COP 29 in Baku
As COP 29 unfolds in Baku, Azerbaijan, global leaders, climate experts, and negotiators have converged to address the increasingly urgent issue of climate change. Central to COP 29’s agenda are initiatives focused on financing climate action, adapting to unavoidable climate impacts, and renewing national commitments to cut greenhouse gas emissions. This year’s conference is marked by heightened concerns around climate finance, specifically to help nations most affected by climate change prepare and respond to its impacts.
One of COP 29’s primary goals is to drive forward funding for the Loss and Damage Fund, established to support developing countries disproportionately affected by climate-induced events like floods, droughts, and rising sea levels. However, contributions to the fund have been limited, with roughly $700 million pledged—far below what is needed given the estimated $580 billion in damages faced by developing nations by 2030. This funding shortfall highlights the ongoing struggle to secure financial commitments from wealthier nations to support climate-vulnerable countries effectively.
Also high on the agenda is the establishment of more ambitious climate pledges under the Paris Agreement’s “Nationally Determined Contributions” (NDCs). Countries are expected to set more rigorous emission reduction targets for 2030 and 2035 to keep global warming within the 1.5°C threshold. By requiring national plans to integrate sector-specific targets in energy, agriculture, and transport, COP 29 aims to ensure a coordinated global effort across industries, which would also guide private investments toward sustainable development goals.
Geopolitical factors, however, are complicating the summit. Notably, the recent U.S. presidential election results have cast uncertainty over the nation’s future climate commitments. President-elect Donald Trump, who has previously threatened to withdraw the U.S. from the Paris Agreement, raises concerns about continued U.S. engagement in international climate negotiations. The absence of several key leaders from the U.S., EU, China, and Russia, coupled with domestic challenges in their respective countries, underscores the complexities of achieving a unified front on climate action at this COP.
As COP 29 progresses, attention will also be given to adaptation strategies, including the Global Goal on Adaptation. With a substantial funding gap to close, negotiators are seeking ways to double adaptation finance by 2025. This financing would bolster resilience efforts for communities on the frontlines of climate change, especially in low-income nations, where adaptation is often hindered by limited resources.
By the end of the summit, global stakeholders hope to see COP 29 deliver concrete financial commitments and updated national targets, setting a strong foundation for the critical COP30 in Brazil next year. The outcome of this summit will be pivotal in determining whether the world can collectively meet climate goals or fall short in the face of growing climate impacts.
