COP29 is the 29th Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC). It is set to take place in Baku, Azerbaijan, from November 11 to 22. COP29, according to the United Nations, is a pivotal opportunity to accelerate action to tackle the climate crisis.
According to the World Resources Institute (WRI), the following are key issues and what needs to happen in Baku to drive rapid progress:
Delivering a new climate finance goal
COP29 has been dubbed the “Finance COP,” with the centerpiece of the negotiations focused on adopting a new climate finance target. For the first time in 15 years, countries will reevaluate the amount and type of finance developing countries receive to pay for climate action. This will result in a new collective quantified goal (NCQG) on climate finance to replace the previous $100 billion annual target set in 2009. Setting a more ambitious goal will be essential to helping vulnerable countries adopt clean energy and other low-carbon solutions and build resilience to worsening climate impacts. Indeed, many developing countries cannot fulfil or strengthen their climate pledges without it.
For the last three years, countries have participated in a series of technical dialogues aimed at shaping the NCQG. Yet, basic questions about the goal’s size and structure remain on the table. In Baku, negotiators and political leaders are tasked with finally reaching an agreement.
One key decision is what top-line dollar figure the NCQG will aim for. Different countries and organizations have suggested annual climate finance targets ranging from the billions to the trillions. Currently, it seems likely that the goal will consist of multiple targets reflecting different types of finance flows, such as public versus private. Other key considerations include which countries will provide finance, whether certain financial instruments (such as grants or concessional loans) will be favored, and what reporting will be required to promote transparency.
The NCQG is not intended to solve all climate finance issues, but it is a crucial piece of the puzzle. COP29 will be an opportunity to adopt a robust new finance goal that allows countries to meet and increase their climate ambition in the coming years.
Showcasing more ambitious national climate commitments
Countries are due to announce new national climate commitments — known as nationally determined contributions (NDCs) — in 2025. These pledges form the foundation of the world’s collective efforts to tackle climate change under the Paris Agreement. Several major emitters have indicated that they will announce or release their new climate commitments by this year’s COP, including Brazil (the host of next year’s UN climate summit), the United Kingdom and the United Arab Emirates. By putting forward stronger, more ambitious pledges, these countries can set a high bar for the current round of NDCs and encourage other nations to step up their own commitments.
Committing more funding for loss and damage
The climate crisis has escalated to the point where some impacts already go beyond what people can adapt to, such as the loss of life and livelihoods due to extreme floods and wildfires or the disappearance of coastal heritage sites due to rising seas. In the UN climate negotiations, this is referred to as “loss and damage.”
On the first day of COP28, the Fund for Responding to Loss and Damage (FRLD) was set in motion to provide financial resources to developing countries grappling with these challenges. Since then, the World Bank has confirmed arrangements as trustee, the Philippines was chosen as the host country for the Fund’s board, and Senegalese-American Ibrahima Cheikh Diong was appointed as the first Executive Director. Other institutional arrangements are currently underway, including a resource mobilization plan that’s expected to be in place by 2025.
The next step is filling the fund’s coffers. Roughly $700 million was pledged at and since COP28; this is a start, but it pales in comparison to the $580 billion in climate-related damages that developing countries could face by 2030. At COP29, developed countries should announce new pledges so support can start flowing to countries in need. Another open question is whether the NCQG will include loss and damage and/or have a dedicated sub-goal for this purpose.
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