Azerbaijan took on the responsibility of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), amidst the presence of 198 parties, for a full year until handing it over to Brazil at the end of 2025. However, the implementation of the "new collective quantitative target" (NCQG) appears to be the most notable challenge facing the Azerbaijani presidency.
On Monday, the events of the COP29 commenced with the opening by the President of the COP28, Dr. Sultan Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology, who in turn handed over the presidency of the conference to his Azerbaijani counterpart, Mukhtar Babayev.
Al Jaber explained that "COP28" has opened new horizons and achieved unprecedented accomplishments in the field of climate action, the most notable of which is the establishment of the "Troika of COP Presidencies," which serves as a pioneering model for cooperation and coordination between the presidencies of "COP28," "COP29," and "COP30" and for stimulating global efforts.
He emphasized that in order to uphold the legacy of the "UAE Agreement," the troika will continue to mobilize efforts from all multilateral platforms, including the United Nations system and the G20, and he urged all parties to adhere to the roadmap the troika has laid out for the 1.5-degree mission.The Treasury of Climate Action
COP29 earned the title of "Finance COP" due to the climate hopes and ambitions related to the issue of financing, which constitutes some sensitivity in climate negotiations, especially concerning the most important and prominent question, "Who pays?" The principle of "the polluter pays," which condemns the developed countries historically responsible for greenhouse gas emissions causing global warming, has long established the answer to this question.
Indeed, developed countries committed during the COP15 events, which took place in Copenhagen, Denmark, in 2009, to provide $100 billion annually to developing countries by 2020. However, this commitment did not receive the attention it deserved.
Over time, the need for financial resources to fund climate action has increased—a topic that previous COPs have discussed extensively until the negotiations reached the Azerbaijani table, which is now tasked with taking the negotiations to actual implementation and establishing clear mechanisms for the new collective quantitative goal to replace the $100 billion target.
However, this time around, the estimated funding amounts to approximately $1.3 trillion. We expect this funding to commence in 2025. Therefore, Azerbaijan must resolve the issue of climate financing before Brazil takes over the conference presidency next year.
In this regard, Mukhtar Babaev said in his opening speech: "We must invest today to save our planet and our future." He emphasized that investing every dollar in combating climate change can make a tangible difference, and he called for this conference to be a turning point toward a sustainable future.
Simon Stiell, the Executive Secretary of UN Framework Convention on Climate Change, said in his speech, "Let us abandon any notion that climate financing is a charitable act. The new ambitious goal for climate financing serves the self-interest of every country, including the largest and wealthiest nations."
Stiell clearly calls on the countries historically responsible for greenhouse gas emissions causing global warming to assume the responsibility of funding, rather than evading the shared responsibility that has underpinned the Conferences of the Parties for nearly 30 years. In his speech, Stiell highlighted the idea that the parties' work toward the new financing goal would benefit all countries in the world, including rich and developed nations as well. He emphasized the importance of implementation and diligent work to reform the global financial system.
Given its importance for climate action, the presidencies of COP27 in Egypt and COP28 in the United Arab Emirates worked to advance the Loss and Damage Fund until its approval and activation on Arab soil. Dr. Al Jaber emphasized the necessity of financially supporting the Loss and Damage Fund; its funding began at COP28, and its total funding has reached $853 million so far.
The United Arab Emirates took the lead in funding the fund, and other parties followed suit, speeding up the activation process. Today, the Philippines is hosting the board of directors of the loss and damage fund. Al-Jaber, on the other hand, emphasized the importance of investing in the "Alterra" fund, which launched at COP28 to support climate action financing.
Al-Jaber emphasized the significance of implementing the new collective quantitative target, as it plays a crucial role in fulfilling the provisions of the UAE agreement. He emphasized that cooperation among the parties is essential to enhancing climate action.
Beyond hopes and dreams
A touching moment mentioned by Stiell during his speech was a photo of him with his neighbor Florence in front of her house, which was destroyed by a hurricane that occurred on Carriacou Island in the Caribbean Sea.
That image is a vivid and realistic example of the climate crisis, whose effects are worsening day by day. Indeed, the year 2024 has recorded the highest temperatures, and the "2024 Emissions Gap Report," published by the "United Nations Environment Programme" at the end of October, indicates that greenhouse gas emissions could lead to an average global temperature increase of between 2.6 and 3.1 degrees Celsius over the current century. This is a devastating increase that would disrupt life on the surface of the Earth, contradicting the 1.5 degrees Celsius goal of the "Paris Agreement."
Antonio Guterres, the UN Secretary-General, described this report as a signal that we are "playing with fire," suggesting the thermal disasters the world may face if necessary actions are not taken to reduce greenhouse gas emissions.
Those measures must be practical and actionable; Stiell emphasized in his speech at COP29 that we should not rely on hopes and dreams in facing the tasks and difficult times that the world is currently experiencing, and these difficulties are worsening day by day. This is a call from him to make realistic decisions and measures that would resolve the crisis. He said, "We must not let 1.5 slip from our hands, and even with rising temperatures, implementing our agreements should bring it back to safe levels."
