The 29th United Nations Climate Change Conference (COP29) took place today in Baku, Azerbaijan, running from November 11 to 22, 2024, under the theme “Solidarity for a Greener Future.” COP29 is seen as a decisive platform to advance efforts on climate action, especially in financing.
Global temperatures have reached alarming highs, with extreme weather becoming increasingly common. The conference is gathering leaders from government, business, and civil society to seek meaningful solutions for the pressing climate challenges of our time.
A central focus this year is climate finance. Experts highlight the need for trillions of dollars to support both greenhouse gas reduction and adaptation in vulnerable regions. The current $100 billion annual pledge falls far short of what is needed, and leaders aim to set a more ambitious funding goal.
This conference is also critical for countries to outline updated national climate strategies under the Paris Agreement, which are due by early 2025. Effective plans would help keep global warming below the 1.5°C threshold, while supporting broader development objectives. COP29 marks Azerbaijan’s first presidency of the annual summit, as it builds on its strong record in hosting international events.
The Azerbaijani presidency has set an agenda focused on transparency and inclusivity, structured around two main pillars to drive climate ambition and action. With climate impacts carrying rising human and economic costs, each COP is crucial in pushing forward meaningful progress.
The conference schedule includes high-level events like the World Leaders’ Climate Action Summit on November 12-13 and dedicated days for key themes such as finance, energy, technology, food security, and biodiversity.
Egypt’s Environment Minister, Yasmine Fouad, emphasized that COP29’s top priority is to finalize a new collective climate finance target. Egypt is co-leading ministerial consultations alongside Azerbaijan and Australia to facilitate progress on this goal.
Minister Fouad reiterated that the Paris Agreement designates developed countries as responsible for providing climate funding to developing nations, a critical support for their sustainable growth. With political pressures affecting budgets globally, she stressed the need for an achievable, equitable funding plan that aligns with developing countries’ goals.
Minister Fouad also noted the importance of making climate finance accessible without imposing new burdens on developing countries. COP29, she hopes, will yield a clear, fair, and balanced financial framework that integrates private sector contributions while maintaining ease of access.
Reflecting on Egypt’s successful hosting of COP27, Dr. Fouad shared that her team has been collaborating closely with Azerbaijan to bring that experience to COP29. Through joint efforts, they aim to ensure the conference is a meaningful step forward in global climate efforts.
