Representatives from nearly 200 countries are gearing up to meet in Baku, the capital of Azerbaijan, from November 11 to 22 for the 2024 UN Climate Change Conference, or COP29. With the world facing increasing climate challenges, this conference is set to tackle some of the most pressing issues affecting our planet.
Climate Finance: A New Goal for a Changing World
One of the key items on the agenda is setting a new collective goal for climate finance. Back in 2009, developed nations committed to mobilizing $100 billion annually by 2020 to support developing countries in their climate actions. Although this target was finally reached in 2022, the world has changed significantly since then.
At COP21 in Paris in 2015, governments agreed to establish a New Collective Quantified Goal (NCQG) on climate finance by 2025, taking into account the needs and priorities of developing countries. This means a fresh target, likely higher than the previous one, will be adopted at COP29.
“Developed countries should fulfill their contribution obligations and continue to take the lead in mobilizing funds, encouraging other countries to participate voluntarily,” said Xia Yingxian, an official from China’s Ministry of Ecology and Environment.
Carbon Markets: Finalizing the Rules
Another critical topic is the operationalization of carbon markets under Article 6 of the Paris Agreement. This involves establishing guidelines for how countries can trade carbon credits, incentivizing reductions in greenhouse gas emissions.
While significant progress was made at COP26 in Glasgow, countries have yet to finalize the details necessary to make the carbon trading system fully functional. COP29 aims to resolve these remaining issues.
Adaptation and Mitigation: Stepping Up Ambition
With global temperatures on the rise, the conference will encourage countries to set more ambitious climate pledges. This includes submitting new Nationally Determined Contributions (NDCs) by February 2025, outlining how each country plans to reduce emissions and adapt to climate impacts.
“Urgent, incremental, transformational, and country-driven adaptation action based on different national circumstances” is essential, according to COP29 President-Designate Mukhtar Babayev.
Transparency: Tracking Progress Together
Transparency is vital for building trust and ensuring that countries meet their commitments. Parties to the Paris Agreement are required to submit Biennial Transparency Reports (BTRs) every two years, with the first due by December 31 this year.
Azerbaijan aims to lead by example, working to submit its own BTR ahead of COP29. The hope is that other countries will follow suit, providing a clear picture of global climate action progress.
As the world looks to COP29 in Azerbaijan, these critical discussions and decisions will shape the future of global climate action. The outcomes will impact not just governments but also communities and young people worldwide who are advocating for a sustainable and equitable future.
Reference(s):
cgtn.com
