COP 29 or the 29th Conference of the Parties, began in Baku, Azerbaijan, on Monday, November 11 2024.
As talks of the global conference on climate change opened, the United Nations warned that the Paris climate agreement’s goals “are in great peril” and that 2024 is on track to break new temperature records. The period from 2015 to 2024 will also be the warmest decade ever recorded, according to the UN’s World Meteorological Organization (WMO).
COP 29: Finance COP
According to new WMO data, current global warming is about 1.3 degrees Celsius higher than the average of the previous 10 years, compared to 1.2 degrees Celsius a year ago, and the current year is hotter by 1.54 degrees Celsius, compared to 1.45 degrees Celsius in 2023.
In the current political climate with upcoming change in leadership in the USA, and the ongoing wars in West Asia and Ukraine, the focus on combating climate change on a global level has reduced. These events could also have negative impact on increasing climate finance and agreeing on rules around it, which is one of the primary goals of COP29, which is being labeled “finance COP.”
The Paris Agreement was the first ever global commitment wherein the leaders agreed to limiting temperature rise, aiming to keep it under 2 degrees Celsius, ideally below 1.5 degrees, above pre-industrial levels.
The talks at COP 29 aim to increase the current $100 billion annual climate finance target, and to help the developing nations out for tackling worsening climate impacts and over all, reducing the dependence on fossil fuels.
Developed nations, that are held responsible for the largest share of historical greenhouse gas emissions, have been facing pressure to step up their contributions. However, the trade wars, protectionism, and inflation have caused complications in the efforts to secure these commitments.
Underwhelming Response
COP 29 has been receiving an underwhelming response, before it even started. Some of the key global leaders, including the U.S. and Chinese Presidents, Prime Minister Narendra Modi, and the leaders of France, Germany, and Australia are opting not to attend the gathering this year. In fact, even the leaders from small island nations, who typically advocate strongly for climate action due to rising sea levels, have also largely been absent.
