COP29 News: The 29th UN Climate Conference (COP29) is under way in Baku, Azerbaijan, and the world’s focus has turned to critical climate challenges and negotiations that will shape global climate action. The conference that started on November 11 will conclude on November 22 and have climate finance, besides transition from fossil fuels, high on the agenda.
With the year 2024 having been declared the hottest ever on record, there are expectations from COP29 in Baku to inspire the global community to renew, scale up, and act on climate commitments.
10 Key Issues At The Heart Of COP29 Climate Conference
1. Setting a New Climate Finance Goal
COP29 is dubbed the "finance COP" because it centres around establishing the New Collective Quantified Goal (NCQG) for climate finance, set to replace the $100 billion annual target pledged by developed nations in 2009. This new target is expected to reflect the growing needs of developing nations for both mitigation and adaptation, possibly in the trillions.
2. MDB Reform
Discussions on reforming multilateral development banks (MDB) are crucial to enhancing access to climate finance for developing countries. These reforms aim to unlock hundreds of billions in additional sustainable lending to help fund global climate goals, but challenges remain in mobilising private capital and expanding concessional finance for vulnerable countries.
3. Article 6 & Global Carbon Markets
Negotiations around Article 6 of the Paris Agreement, which governs global carbon markets, continue to be contentious. Key issues include transparency, accountability, and the rights of indigenous communities affected by carbon offset projects.
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4. Energy Transition and Fossil Fuel Phaseout
Countries are expected to submit updated Nationally Determined Contributions (NDCs) aligned with the Paris Agreement. These NDCs should reflect stronger commitments to reducing reliance on fossil fuels and increasing renewable energy capacities, a point of contention between oil-producing and climate-vulnerable nations.
5. Loss & Damage Fund
Operationalised at COP28, the Loss and Damage Fund is expected to begin disbursement by 2025. COP29 will focus on further mobilising resources for this fund to support nations facing the irreversible impacts of climate change.
6. Trade & Climate Finance Integration
With growing concerns over the intersection of trade and climate policies, this COP will see only the second-ever trade-related pavilion, the Trade and Investment House. Here, discussions will focus on ensuring that climate finance policies support, rather than hinder, trade-related goals of developing nations.
7. Global Carbon Budget & Emissions Gap
The upcoming Global Carbon Budget report, expected on November 13, is likely to provide insights into current emissions trends and highlight the gap between climate targets and actual reductions. This will inform COP29 discussions on intensifying emissions reductions.
8. Adaptation Finance For Developing Countries
Adaptation finance remains insufficient for emerging economies. With funding flows far below estimated needs, COP29 is expected to address the funding gap and call for increased financial commitments to support adaptation in vulnerable regions.
9. NCQG Contributor Base
One of the most contentious issues is whether to expand the contributor base of the New Collective Quantified Goal (NCQG) to include countries like China. This decision will be crucial in determining equitable burden-sharing and the scale of funds available for climate action.
10. Transparency & Accountability Mechanisms
Ensuring that countries remain accountable for their climate finance commitments is vital. COP29 will discuss transparency measures and progress-tracking mechanisms to hold nations to their pledges and enable accurate tracking of climate finance deployment.