Nearly time for COP29

The 29th Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC) will be held in Baku, Azerbaijan, from Monday, 11 November, to Friday, 22 November 2024. COP29 marks a critical stage in the fight against climate change, as 198 parties (197 countries plus the European Union) are already working to define new national climate commitments, known as Nationally Determined Contributions (NDCs), which are to be submitted by 2025. These commitments must align with the goal of keeping global warming below 1.5°C. The priority is to secure deep, rapid, and enduring emission reductions to keep temperatures under control and below the 1.5°C threshold.

This year’s conference takes place against a backdrop of geopolitical conflicts, energy security concerns, and global instability, with the pressing awareness that the window of opportunity to prevent surpassing a 1.5°C temperature increase is closing. The focus, therefore, must be on investing today to safeguard tomorrow. Baku’s COP29 presidency plan is structured around two mutually reinforcing pillars:

• The first, “enhancing ambition,” integrates key elements to ensure that all Parties commit to ambitious and transparent national plans.
• The second, “enabling action,” underscores the pivotal role of finance—a key instrument for turning ambition into action, reducing emissions, adapting to climate change, and addressing losses and damages.

Other priority topics on the COP29 agenda include setting up the Loss and Damage Fund, progressing on transparency tools, and strengthening support for National Adaptation Plans. Furthermore, the summit will aim to unlock diverse solutions for climate and fiscal financing, including doubling funding for adaptation and establishing rules for carbon market mechanisms.