COP29 Azerbaijan: Key Stakes and Global Implications at the 2024 Climate Summit

As COP29 unfolds in Baku, Azerbaijan, global leaders are focusing on strategies to tackle the escalating climate crisis. Hosted in a region heavily reliant on fossil fuels, the event has drawn criticism from activists like Greta Thunberg, who labeled it a “greenwash conference.” Despite these critiques, pressing issues are on the agenda, with “climate finance” as the central focus.

US Climate Policy Shift Looms

The recent re-election of Donald Trump casts a shadow over COP29, with the U.S. potentially withdrawing from the Paris Agreement again. As the world’s second-largest greenhouse gas emitter, the U.S. plays a pivotal role in achieving climate targets, but Trump’s stance suggests a rollback on past commitments. This uncertainty underscores the need for clear international strategies, especially as other nations debate funding responsibilities for global climate action.

Key Agenda Items: Finance and Fair Contributions

Dubbed the “finance COP,” COP29 emphasizes the need for increased financial aid to support lower-income countries in climate adaptation and emission reductions. The UN estimates that developing nations require $2 trillion annually by 2030 for adequate climate action, with at least $1 trillion to be supplied by wealthier nations. Calls for financial participation from high-emitting developing nations, such as China and the UAE, have also intensified.

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Nationally Determined Contributions and Long-Term Goals

The summit seeks to advance Nationally Determined Contributions (NDCs), with each nation revising their emissions targets in line with the Paris Agreement. Updated NDCs are crucial as countries prepare for the next five-year review in 2025, offering a chance to strengthen global commitments and build momentum for the 2030 and 2050 climate targets.

The Role of COP29 in Global Energy Transition

Following last year’s historic decision to “transition away from fossil fuels,” COP29 faces challenges in maintaining momentum, especially given Azerbaijan’s dependency on oil and gas exports. A leaked recording suggests Azerbaijan’s officials may be more open to promoting fossil fuel interests, sparking concerns about whether COP29 will uphold its commitment to climate-friendly policies.

2024: A Year of Extreme Climate Events

This year has been marked by record-breaking temperatures and devastating storms worldwide. Furthermore, The EU’s Copernicus Climate Change Service expects 2024 to be the hottest year on record. Such climate extremes heighten the urgency of COP29’s deliberations, emphasizing the need for swift, collaborative action.

COP29 in Baku could define the trajectory of global climate commitments, financial responsibilities, and energy transition. With mounting calls for immediate action, this summit serves as a pivotal moment to confront the climate crisis head-on.