary aim of COP29 is to set a new annual climate finance target, known as the New Collective Quantified Goal (NCQG), to replace the expiring $100 billion annual pledge.
Funding Sources: Wealthier countries are advocating for a model that involves contributions from both public budgets and private capital through reform of multilateral lenders. However, there’s still debate about whether rapidly developing economies, like China, should also contribute.
Ongoing Fossil Fuel Use: Despite past pledges to phase out fossil fuels, use continues to rise. COP29 discussions are likely to revisit these pledges but without major changes, focusing instead on commitments to expand renewable energy and improve energy efficiency.
Carbon Credit Framework: COP29 will aim to finalise rules for carbon credit trading under the Paris Agreement Crediting Mechanism (PACM). Key decisions include setting standards for credit issuance, ensuring transparency, and preventing misuse of credits as offsets.
Tracking Commitments: Azerbaijan is encouraging countries to submit their Biennial Transparency Reports (BTRs) during COP29. These reports track each nation’s progress towards climate goals and will reveal how much financing is needed, especially in developing countries.
Action Plans: Delegates will seek to set measurable targets for climate adaptation, helping countries prepare for impacts like sea-level rise, extreme weather, and agricultural shifts. Specific adaptation funding pathways are also a priority.
Loss and Damage Fund: Since COP27, around $660 million has been raised for climate-driven disaster relief. COP29 will see vulnerable countries call for a boost in this fund, as they seek a reliable safety net against climate impacts.
COP29 could be pivotal in setting financial and policy foundations to keep global climate goals within reach. By establishing transparent financing systems, actionable adaptation plans, and a renewed commitment to cutting emissions, the summit may help bridge the gap between ambition and reality in climate action.
However, last year's conference exposed the need for a significant shift in approach, addressing conflicting national interests, financial disparities, and the lack of enforceable commitments to drive meaningful global climate action. These issues led to mixed outcomes and some significant disappointments.
Here at FutureTracker, we're hoping for a more positive result this year, and strive to keep you updated and well informed throughout the conference.
