UN climate conferences, known as Conferences of the Parties (COPs) to the UN Framework Convention on Climate Change, or UNFCCC, are major annual gatherings aimed at advancing climate action. The UNFCCC was established to prevent “dangerous” human interference with the climate system. The first COP meeting was held in Berlin, Germany in March, 1995.
As the world gears up for COP29, the 29th Conference of the Parties to the UN Framework Convention on Climate Change, the stakes have never been higher. COP29 to the UN Framework Convention on Climate Change, scheduled for November 11–22, 2024, in Baku, Azerbaijan, is a critical opportunity to advance global efforts in addressing the climate crisis.
A central theme of COP29 will be climate finance, as trillions of dollars are needed to drastically cut greenhouse gas emissions and protect lives and livelihoods from the growing impacts of climate change. This year is designated as the “Year of Finance,” with ongoing efforts under the United Nations Framework Convention on Climate Change (UNFCCC) to establish consensus on the New Collective Quantified Goal (NCQG), the new climate finance target. At COP29 in Baku, countries—referred to as Parties—are expected to reach an agreement on this new climate finance goal. If established, this new target will replace the $100 billion annual goal set during COP15 in Copenhagen in 2015.
You might wonder about the relevance of a conference held thousands of miles away. The answer lies in our globally interconnected world. Climate change transcends borders, impacting every aspect of life—from food security and water availability to health and economic stability. The consequences of climate change are universal, making global discussions and solutions essential for addressing its far-reaching effects.
As we approach COP29, it is essential to recognise that every individual has a role to play in the fight against climate change. Whether through advocating for stronger policies, supporting sustainable practices, or simply staying informed, your actions matter.
Now, let’s dive into ten reasons why you should pay attention to COP29:
- Climate Finance and the NCQG Problem: Envision a world where the most vulnerable nations receive the financial backing needed to tackle climate change. COP29 aims to turn this vision into reality by mobilising resources through the New Collective Quantified Goal (NCQG) on climate finance. This support is vital for these nations to enhance their resilience against climate impacts. COP29 is being dubbed the “finance COP” because it aims to align climate finance contributions with global needs. The New Collective Quantified Goal (NCQG) is still under negotiation, and creative solutions are needed to resolve issues related to targets, contributor bases, and the scope of finance.
- Article 6: Carbon Markets: Article 6 of the Paris Agreement is crucial for creating effective carbon markets. These markets can channel finance from heavy emitters to green projects, but they need rigorous standards to avoid greenwashing. These developments will help regulate and incentivize carbon reduction. For instance, companies in Europe are already participating in carbon trading schemes, which encourage them to reduce emissions by making it financially beneficial to do so.
- Growing the Loss and Damage Fund: The Loss and Damage Fund aims to provide financial support to countries most affected by climate change. For example, island nations like Fiji and the Maldives, which face existential threats from rising sea levels, could benefit significantly from this fund. Also, the devastating floods in Pakistan in 2022 highlights the urgent need for such a fund to support countries facing climate-induced disasters.COP29 will push for meaningful contributions to this fund, ensuring that those who suffer the most receive the help they need.
- Adaptation Efforts: COP29 will focus on getting adaptation strategies on track. This includes developing robust plans to help communities adapt to climate impacts, which is essential for building resilience.
- Private Sector Involvement: Increasing the involvement of the private sector in climate finance is crucial. Private capital can play a significant role in funding climate initiatives, but clear prerequisites and systematic input are needed to ensure effective participation.For instance, the Task Force on Climate-related Financial Disclosures (TCFD) has been instrumental in encouraging companies to disclose climate-related risks and opportunities, thereby attracting private investment.
- Anti-Greenwashing Measures: With rising anti-greenwashing sentiment, COP29 aims to establish stringent measures to ensure that climate pledges and carbon markets drive real emissions reductions rather than enabling greenwashing.
- High-Level Discussions and Decision-Making: The appointment of key leaders and active observers in decision-making processes will enhance the effectiveness of climate funds and initiatives. This will ensure that high-level discussions lead to actionable outcomes.For example, the appointment of a new executive director for the Green Climate Fund has been pivotal in driving strategic decisions and mobilising resources. Active involvement of stakeholders ensures that diverse perspectives are considered in the decision-making process.
- Global Collaboration: COP29 provides a platform for countries to collaborate on climate goals, share best practices, and strengthen their commitments to reducing emissions and adapting to climate change. This global cooperation is essential for achieving meaningful progress. For instance, the Paris Agreement itself is a testament to the power of global collaboration, bringing together nearly 200 countries to commit to climate action. Continued collaboration at COP29 will be crucial for addressing the complex challenges of climate change.
COP29 is more than just a conference; it’s a critical juncture in our global response to climate change. By addressing these key issues, COP29 has the potential to drive significant progress and ensure a sustainable future for all.