COP29 kicks off in Baku, Azerbaijan with focus on climate finance

CAIRO - 11 November 2024: The 29th UN Climate Change Conference (COP29) kicked off on Monday in Baku, Azerbaijan, running from November 11 to 22, 2024, under the theme "In Solidarity for a Green World." This conference presents a crucial opportunity to accelerate climate action.

 

With record-high global temperatures and extreme weather impacting communities worldwide, COP29 gathers government leaders, business figures, and civil society to seek concrete solutions for this era-defining challenge.

 

This year’s conference is heavily focused on climate finance. Trillions of dollars are needed to significantly reduce greenhouse gas emissions and protect lives and livelihoods from the escalating impacts of climate change.

 

The conference also marks a key moment for countries to present their updated national climate action plans under the Paris Agreement, due by early 2025. If implemented effectively, these plans would prevent global temperatures from exceeding 1.5°C above pre-industrial levels, while also supporting sustainable development goals. COP is held annually with the presidency rotating among the UN’s five recognized regions, and Azerbaijan was selected to lead COP29 in Baku.

 

The COP29 presidency has developed a transparent and inclusive agenda based on two main pillars to boost ambition and facilitate action. The mounting human and economic costs of climate impacts underscore the urgency for each COP to make substantial progress.

 

The conference will feature 12 days of workshops, discussions, and thematic sessions. Highlights include the World Leaders Climate Action Summit on November 12-13, and dedicated days for finance, energy, technology, human capital, and biodiversity.

 

 

Egypt’s Environment Minister, Yasmine Fouad, stated that climate finance is the primary agenda for COP29, aiming to set a new collective quantified target for climate funding. Egypt, in collaboration with the Azerbaijani presidency, will lead ministerial consultations with Australia to facilitate negotiations on this target.

 

Minister Fouad emphasized the need for a new, agreed-upon climate finance target that meets the ambitions of all nations, especially developing countries at risk from climate change. She noted that current political pressures on national budgets add complexity to these discussions, and underscored the Paris Agreement’s provision for developed countries to support developing nations, ensuring that sustainable development is not hindered.

 

The minister also highlighted the importance of transparent, accessible climate finance that does not burden developing countries, while encouraging private sector contributions. She hopes COP29 will achieve a balanced, transparent, and fair funding goal, supporting equitable access to resources and capacity building.

 

Fouad added that Egypt’s experience hosting COP27 in Sharm El-Sheikh in 2022 was significant, with lessons shared with the UAE during COP28. Egypt is now working closely with Azerbaijan to ensure COP29’s success and continuity in addressing the global climate agenda.