Trillions at Stake: Will COP29 Catalyze the Financial Surge Needed for Climate Action?

Climate change has affected many countries. As the world plans for this year’s COP (Conference of Parties) 29, there are major opportunities for vulnerable countries to secure the resources and commitments to fight climate change. That is why this COP 29 is dubbed as “Finance COP.” The 29th COP is to be held in Baku, Azerbaijan’s capital, in November. The UN Climate Summit has one of the most difficult tasks at hand this year.

The President-designate of the 2024 COP29 is Mukhtar Babayev, the environment minister of Azerbaijan and a former official of the country’s state oil company SOCAR. His job is to raise the ambition of countries to lower greenhouse gas emissions in COP29. Already, unprecedented extreme weather has gripped the planet. Floods, droughts, and global warming have reached dangerously close to the 1.5 degrees Celsius threshold.

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According to Jayashree Nandi of the Hindustan Times, who interviewed Babayev, the plan of COP29 is to make a success on two pillars. To encourage all countries to raise their ambitions on climate action is one aim. The other aim is to create the conditions that enable effective action by agreeing on a new goal for climate action. He says that climate finance is to be unlocked to support developing countries in raising their ambition.

That is why a fair and ambitious new goal in climate finance is to be agreed. One of the agenda items of COP29 is the new collective quantified goal (NCQG). It is expected that parties will have different views on the perspective of developed and developing countries. Babayev’s task is to bridge the gap between differing views. According to Babayev, India is an important voice in climate finance.

The US has said NCQG should be voluntary for those who wish to pay. Babayev adds that a consensus will have to be built on this issue. He reiterates the need to urgently upgrade the COP29’s ambition on climate. There is no time to waste. Each country is being encouraged to produce 1.5 aligned nationally determined contributions (NDCs) in light of national circumstances.

In short, the UN Climate Summit, known as COP29, is to be held in November in Baku, the capital of Azerbaijan. Azerbaijan’s environment minister, who was earlier an official of the country’s state oil company SOCAR, is the president-designate of the COP29. According to him, a consensus will have to be built between developed and developing countries regarding climate finance. A strong climate finance deal is on top of COP29’s agenda. India is an important voice in this “Finance COP” to be held in Baku, the capital of Azerbaijan, in November.