The 29th United Nations Climate Change Conference, COP29, kicked off in Baku, Azerbaijan, on 11 November 2024. Delegates from nearly 200 countries are gathering to address pressing climate finance issues in a year marked by extreme weather events and increased calls for action from developing nations.
Key Agenda Item: Climate Finance
One of the main goals of COP29 is to negotiate an ambitious climate finance deal, aiming for up to US$1 trillion annually to support developing countries. This significant increase from the previous US$100 billion target highlights the urgency driven by recent climate disasters.
Global Economic Context
While climate issues take centre stage, other global challenges such as economic downturns and geopolitical tensions—especially the ongoing conflicts in Ukraine and Gaza—complicate the negotiations. The summit comes after the election of Donald Trump, whose historical scepticism towards climate action could hinder the United States’ participation.
Major Players at COP29
- China: The largest emitter of greenhouse gases, China calls for developed nations to take the lead in climate action, maintaining its status as a developing country under UN negotiations.
- United States: As the second-largest emitter and the largest historic contributor to carbon emissions, the U.S. faces a complex situation with Trump’s election potentially leading to a rollback of climate commitments.
- European Union: The EU has pledged significant climate finance in the past and is now evaluating how much it can contribute under the new target at COP29.
- United Kingdom: Britain’s Labour government aims to reaffirm its climate leadership and is expected to offer its updated emissions targets at this summit.
- Developing Nations: The BASIC group (Brazil, South Africa, India, and China) and other alliances like the G77 + China are advocating for equitable financial responsibilities among nations.
Azerbaijan’s Role and Challenges
Azerbaijan, a nation reliant on fossil fuels, seeks to position itself as a leading voice in the transition to renewable energy. President Ilham Aliyev has highlighted the importance of shifting towards green energy while maintaining a significant role in gas exports. The nation aims for renewables to account for 35% of its energy capacity by 2030.
Looking Ahead
As delegates engage in discussions, concerns about the potential backsliding of climate commitments are prevalent, especially regarding the U.S.’s role under a new administration. With the world on track to experience record-high temperatures and extreme weather conditions, the outcomes of COP29 will be crucial in shaping future climate policies and commitments.