This year’s United Nations climate conference kicked off in Baku on 11 November. The next two weeks are critical as world leaders and delegates work to establish a new global climate finance target.
At the same time, COP29 presents a crucial opportunity for countries to raise their climate ambitions, not only by setting more ambitious emissions reduction targets but also by strengthening their adaptation actions. This gathering is also an important moment to show progress on previous commitments while increasing financial and other forms of support to countries facing the impacts of loss and damage due to climate change.
Progress across five key issues will be critical for COP29 to be considered a success:
1. A Clear Process for Funding and Responding to Loss and Damage
Scientific evidence suggests that loss and damage is unequally distributed and not comprehensively addressed by current adaptation and mitigation, particularly in vulnerable developing countries. At COP28, countries agreed to operationlise the Loss and Damage Fund, which will provide financial assistance to climate-vulnerable countries.
2. A New Global Climate Finance Goal that Responds to Developing Countries’ Needs
The New Collective Quantified Goal (NCQG) is meant to be adopted at COP29. The NCQG is a key element of the Paris Agreement that presents a promising framework designed to address the financial needs of developing countries in their fight against climate change. It seeks to fill persistent gaps in climate finance, building on the $100 billion target set in 2009 and aiming to provide a more realistic and ambitious financial framework.
3. Momentum for Stronger National Climate Commitments
Countries agreed under the Paris Agreement to submit stronger national climate commitments (known as ‘nationally determined contributions’ or NDCs) every five years. The next round is due just a few months after COP29. This makes the UN summit in Baku the last major opportunity to set clear expectations for what this next generation of NDCs should aspire to.
4. Advances on Existing Commitments on Cities, Energy, Food, Forests and Oceans
The COP28 outcome saw unprecedented global commitments to transition away from fossil fuels, triple renewable energy, double energy efficiency, build resilient food systems and accelerate low-carbon transportation, among others. At COP29, countries will further their progress on those aims.
5. Discussions on Carbon Border Taxes
The BASIC (Brazil, China, India and South Africa) Group has submitted a proposal to the UNFCC for ‘climate change-related, trade-restrictive unilateral measures’ to be added to the COP29 conference agenda. A specific matter of contention is the EU’s Carbon Border Adjustment Mechanism (CBAM) that will impose a tariff on imports of high-carbon goods into that region.
