As the cost of inaction becomes increasingly evident, securing financing for clean alternatives to fossil fuels-key contributors to climate change-will be top of the agenda at COP29, the upcoming UN climate conference in Baku, Azerbaijan, starting on November 11.
The stakes are high as COP29 takes place in a critical yet not hopeless context.
A recent UN climate report, released just ahead of the conference, revealed that global temperatures are nearing a rise of 1.5°C above pre-industrial levels. If this trend continues, the world could face a catastrophic increase of 2.6-3.1°C by the end of the century, unless significant cuts to greenhouse gas emissions are implemented immediately. A failure to act will result in more frequent and severe extreme weather events.
The UN is urging swift collective action, particularly from the G20 nations and major emitters, to achieve the emissions reductions necessary to limit global warming.
What is the UN Climate Change Conference?
The climate crisis is a global challenge requiring unprecedented international collaboration. The UN and its Secretary-General play a pivotal role in leading these efforts. The annual UN Climate Change Conferences, also known as COPs (Conferences of the Parties to the UN Framework Convention on Climate Change), serve as the primary multilateral platform for climate action. These conferences gather nearly every country to negotiate and decide on global climate solutions.
COPs are essential in addressing the climate crisis, limiting global temperature rise to 1.5°C, supporting vulnerable communities, and achieving net-zero emissions by 2050. These forums bring together a diverse range of participants, including world leaders, government officials, business executives, climate scientists, Indigenous Peoples, and youth, all working together to advance effective climate solutions.
What is the focus of COP29?
A top priority for negotiators in Baku will be agreeing on a new climate finance goal, one that ensures every country has the means to take much stronger climate action, slash greenhouse gas emissions and build resilient communities.
The aim is for the conference to help unlock the trillions of dollars that developing countries need in order to mitigate harmful carbon emissions, adapt to climate change and cope with the loss and damage it has caused.
Look out for a continuation of discussions held at the UN Summit of the Future earlier this year on reforming the international financial architecture. The UN Secretary-General, Antonio Guterres has described the current system as “entirely unfit for purpose” and ill-equipped to cope with today’s challenges: many poor countries are facing unsustainable levels of debt that leave them unable to invest in social protection and health care, let alone measures that would bring about the transition to a low carbon economy.
What will happen over the two weeks?
As ever, there will be a packed schedule of negotiations, speeches, press conferences, events and panel discussions at the conference site, divided into a Green Zone – which is overseen by the COP29 Presidency and open to the general public – and a Blue Zone managed by the UN.
This is where the nitty-gritty of the negotiations will take place, as the representatives of the nations of the world try to thrash out a deal by the end of the event. An agreement is usually reached, but not without drama, with last minute disagreements pushing the talks beyond their official deadline.
Why are COPs important?
The importance of COPs lies in their convening power: the decisions made at each of them may not go as far as some may hope, in terms of addressing the climate crisis, but they are made by consensus, uniting the countries of the world in international agreements that set standards and advance action in critical areas.
In 2015, at COP21 in Paris, a landmark climate agreement was reached in which countries agreed to reduce global warming to well below 2 degrees Celsius above pre-industrial levels and pursue efforts to limit it to 1.5 degrees. The Paris Agreement works on a five- year cycle of increasingly ambitious climate action by countries. The next updated national climate action plans – known as Nationally Determined Contributions, or NDCs – are due in 2025. This process has led to incremental but important improvements, in terms of reduced emissions and measures to promote the adoption of renewable energy sources.
Each year, negotiators build on progress made at the previous year’s COP, strengthening aspirations and commitments, and pushing for new agreements, based on the latest scientific findings on the climate, and the role of human activity in the crisis.
What comes next?
Beyond the conference walls, there are many positive signs that the clean energy transition is gathering pace, and already paying huge dividends, in terms of the creation of jobs and boosting the economies that are embracing it.
Renewables are entering the energy system at an unprecedented rate, and electricity from new wind and solar power is now cheaper in most places than electricity from fossil fuels.
A future powered by renewable energy is now inevitable. Those who take decisive action and invest in clean technologies today are expected to reap the biggest rewards in the years to come.
Even before the end of COP29, delegates will be ironing out the details of their improved national climate plans, which amongst other targets will focus on transitioning away from fossil fuels, and keeping the world on track to a no more than 1.5 degree increase in global temperatures.
Bangladesh and COP29
Despite contributing minimally to global emissions, Bangladesh is one of the countries most affected by climate change.
Bangladesh has urged developed countries to fulfill their climate finance commitments and provide technological support to nations most vulnerable to climate impacts.
“It’s time that developed nations uphold their commitments to support the most affected countries,” said Environment Adviser to interim government of Bangladesh Rizwana Hasan , recently, highlighting the disproportionate challenges faced by vulnerable nations like Bangladesh.
She called for equitable solutions that reflect the realities of nations on the frontlines, emphasizing that Bangladesh’s resilience must be bolstered by substantial support from the global community.
She also noted the government’s commitment to increasing youth engagement in climate initiatives.
