The 29th United Nations Climate Change Conference, known as COP29, commenced on November 11 in Baku, Azerbaijan, with a significant focus on climate finance. Delegates from around the world have gathered to develop actionable policies aimed at limiting global warming to 1.5 degrees Celsius by the end of the century.
Nearly three decades after the inaugural conference in Berlin, the urgency to enhance global efforts against climate change has intensified. This year’s event spotlights the need for new funding sources to expedite emission reductions and foster sustainable development.
Given current delays in meeting carbon emission reduction targets set by the Paris Agreement, COP29 emphasizes the necessity of global attention and investment. Preliminary discussions suggest that resolutions will call for countries to expand their nationally determined contributions (NDCs) to reduce carbon emissions, with updated commitments to be submitted by 2025.
Azerbaijan, as the host and a significant fossil fuel producer, is advocating for the development and approval of national adaptation plans (NAPs) by next year. The nation underscores the importance of increasing funding to support these plans, aiming to enhance resilience against climate impacts.
One of the most anticipated initiatives at COP29 is the proposal to establish a Climate Finance Action Fund (CFAF) based in Baku. Azerbaijan has pledged an initial contribution, encouraging other fossil fuel-producing countries and companies to invest in the fund. With a target of $1 billion in initial funding, the CFAF aims to finance renewable energy projects and support climate initiatives in developing nations.
The conference also focuses on strengthening the recently established Loss and Damage Fund to aid vulnerable communities, particularly in small island developing states and the least developed countries. Enhanced support is crucial for these regions, which are disproportionately affected by climate change.
According to estimates, global carbon dioxide emissions are expected to peak soon, but current progress in emissions reduction is lagging. Without significant action, global temperatures could rise by 2.4 degrees Celsius by the end of the century, leading to catastrophic consequences. Achieving key energy targets, such as tripling renewable energy capacity and doubling energy efficiency by 2030, could significantly narrow the emissions gap.
Under the Paris Agreement, a new climate finance target, known as the New Collective Quantified Goal (NCQG), needs to be set by 2025. It’s anticipated that COP29 will play a pivotal role in establishing this target. The Independent High-Level Expert Group on Climate Finance reports that developing countries will require approximately $1 trillion per year by 2025 and $2.4 trillion annually by 2030 to meet their climate finance objectives.
As COP29 progresses, the global community watches with anticipation, hopeful that the conference will yield concrete actions and commitments to address the pressing challenges of climate change. The emphasis on climate finance reflects a collective recognition that substantial investment is essential to drive the transition to a sustainable future.
Reference(s):
cgtn.com
