As COP29 kicks off in Baku, Azerbaijan, the focus is on climate finance and the urgent need for action. Dubbed the “finance COP,” this year’s conference aims to help countries scale up their climate ambitions and secure necessary funding to tackle the climate crisis effectively.
COP, or “Conference of the Parties,” refers to the meetings of countries involved in the United Nations Framework Convention on Climate Change (UNFCCC). Since its inception in 1992, these annual meetings have served as vital platforms for discussing and monitoring progress in climate action.
While politicians and diplomats often take centre stage, many others contribute to the conversations at COP. Environmental activists, Indigenous representatives, and industry lobbyists all play important roles. However, the increasing presence of fossil fuel lobbyists raises concerns about whose interests are prioritised in the discussions.
At COP28, nearly 200 countries committed for the first time to transitioning away from fossil fuels, although the details of this pledge faced pushback from oil-rich nations. Leaders also agreed on a net-zero food plan, aiming to transform global food systems into carbon sinks by 2050, but key issues like agriculture's role in deforestation were overlooked.
This year, discussions will revolve around loss, damage, adaptation, and mitigation. A key goal is to establish a New Collective Quantified Goal for climate finance, building on the previous commitment to raise $100 billion annually for climate-vulnerable countries. The conference will also address the operational details of the Fund for Responding to Loss and Damage, which aims to support low-income nations facing climate disasters.
Significant challenges lie ahead, particularly around who should fund climate action. High-income countries have historically lagged in their financial commitments, and emerging economies like China and India are now part of the conversation. Additionally, regulating private and climate finance will be crucial, as not all financial investments are beneficial; some may harm the environment.
As COP29 unfolds, the world will be watching to see how negotiators handle these complex issues. This conference presents a vital opportunity to ramp up ambition and action for a cleaner, greener future while prioritising climate justice for those most affected by climate change.
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