The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), COP 29, is anticipated to meet from November 11 to 22, 2024, in Baku, Azerbaijan. With the theme “In Solidarity for a Green World,” COP 29 will mobilize nations, corporations, and civil society at large to further collective action in addressing global challenges toward climate change. This annual meeting maintains a momentum of managing and mitigating the adverse impacts of climatic changes globally. And so, in the 1992 UNFCCC, the objectives become a platform for setting this process in motion.
Some Key Objectives for COP 29
Critical global targets and mechanisms needed urgently will form the heart of discussions at COP 29. Under its event cover, urgent deliberations regarding a new global climate finance target, further development of the Loss and Damage Fund, and enhancement of adaptation strategies for countries with severe climate impacts are urgent.
1. New Global Climate Finance Targets
One of the biggest ambitions that COP 29 would have is establishing a new global climate finance goal for 2025 and beyond. The new global goal would center on the fulfillment of commitments agreed in the past, including the arrangements whereby developed countries will provide $100 billion every year in order to assist developing countries in handling climate change. However, there are several challenges like, amongst others, precise financial targets, how best the funds are utilized, and getting more private sector investments.
Considering the financial mechanisms pertaining to global climate change, these have to be upped significantly in developing countries. In this regard, COP 29 may work towards finalizing details around climate finance and, by extension, agreeing on the commitment of the developed countries, as well as the amount required to be appropriately accounted for in addressing their adaptation, mitigation, and resilience needs globally. In return, both sides will require probity as well as accountability within the distribution and utilization of fund resources.
2. Development on Loss and Damage Fund
The Loss and Damage Fund, for those countries experiencing impacts irreversible for them, in recent years has attracted much momentum. In 2024, the Philippines was selected to host the board for the Loss and Damage Fund, and the fund also established partnerships with institutions like the World Bank. COP 29 is focused on confirming these measures to ensure the fund becomes operational.
Consolidation of the Governance of the Loss and Damage Fund Consolidation of the governance of the Loss and Damage Fund is one of the top agendas in COP 29. Conclusion of its financial structure, ensuring adequate amount of funds, and establishing links with other institutions globally to ensure its effectiveness will form part of such deliberations. The Warsaw International Mechanism (WIM) is another framework meant to help nations cope with climate impacts that fall beyond their adaptive capacity, which also will be weighed and considered at this conference. It will focus on linking the WIM, Loss and Damage Fund, and Santiago Network (support to vulnerable nations in the face of climate risks).
3. Strengthened Adaptation Strategies
The COP 29 event will provide an opportunity to step up the race for global adaptation. During COP 28, a framework was established for the Global Goal on Adaptation, encouraging nations to submit their National Adaptation Plans by 2025, with significant progress to be made by 2030.
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On the technical side, COP 29 will revolve around providing guidance to countries on the preparation and implementation of the actual plans of adaptation. Provide technical support to countries on how they would track their progress and development of measurable adaptation goals. It is also expected that negotiators will underscore that financing for adaptation needs to be achieved and has to be mobilized, particularly through the use of funds such as the Adaptation Fund. Also, a feature of the summit would be ensuring that adaptation was well represented within the new climate finance goals.
Global Context and Challenges
As COP 29 nears, the world remains at its crossroad in the fight against climate change. This Global Stock Take that happened at COP 28 in Dubai put more onus on more decisive actions to meet key climate goals mainly under the framework of the 2015 Paris Agreement. The stock takes pointed to gaps regarding the global transition toward renewable energy, fair transition to a low carbon economy, and need to accelerate financial support to developing countries.
Such was the recognition at COP 28, attended by the largest number of over 97,000 delegates and more than 150 heads of state. Yet these meetings also highlight the need for caution as one balances the disparate needs and capacities of different nations when it comes to the issue of climate change.
As this dead-line set by the COP 28, international climate actors will face some contentious issues such as diverse contributions by developed and developing countries and climate finance allocation as well as evaluating the effectiveness of all adaptation and mitigation strategies. The COP 29 will therefore be the right moment to determine how much progress has been made, how many commitments need to be renewed, and what new targets are to be set for the future.
Conclusion
COP 29, hosted in Baku, Azerbaijan, is to be an historic global climate negotiation event, taking much focus on climate finance, adaptation strategy, and governance of loss and damage. Moving inexorably toward new dates to advance new climate finance targets set for the year 2025 and the mandate for implementing national adaptation plans by 2030, the decisions about how nations cooperate to succeed on the climate change challenge will be made at COP 29.
The 2024 COP will have to face growing challenges brought about by climate change but at the same time make sure the global response is inclusive, fair, and effective. Under the theme “In Solidarity for a Green World,” COP 29 offers the platform for countries to reaffirm their commitment to addressing the climate crisis while delivering the solutions that benefit everyone.
Source: World Economic Forum