COP29 begins in Baku, focusing on urgent climate finance, adaptation, and global cooperation as nations confront escalating climate impacts and strive for impactful action.
COP29 Kicks Off Amid Global Turbulence: Climate Finance and Action in Focus
New Delhi – The 29th Conference of the Parties (COP29) commenced in Baku, Azerbaijan, on November 11, 2024, marking a critical gathering as global leaders face unprecedented challenges in addressing the climate crisis. With record-high global temperatures, complex geopolitical dynamics, and economic strain, the stakes for effective climate action have never been higher. COP29 focuses on advancing climate finance, adaptation, and mitigation strategies amid pressing international and national hurdles.
Understanding the UNFCCC and Its Mission
The Conference of the Parties (COP) is part of the United Nations Framework Convention on Climate Change (UNFCCC), the UN’s leading process for negotiating agreements to limit dangerous climate change. Established as an international treaty, the UNFCCC was created to combat “dangerous human interference with the climate system,” primarily by curbing the increase of greenhouse gases in the atmosphere. Initially signed in 1992 by 154 countries during the United Nations Conference on Environment and Development (UNCED), known as the Earth Summit in Rio de Janeiro, the UNFCCC entered into force on March 21, 1994.
The UNFCCC Secretariat, often referred to as “UNFCCC,” is tasked with supporting the convention’s operations and is headquartered on the UN Campus in Bonn, Germany. Since its inception, the UNFCCC has served as the framework guiding global climate negotiations and actions. The first COP was held in Berlin, Germany, in 1995, marking the beginning of regular climate discussions among global leaders that continue to this day.
COP29: A High-Stakes Conference
This year’s conference is especially significant in light of alarming climate statistics and the critical need for climate finance. The primary goals of COP29 are to establish a new climate finance target and to ensure global efforts remain aligned with the UNFCCC’s mission. With a warming trajectory that has recently reached approximately 1.3°C above pre-industrial averages, COP29 has underscored the urgency of capping temperature rise to 1.5°C, the threshold set by the 2015 Paris Agreement.
In light of these pressing concerns, COP29 has been dubbed a “Finance COP,” where nations must agree on a new climate finance target under the New Collective Quantified Goal on Climate Finance (NCQG), expected to exceed the previous $100 billion target set in 2009. COP29 President Mukhtar Babayev acknowledged the challenging environment but emphasized Azerbaijan’s commitment to bridging divides and advancing climate action.
Key Objectives and Urgent Climate Financing Needs
The primary goal of COP29 is to establish a new climate finance target under the New Collective Quantified Goal on Climate Finance (NCQG), which is expected to surpass the previous $100 billion annual target set in 2009. COP29 President Mukhtar Babayev emphasized that raising this financial commitment is critical for supporting developing countries facing severe climate impacts. Despite prior promises, the initial $100 billion target has yet to be met, highlighting a long-standing funding gap for climate adaptation, mitigation, and loss and damage recovery. As the Azerbaijani Minister of Ecology and Natural Resources, Babayev acknowledged skepticism toward his country’s role as a petrostate host for COP29, yet assured nations that Azerbaijan is committed to bridging differences and advancing climate action.
The Geopolitical Impact of Donald Trump’s Return
In a twist that has heightened international uncertainty, Donald Trump’s recent re-election in the United States casts a shadow over the summit. Trump has historically questioned climate science and voiced plans to increase fossil fuel production and reduce regulatory constraints. His return could undermine the United States’ commitments to the Paris Agreement, from which he previously withdrew in 2017, though President Biden later rejoined. Trump’s “America First” stance has fueled concerns about the U.S.’s long-term dedication to climate goals. Nevertheless, despite potential setbacks from federal decisions, numerous U.S. states and local governments, including California and Texas, have committed to ambitious clean energy targets and may push ahead with policies aligned with international climate efforts.
