UN raises alarm as climate talks begin in Azerbaijan

Contact Counsellor

Last Updated13/11/2024

COP29, termed the “climate finance COP,” has one major objective: establishing a concrete financial commitment from developed countries to support climate action in developing nations.

COP29, held in Baku, aims to secure a concrete financial commitment from developed nations to support climate action in developing countries.
Discussions focus on who will provide the funds and the scale of financing needed, estimated in trillions of dollars to address the following:
- Transition to Clean Energy: Moving away from fossil fuels.
- Adaptation Support: Helping nations prepare for and mitigate climate impacts.
- Compensation for Loss and Damage: Assisting vulnerable countries facing climate-related destruction.

Developing nations, disproportionately affected by climate change, face insurmountable costs from extreme weather events like floods, droughts, and storms.
The scale of financing needed far exceeds current commitments.

Former U.S. President Donald Trump, known for his climate skepticism, has pledged to withdraw from the Paris Agreement again.
Although the current delegation represents the Biden administration, Trump’s victory introduces uncertainty around the future of U.S. climate financing and global commitments.

The lack of binding accountability measures has created frustration among developing nations.
Calls for clear timelines and mechanisms to ensure pledged funds are delivered are expected to dominate discussions.

Climate Finance: Advocating for transparent and robust financial commitments from developed nations.
Accountability Mechanisms: Ensuring funds are delivered on time and used effectively.
Support for Vulnerable Communities: Pushing for increased focus on adaptation and loss-and-damage compensation to protect those most at risk.

The summit’s success hinges on bridging the divide between developed and developing nations, particularly regarding climate finance. The re-election of Trump complicates the scenario, raising concerns over long-term U.S. engagement in global climate initiatives.
However, as negotiations unfold, the hope remains that COP29 can establish a financial framework to support developing nations in combating the growing threats of climate change.