Photo source: Kiara Worth / UNFCCC. Retrieved from unu.edu
It is the time of year again for climate policy to take centre stage. From 11 to 22 November 2024, world leaders, decision makers and other stakeholders such as representatives of the private sector, youth and civil society, will gather in Baku, Azerbaijan for the 29th Conference of the Parties, or COP in short. This means the spotlight is once again on the climate crisis and the actions needed to address it. Countries will have to follow up on previous commitments and advance new ones, all amidst geopolitically challenging times. Here are 5 highlights to expect at this year’s climate summit:
At COP29, negotiators will need to set a new global climate finance target for 2025 and onwards, working from the $100 billion per year commitment that countries agreed upon before. Tough negotiations lay ahead to address quantity and quality of climate finance, to put fair expectations on contributors of climate finance and ensure impact, and to mobilize necessary investment from the private sector. The new target must not only significantly increase financial pledges but should also improve the accessibility of these funds.