The 29th United Nations Climate Change Conference, known as COP29, is currently taking place in Baku, Azerbaijan, from November 11 to 22, 2024. This annual gathering brings together representatives from nearly 200 countries to discuss global efforts to address climate change.
Delegates from almost every nation are attending COP29. This includes major economies like the United States, China and members of the European Union, as well as smaller and developing countries. The conference provides a platform for all nations to voice their concerns and collaborate on solutions to combat climate change.
Key agenda items
The primary focus of COP29 is on climate finance. Discussions aim to establish a new financial goal to support developing countries in their efforts to reduce emissions and adapt to climate impacts. This new target is set to replace the previous commitment of $100 billion annually, which was agreed upon in 2009.
Another significant topic is the implementation of the Global Stocktake, a process that assesses the world’s progress toward meeting climate goals. Delegates are exploring ways to enhance transparency and accountability in reporting emissions and climate actions.
Recent developments
On the first day of the conference (November 11, 2024), delegates resolved disagreements over the meeting’s agenda, allowing discussions to proceed smoothly. Brazil announced a new climate target for 2035, aiming to reduce emissions by 59-67% from 2005 levels.
The European Union has agreed on its negotiating position, emphasizing the need for private investment to play a significant role in financing the green transition. E.U. officials highlighted that while the requirement is in the trillions of dollars, a feasible public sector funding target is in the hundreds of billions.
Azerbaijan, the host nation, has announced the creation of a climate investment fund, starting with $500 million from its state oil company. This initiative aims to attract additional contributions from other fossil fuel producers to support green projects.
United Nations Climate Change Conferences in the past
The United Nations Climate Change Conferences, known as COPs, have been pivotal in shaping global climate policy.
COP21 – Paris, 2015
In 2015, COP21 in Paris marked a significant milestone with the adoption of the Paris Agreement. This landmark accord united countries in the commitment to limit global warming to well below 2 degrees Celsius above pre-industrial levels, with efforts to limit the increase to 1.5 degrees.
The agreement emphasized the importance of reducing greenhouse gas emissions and enhancing support for developing nations in their climate actions.
COP26 – Glasgow, 2021
Held in Glasgow in 2021, COP26 resulted in the Glasgow Climate Pact. This pact called for accelerated efforts to phase down coal power and eliminate inefficient fossil fuel subsidies. It also urged countries to enhance their climate pledges and provided guidelines for transparent reporting of progress.
COP27 – Sharm El-Sheikh, 2022
In 2022, COP27 took place in Sharm El-Sheikh, Egypt. A historic decision was made to establish a fund dedicated to addressing loss and damage associated with the adverse effects of climate change, particularly benefiting vulnerable nations. This fund aims to provide financial support to countries suffering from climate-induced disasters.
These conferences have progressively built upon each other, strengthening international commitments and actions to combat climate change.
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