The global community is gearing up for the COP29 Climate Change Conference, set to take place from November 11 to November 22, 2024, in Baku, Azerbaijan. This pivotal gathering aims to address pressing climate change issues, stepping up efforts post-COP28, where nations reached significant agreements, particularly around the need for a transformative transition from fossil fuels to renewable energy sources.
At COP28, the stage was set with ambitious pledges, including commitments from countries to triple their renewable energy capacity by 2030 and to actively phase out fossil fuels. Now, leaders are expected to build on those agreements at COP29, making it clear what concrete steps will be taken to realize these lofty goals.
The backdrop of COP29 is the growing urgency to combat climate change, as the planet faces unprecedented risks from extreme weather events, rising sea levels, and shifting climate patterns. Developed nations are under increasing pressure to provide financial aid to developing countries, which are often the hardest hit and least able to adapt to these changes.
A major theme anticipated for COP29 is climate finance, particularly how much assistance will flow to developing nations—many of which are struggling with mounting debt and economic pressures exacerbated by climate-related hardships. At previous conferences, developed nations pledged $100 billion annually by 2020; this target was later pushed back to 2025. By 2022, this commitment was finally met with contributions reaching $115.9 billion. Yet, experts are stressing the need for much greater financial support—estimations suggest at least $6 trillion will be required by 2030 for these nations to meet their climate objectives effectively.
Negotiations around financial commitments have historically been fraught, with differing interests and priorities among nations. During discussions leading up to COP29, there was visible tension between developed and developing countries. Developing nations are calling for more significant grants and expanded climate funding, whereas developed nations are examining the inclusion of certain developing countries as contributors to climate financing, complicatively avoiding specifics on funding amounts.
During COP29, countries are expected to deliberate on the Nationally Determined Contributions (NDCs), which outline members’ commitments to reduce greenhouse gas emissions. The latest assessments have shown many nations are not on track to meet their climate targets, with potential global temperature rises projected to reach between 2.1 to 2.8 degrees Celsius by the year 2100 if current trajectories remain unchanged. Following the Global Stocktake results from COP28, which indicated the need for more ambitious climate action, COP29 will be key to establishing new, binding targets for NDCs.
Hitachi, among other global collectives, is poised to showcase innovative technologies at COP29 aimed at addressing the dual challenges of extreme weather events and energy efficiency. Notably, their flood simulation technology aims to help communities prepare for and mitigate damage during climate-induced floods—emphasizing the importance of adaptive strategies to complement climate mitigation efforts. At the Japan Pavilion, Hitachi will interact with various stakeholders, sharing insights and innovations to forge stronger environmental actions.
Attendees will also discuss broader transitions away from fossil fuels by instituting new frameworks and supportive infrastructure to help mobilize renewable energy sources. The pressure is mounting for countries such as the United States, Canada, and Australia, which collectively have significant fossil fuel expansion plans, to act decisively and curb plans for new fossil fuel projects. There is a growing consensus among climate advocates for major economies to lead the charge toward renewable energy to preserve the possibility of limiting global warming to 1.5 degrees Celsius.
Meanwhile, as COP29 approaches, several partnerships and initiatives are entering the fray, pledging to twin funding with the urgent need for clean energy transitions. The Global Clean Power Alliance is set to launch at COP29, intending to consolidate efforts for scaling renewable solutions and increasing funding flows to Global South countries, who are significantly impacted by climate change yet often excluded from decision-making tables.
The immediate path forward is clear: achieving climate goals requires unprecedented financial commitments, transparent policies, and bold leadership. The COP29 conference presents the chance not just to set goals but to detail actionable pathways and accountability measures, all of which are needed to steer the world toward tangible progress against the backdrop of climate change.
Following COP29, the momentum mustn't stall; nations must take inspired next steps to maintain the global climate agenda. These conversations and agreements will chart the course for how countries will face climate realities over the next decade and beyond, urging every participant to leave rhetoric behind and make real commitments about climate action.
