The conference (COP29) is one of the most anticipated international summits, as the agenda for 2024 will center around climate finance.
The 29th Conference of the Parties (COP29) is set to begin on November 11, 2024, Monday at Baku, Azerbaijan. In the past year alone, countries have recorded various incidents which constitute a climate emergency, such as the heat wave across Europe and Asia, the recent floods in Spain, numerous hurricanes and cyclones in both the Eastern and Western coasts of the Pacific Ocean etc. These incidents are a shocking reminder of the climate crisis.
Therefore, this year’s COP29 is one the most anticipated international summits, as the agenda for 2024 will be centered around climate finance. The last time climate finance was set as a target at the conference was at the 2009 COP15 organised in Denmark. It is an established fact that the developing world is paying the price for the climate adversities created by or originating in developed countries.
Therefore, at this year’s summit, the developing world is making a proposal to raise investments in order to facilitate their transition from fossil-fuel dependency to renewable energy. At the Paris Agreement, the countries reached an agreement that the flow of capital must be from richer to poorer countries so as to assist them to reduce their greenhouse emissions.
While the benefits of renewable energy are far-reaching, the investment required to develop and implement the necessary infrastructure, particularly in developing countries, is too large for them to source on their own. The New Collective Quantified Goal (NCQG) of the Paris Agreement required the developing world to come up with an estimated figure which the countries require for this purpose. India alone submitted a request for US $1trillion a year, while a group of African nations made an estimation of US $1.3 trillion annually. Research conducted by the Oil Change International indicates that if rich countries impose wealth and corporate taxes and cut down on fossil fuels, US $5trillion can be raised per annum.
Most notably, it is the absence of the US, under the new Trump Presidency which is bound to cause problems for the convention. Despite being the largest economy in the world, President Trump has vowed to yet again withdraw the US from the Paris Agreement. Instead promises to renew oil drilling licenses and offer tax cuts from the oil and natural gas sector had been the key talking points during his campaign to power.
Brazil which incidentally has the G20 Presidency this year, under the leadership of Lula da Silva is set to push to the UN to take greater responsibility for climate action at the COP29 Summit and is also advocating for wealth tax to be levied on billionaires. The UK Prime Minister Keir Starmer is expected to unveil new plans for the country to reduce greenhouse gas emissions and also follow through on previous PM Rishi Sunak’s promise to provide £11.6billion to poor countries to tackle climate change.
Ed Miliband, UK Energy Secretary, has stated that they will take the lead at the COP29 conference to ensure a global consensus to work towards safeguarding not only UK, but also the rest of the world from the perils of an impending climate crisis. This is a welcome sign for the conference, as several other European leaders like French President Emmanuel Macron, German chancellor, Olaf Scholz and EU Commission President Ursula von der Leyen will be absent this year.
Yet another group which is set to make an appearance at the conference are the representatives of the Taliban, who will be making their debut this year. Afghanistan has been facing several climate-related issues such as frequent droughts and water scarcity, which has prompted to attend the convention in order to enhance collaboration with the global community to build the necessary infrastructure.
Despite these political and financial setbacks, much is expected from the Baku Conference, particularly for developing countries who are the first in line to face the adverse impact of climate crisis. Focusing on the necessary finances and discussing reforms in global financial institutions such as the World Bank for this purpose will help hasten a collective global climate action.
