The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), known as COP29, began on November 11 in Baku, Azerbaijan. This pivotal event aims to develop and implement ambitious yet achievable national policies to limit global warming to 1.5 degrees Celsius by the end of the century.
Nearly three decades after the first COP in Berlin, the focus remains on enhancing international efforts to restrict global warming and prevent catastrophic environmental damage. This year, a significant emphasis is placed on identifying new funding sources to support these initiatives.
With current progress falling behind the carbon emission reduction targets set by the Paris Agreement, urgent action is required to attract global attention and additional investments to combat climate change. Preliminary discussions at COP29 suggest that resolutions will likely urge all countries to expand their nationally determined contributions (NDCs) by 2025. This expansion will emphasize a gradual yet decisive phase-out of fossil fuels and an increased reliance on renewable energy sources.
Azerbaijan, the host nation and a fossil fuel producer, anticipates that all participants will develop and approve their national adaptation plans (NAPs) by next year. These plans will highlight the need for increased funding to support climate resilience efforts. Additionally, COP29 is advocating for global financial institutions and the private sector to boost climate finance and invest in green innovation.
One of the standout initiatives expected to gain approval at COP29 is the Climate Finance Action Fund (CFAF), based in Baku. Azerbaijan has committed to making the initial contribution of $1 billion from fossil fuel-producing countries and companies. The CFAF aims to invest in renewable energy projects and support climate initiatives in developing nations, with any profits reinvested into further projects.
Current trends indicate that global carbon dioxide emissions are nearing their peak. However, without significant reductions, the planet's average temperature could rise by 2.4 degrees Celsius by the century's end, leading to severe consequences for humanity. Achieving essential energy targets, such as tripling global renewable energy capacity and doubling the rate of energy efficiency by 2030, is crucial to bridge the emissions gap.
Under the Paris Agreement, governments are expected to set a new climate finance target by 2025, known as the New Collective Quantified Goal (NCQG). According to the 2022 report from the Independent High-Level Expert Group on Climate Finance, developing countries will require approximately $1 trillion annually by 2025 and $2.4 trillion by 2030 to meet their climate finance objectives.
Reference(s):
cgtn.com
