Wednesday, February 12, 2025
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Setting the World Up for Success at COP29

“Unlocking the Path to Climate Finance: Insights from the Baku Summit”

The COP29 Presidency of Azerbaijan, led by Mukhtar Babayev, is currently hosting crucial climate negotiations in Baku, focusing on both technical and political aspects of the UN talks. These discussions are seen as a pivotal moment leading up to the COP29 summit, which is a critical event in the global fight against climate change.

The urgency of the situation is evident, with extreme weather events causing significant economic losses in the first six months after COP28. The need for decisive action to address climate change is becoming increasingly pressing as the costs of inaction continue to rise.

One of the key priorities for the COP29 Presidency is the establishment of a new global climate finance goal, particularly focusing on the New Collective Quantified Goal (NCQG) for climate finance. This goal is essential for enabling climate action, especially in developing nations, and must address the urgency and scale of the climate crisis. Transparency in financial commitments aligns with the goals set out in the Paris Agreement.

There are positive signs of convergence on critical issues related to climate finance, but more work is needed to ensure a goal that is inclusive and implementable by all parties. Political engagement at the highest levels is crucial, with involvement from various government ministries and heads of state necessary to drive progress.

The COP29 Presidency is actively working on updating Azerbaijan’s Nationally Determined Contribution (NDC) in line with the 1.5C goal, with support from partners in the UAE and Brazil. Concrete actions, such as signing contributor agreements for the Fund for responding to Loss and Damage, are urgently needed, along with increased contributions to climate funds.

The timely submission of NDCs, National Adaptation Plans (NAPs), and Biennial Transparency Reports (BTRs) will be crucial in enhancing ambition across all pillars of the Paris Agreement. The COP29 Presidency will soon release the program for Presidency-led events at COP29, providing further opportunities for engagement and action.

The success or failure of COP29 will be a collective effort, requiring all parties to offer their best to meet the monumental challenge of addressing climate change. By working together and investing in climate action today, we can pave the way for a successful COP29 and a more sustainable future.

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