Key Stakeholders and Voices at COP29
With over 75 leaders in attendance, notable absentees include top leaders from influential economies—such as U.S. President Joe Biden, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and French President Emmanuel Macron—prompting criticism from climate activists. In their absence, representatives from the world’s most significant development banks, including the World Bank and International Monetary Fund (IMF), have announced commitments to increase climate finance to low- and middle-income countries. Development lenders pledged $120 billion annually by 2030, aiming to provide crucial resources for climate resilience and emissions reductions. This pledge represents a 60% increase over previous funding levels, a promising but challenging step toward closing the climate finance gap.
Barbados Prime Minister Mia Mottley, known for her advocacy on behalf of vulnerable island nations, renewed her call for imposing levies on fossil fuels, aviation, and shipping to raise additional climate funds. These industries are among the largest contributors to greenhouse gas emissions, and Mottley argues that taxing them could generate hundreds of billions of dollars for climate action.
The Fossil Fuel Dilemma
Ahead of COP29, the World Health Organization (WHO) advised restricting fossil fuel industry influence on national policy and international forums like the COP, warning of potential conflicts of interest. With Azerbaijan, a major fossil fuel exporter, hosting this year’s COP, critics have pointed out potential conflicts. However, COP29 President Babayev, formerly a vice president at Azerbaijan’s state oil company, responded to these critiques, emphasizing Azerbaijan’s dedication to setting an example through renewable energy initiatives and sustainable policies.
Greta Thunberg, a prominent climate activist, criticized the summit’s proximity to fossil fuel interests, calling it “extreme hypocrisy.” Nonetheless, Babayev reiterated Azerbaijan’s intent to demonstrate climate leadership, encouraging other countries to prioritize climate resilience and renewable energy investment.
Climate Finance as a Moral and Practical Imperative
During the opening remarks, Simon Stiell, Executive Secretary of U.N. Climate Change, addressed the world’s wealthiest nations, emphasizing that climate finance is a moral obligation and a self-preserving investment. Stiell clarified that climate finance should not be viewed as charity but rather as a critical and mutually beneficial investment. This sentiment underpins the goals of the Paris Agreement, which seeks to limit warming to well below 2°C, with an aspirational goal of 1.5°C.
Developing nations, disproportionately affected by climate change despite contributing the least to global emissions, depend heavily on financing from developed countries to implement adaptation and mitigation strategies. Despite their historical contributions to greenhouse gas emissions, some wealthier nations have been reluctant to scale up climate funding, citing economic constraints and geopolitical tensions. COP29’s emphasis on climate finance is a reminder of the principle of “common but differentiated responsibilities,” recognizing that while all nations must contribute to climate action, wealthier countries bear a larger financial and moral obligation.
Challenges of Global Coordination Amid Economic and Political Strains
Ongoing conflicts, such as those in Ukraine and West Asia, and rising inflation, further complicate COP29’s objectives. Heightened economic protectionism and tit-for-tat trade restrictions have strained international diplomacy, creating obstacles to securing the necessary climate financing commitments. Meanwhile, the geopolitical rivalry between major economies has limited collaboration on climate goals.
Yet, COP29 remains a platform for bridging these divides, with non-state actors like private corporations, civil society organizations, and philanthropic entities stepping up. The involvement of multinational development banks in scaling up climate finance commitments exemplifies the growing recognition that cross-sector cooperation is essential.
Looking Ahead: A Decisive Path Forward
COP29 in Baku is a critical moment for climate diplomacy, where attendees must navigate a complex landscape to agree on new climate finance targets and policies that will set the tone for future climate action. Negotiations will culminate in a final declaration on November 22, 2024, which will hopefully reinforce commitments to accelerate the energy transition, adapt to changing climates, and establish a robust climate finance mechanism to support the world’s most vulnerable.
Ultimately, COP29 underscores a global truth: the consequences of inaction on climate change are universal. Amid economic, political, and environmental turbulence, it remains paramount for leaders and nations to collaborate on an inclusive path toward a sustainable and climate-resilient world.
