COP29: Why the world is eyeing on this Climate Change Summit ?

COP29: Why the world is eyeing on this Climate Change Summit ?

KAKALI DAS

Beyond the ambitious global climate goals, COP29, held in Baku, Azerbaijan from November 11 to 22,2024 will centre on mobilizing the vast amounts of public and private funding required to prevent societal collapse.

The summit aims to “enhance ambition and enable action,” according to the Azerbaijan presidency.

There will be challenges and points of contention, with negotiators racing against the clock. Scientists have consistently warned that the planet’s critical environmental conditions are deteriorating. This marks a pivotal moment in the climate discussions.

Here are five key reasons the world’s attention is focused on COP29.

1. It’s all about financing: Finance will be at the core of the discussions, with a key focus on negotiating what is known as the New Collective Quantified Goal.

This mechanism is set to replace the $100 billion in climate finance that developed nations have pledged annually to support poorer countries. However, much of this promised funding has yet to be delivered.

As a result, negotiations will focus on creating something new—an approach that is transparent and accessible for the nations that urgently require trillions of dollars.

Additionally, many countries will be anticipating an expansion of the Loss and Damage Fund, established at COP28 in Dubai. This fund is intended to support countries most affected by climate change; however, it has yet to meet the expectations of those nations.

• Global temperatures are spiralling: Scientists report that the planet’s condition has worsened over the past year, with global temperatures continuing to rise. Both surface and ocean temperatures have reached record highs.

The 1.5 degrees Celsius threshold, which the Paris Agreement aimed to keep us below, has already been breached. Additionally, atmospheric concentrations of carbon dioxide and methane have reached record highs, and fossil fuel production continues to increase.

In just six months since COP28, extreme weather events have caused $41 billion in damage worldwide. There are numerous compelling reasons for collective action at this summit.

• The end of fossil fuels? Perhaps not: A key focus of Azerbaijan’s presidency at COP29 will be to guide the world toward moving away from a fossil-fuel-powered future. However, oil and gas are the very resources that have fueled the country’s prosperity for generations.

For the third consecutive year, a petro-state will lead the negotiations, following the UAE and Egypt. Last year, the final COP agreement included a mention of “transitioning away from fossil fuels.” Expect more debates over the wording of this issue in the final days of COP29.

• Conflicts loom over this summit: War has escalated and spread across the Middle East, while conflicts persist in Ukraine, Sudan, and Myanmar. As the COP process depends on cooperation and consensus among countries to make formal declarations, the breakdown of trust is seen as a significant barrier to effective climate action.

These conflicts have broader implications beyond government-to-government relations. They are major contributors to emissions themselves. Moreover, conflict and climate change are deeply interconnected, with each exacerbating the other— as one worsens, the other is likely to intensify as well.

The organizers in Baku have called for this event to be a “truce COP,” coinciding with a one-month global ceasefire. For the first time, it will also emphasize peace as a central theme.

• Carbon rules may finally be resolved: Article 6 has been a lingering issue for nearly a decade. It outlines the rules and frameworks for international carbon markets, which countries can use to meet emissions-reduction targets and lower the cost of achieving those goals.

At COP29, facilitators are aiming to finalize these mechanisms, with even heads of delegations getting involved in hopes of a breakthrough. This could lead to a greater flow of money into carbon markets and put an end to schemes that have been fuelling greenwashing worldwide.

10-11-2024

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