Focus on climate funding as COP29 begins in Azerbaijan
Azerbaijan, the host of this year’s UN climate conference, COP29, on Monday called on all countries to urgently resolve outstanding issues to agree on a new climate finance goal to help developing nations in combating and adapting to climate change.
Delivering his remarks at the opening ceremony of the UN summit, COP29 President Mukhtar Babayev said current policies were leading the world towards 3°C of warming. He said the COP29 Presidency’s top priority was to find consensus on a fair and ambitious New Collective Quantified Goal (NCQG), or new climate finance goal, to replace the previous goal of USD 100 billion per year, agreed in 2009.
Babayev emphasised that negotiations had seen some progress, but a lot of work is left, with just 12 days to land the deal. Negotiations in recent months have revealed deep divides, with countries disagreeing on almost every element of the NCQG.
Developing countries have argued that the NCQG must address their needs and priorities. Developed nations have argued that nations that have become wealthier since 1992, such as China and some Gulf states, should also contribute to the new climate finance goal.
Meanwhile, the World Meteorological Organisation (WMO) has warned that 2024 is on course to become the hottest year ever recorded, with global temperatures reaching unprecedented levels.
According to a report titled “State of the Climate 2024” released on the opening day of the COP29, the January-September global mean surface temperature was 1.54°C above pre-industrial levels. Besides, ocean heat content reached a historic high in 2023.
India to push for fair financing
- India’s approach at COP29 focuses on accountability, green credit, fair financing, and incremental goals for its developing economy.
- In a departure from past conferences, India will not host a pavilion at COP29.
- This absence comes as India balances its role as a developing nation, particularly as the world looks to emerging economies for leadership in reducing emissions.
