New Delhi (ABC Live): The 29th UN Climate Conference (COP29) commenced in Baku, Azerbaijan, amidst a year marked by record-breaking heatwaves, wildfires, hurricanes, and catastrophic floods. The summit, often referred to as the “Climate Finance COP,” is focused on increasing financial commitments to help vulnerable nations mitigate and adapt to the growing impacts of climate change.

New Delhi (ABC Live): The 29th UN Climate Conference (COP29) commenced in Baku, Azerbaijan, amidst a year marked by record-breaking heatwaves, wildfires, hurricanes, and catastrophic floods. The summit, often referred to as the “Climate Finance COP,” is focused on increasing financial commitments to help vulnerable nations mitigate and adapt to the growing impacts of climate change.

The Urgency of Action

The Intergovernmental Panel on Climate Change (IPCC) has issued urgent warnings about the escalating pace of global warming. To keep global temperature rise within 1.5°C above pre-industrial levels, the world needs significant investments in clean energy technologies, resilient infrastructure, and adaptation strategies.

Developing countries, particularly small island nations and the least developed countries, face disproportionate risks from rising sea levels, extreme weather, and drought. These nations require substantial financial support to build climate resilience, transition to low-carbon economies, and address the loss and damage caused by climate change.

Slow Progress on Climate Finance

Halfway through the negotiations in Baku, discussions on financial commitments have been sluggish. Delegates from developing countries are pressing for expedited action on funding for loss and damage and enhanced clean energy goals.

Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), addressed the G20 leaders before their departure for next week’s summit in Rio de Janeiro. He emphasized the need for coordinated action:

“Progress on climate finance outside the UNFCCC process is equally critical. The G20 must signal that more grant-based and concessional finance will be available, prioritize multilateral development bank reforms, and maintain pressure for further changes.”

Stiell also called on G20 leaders to reinforce global cooperation in tackling climate change, stating, “In a fracturing world, international collaboration is humanity’s best chance to survive global warming.”

A High-Stakes Conference

At the World Leaders Climate Action Summit, UN Secretary-General António Guterres highlighted the dire situation, calling 2024 “a masterclass in climate destruction.” He reiterated that climate finance is essential:

“The world must pay up, or humanity will pay the price. Climate finance is not charity—it’s an investment. Climate action is an imperative.”

Stiell echoed this, stressing that an ambitious climate finance goal aligns with the self-interest of every nation, including the wealthiest.

Beyond the $100 Billion Pledge

In 2009, at COP15 in Copenhagen, developed nations pledged $100 billion annually for climate finance by 2020. Although this target was finally achieved in 2022, it has been criticized as insufficient and overdue.

At COP29, negotiators aim to establish a significantly higher climate finance goal, potentially in the trillions of dollars annually. However, disputes over the amount and methods for disbursing funds continue to stall progress.

Breakthrough on Carbon Markets

A major achievement on the opening day of COP29 was the adoption of Article 6 of the Paris Agreement, enabling the establishment of a global carbon market. This framework will allow countries to trade carbon credits, encouraging emissions reductions and investments in climate-friendly projects.

James Grabert, head of the UNFCCC Mitigation Division, called the agreement a "valuable tool" for achieving climate targets and promoting sustainable development.

Political and Global Challenges

COP29 unfolds against a backdrop of political shifts, including the potential impact of a new U.S. administration on global climate action. President Hilda Heine of the Marshall Islands and Ireland’s Environment Minister Eamon Ryan underscored the importance of collective efforts, emphasizing that combating climate change is a global responsibility. They pointed to progress by states and cities as reasons for optimism.

Conclusion

As continues, the pressure is mounting for negotiators to deliver an ambitious and actionable climate finance framework. The conference highlights the critical need for global cooperation and robust financial commitments to combat climate change effectively. Failure to act decisively could have catastrophic consequences, not just for vulnerable nations but for humanity as a whole.