The upcoming COP29 summit is to be hosted in Azerbaijan this year. There will likely be delegates from more than 200 countries to be present in Baku, the country’s capital for this summit. It is in session as of November 11 and is expected to last until the 22nd of this month. This year, the submission will focus on the current climate funding and the renewal of the 1997 commitment of $100 billion from developed nations. In this article, we will discuss everything you need to know about the global climate conference.
What Is COP29?
COP29 is the annual Conference of the different member states of the UN Framework Convention on Climate Change (UNFCCC) to increase global progress further. It brings together young people, business leaders, scientists, and many other groups of people to combat the after-effects of climate change and to find various solutions for the increase in the emission of greenhouse gases into the atmosphere at a global level.
The key details associated with the COP29 are given below:
- Location: Baku, Azerbaijan
- Period: November 11 – November 22, 2024
- Participants: Over 32K delegates from countries all around the globe.
Key Objectives of COP29
Delegates and representatives from over 200 countries will attend this two-week conference. The main focus of this conference is to create a new climate funding goal. At this summit, representatives from different countries will discuss how to mitigate the risks associated with rapid change in the world’s climate and the strategies that need to be adopted to counteract the impact and the energy transition process.
COP, aka Climate Summit, is the main event of this year’s conference. The other goals of the Summit include proposing ideas to overcome climate change, and meeting the requirements of the Paris Agreement- keeping global warming below the proposed 2°C, and above the 1.5°C mark so that it remains above the pre-industrial levels.
“The financial needs of developing countries are far more than what is currently available to them”. It was thus stated by WRI. This showcases the need for the participants to focus on the NCQG (New Collective Quantified Goal). This is given priority to establish a revised financial target that is both realistic and compatible with the growing needs.
Transparency Issues Resolved?
The COP29 is going to bring an increased amount of clarity to the Paris Agreement. This is due to the fact that the countries need to submit their Biennial Enhanced Transparency Reports (BTRs). These are reports that every country needs to submit every 2 years. It shows how a country is addressing its climate change issues and also how it is making progress towards 2025 and 2030 NDC targets.
However, there is the fact that Azerbaijan is a country that is claimed to be rooted in corruption. The country’s restricted policies towards NGOs and other social and environmental activists also have the potential to negatively affect the Summit.
Why Azerbaijan?
COP28 received a lot of controversy, criticism, and skepticism. It was hosted in UAE, one of the world’s largest oil producers, and was carried by Sultan al Jaber, the UAE’s minister of Industry and CEO of Abu Dhabi’s national oil company. In contrast to this, COP29 is held at the crossroads of Asia and Europe, Baku. Baku has already taken a lot of measures to transition from the old fossil fuel energy to renewable energy sources.
An article on the official COP29 website says “Azerbaijan is committed to developing its renewable energy potential, which is a key part of the country’s plan to reduce greenhouse gas emissions by 40% by 2050. The article also specifies that Azerbaijan aims to update its NDCs soon to satisfy the requirements of the Paris Agreement. It also also be noted that Azerbaijan is a major producer of natural gas, whose exports have been increasing drastically in recent years.
The COP28 drawbacks and how COP29 can overcome this
The COP28 has achieved in making huge progress, even securing an agreement to ‘transition away from fossil fuels in energy systems’. This was a huge milestone for the summit at that time. However, putting it in words and doing are 2 different things. The agreement proved to be not enough to meet the climate change.
The COP29 needs to overcome this drawback faced by its predecessor. Since the lack of sufficient funds was the key factor involved in it, funding should be made a priority in this Summit. They also put an effort to avoid common COP distractions, like announcing new initiatives, and keep to the important matter: how to quickly transition from fossil fuels to renewable energy.
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