The clock is ticking, and as the world gears up for the 29th United Nations Climate Change Conference, known as COP29, slated to kick off on November 11, 2024, many eyes are focusing on Baku, Azerbaijan. With climate change data sending shockwaves through global consciousness, the stakes for this conference are higher than ever.
Recent reports highlight alarming trends: unprecedented flooding across Spain, fierce storms battering Florida, and wildfires raging across South America. These extreme weather conditions are just glimpses of larger, more sinister trends driven by climate change. At COP29, negotiators will address these very issues, with climate financing as the centerpiece.
The urgency couldn’t be clearer. A UN climate report released shortly before the conference warned of the world inching toward 1.5°C above pre-industrial levels, with projections for the century reaching catastrophic figures between 2.6°C and 3.1°C if decisive action is not taken. The conference is not just another diplomatic event; it’s heralded as pivotal for determining the planet's future.
The COP — which stands for Conference of the Parties — is the main forum for international climate negotiations. Historically, these gatherings have seen almost every nation on Earth come together to negotiate and agree on how to tackle the climate crisis. The collective goal? To limit the rise of global temperatures, bolster resilience against climate impacts, and strive for net-zero emissions by 2050.
This year's gathering is already pivotal even before its opening. The main focus will be on setting new climate finance goals to replace the previous target of raising US$100 billion annually to support developing nations, established during COP15 back in 2009. That target, unfortunately, remains unmet, underscoring the urgent need for reform.
According to experts, the reimagined climate financing framework must not only cover adaptation and mitigation of climate change effects but also address the loss and damage already inflicted on vulnerable nations. Ritu Bharadwaj, director of climate resilience and finance at IIED, emphasizes, "This summit arrives at a pivotal moment as the world transitions beyond the long-standing US$100 billion per year goal established 15 years ago, which has proven insufficient for addressing the current scale of climate challenges."
Recent findings by the Climate Policy Initiative indicate climate financing must ramp up substantially — up to five times the existing levels by 2030 — to meet the Paris Agreement objectives. This situation paints a grim picture: Developing countries may need around 6.5% of their GDP to adequately tackle climate challenges. That translates to $2-3 trillion annually to properly support adaptation, mitigation, and repairing damages already incurred.
During COP29, onlookers and delegates will seek improved funding arrangements and supportive measures geared toward rapid deployment of renewable energy. Reports highlight continued discussions from earlier gatherings, particularly centering on reforming international financial structures. UN Secretary-General António Guterres has voiced his concern, labeling the current financial architecture as ill-equipped to handle today's climate challenges.
The conference schedule is jam-packed with negotiations and discussions, broken down between the Green Zone—open to the public—and the Blue Zone, where the intense negotiations will occur. Last-minute disagreements and dramatic negotiations often characterize these meetings, sometimes extending beyond scheduled deadlines. The excitement is palpable, mingled with anxiety about what agreements might emerge.
The COPs’ significance lies not solely in the agreements they produce but also the collective will they represent. The decisions made here, albeit not always as sweeping as some may hope, set the global standards and agreements needed to tackle climate change effectively.
More than just diplomats and government representatives, voices from various walks of life, including youth, Indigenous Peoples, and environmental activists, will lend their perspectives, advocating for ambitious action to address this global emergency.
Last year’s COP28 resulted in frameworks for climate adaptation but faltered when it came to detailing financial backing, leaving much room for growth. Further complicity is apparent as more than $2.7 trillion was spent on domestic fossil fuel subsidies by wealthier nations between 2010 and 2022 — six-fold what they pledged for international climate finance.
Meanwhile, the impacts of climate change are being felt acutely. Poorer regions are already grappling with severe consequences, from water shortages to burgeoning health risks due to infectious diseases. Climate activists warn of the staggering $400 billion price tag expected from climate-induced damages by 2030, with current funding at just $700 million.
Greenpeace's Hanen Keskes stresses, "The costs of climate change should be borne by those with the most responsibility for causing it — the most polluting countries and corporations." She advocates for structured financial frameworks at COP29, enabling significant, reliable, and predictable funding to help nations recover from climate-induced losses without exacerbaging their debt issues.
With technical dreams of transitioning to clean energy, there’s also optimism among climate advocates. They'll hope to leverage the private sector with discussions on carbon markets, which could potentially generate upwards of $1 trillion annually.
With projections confirming 2024 as virtually assured to be the hottest year on record, pressure mounts for the world’s leaders to achieve meaningful action. A recent Emissions Gap Report highlighted the drastic need for greenhouse gases to plummet by 42% by 2030 — marking time until COP29 is more than just transitional. This climate COP aims to be the catalyst for real change.
The next few weeks will prove whether the world can come together against mounting climate challenges — or if complacency will risk everything we've worked for. The attention now turns to Baku, with the environment of the planet hanging delicately in the balance.
