What is COP29? How It Started, Key Goals, and What to Expect

The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) is taking place in Baku, Azerbaijan, from November 11 to November 22, 2024.

This important climate summit brings together representatives from around the world to discuss and plan actions to address climate change.

The theme of this year’s conference is focused on “finance,” with discussions mainly about securing funding for climate action, especially for developing countries.

 The Origins of COP

COP meetings started in 1995 with the first one held in Berlin, Germany. It was set up under the UNFCCC, a global agreement aimed at tackling climate change.

The UNFCCC itself was created after the Earth Summit in Rio de Janeiro in 1992. Over the years, COP meetings have resulted in key agreements like the Kyoto Protocol in 1997 and the Paris Agreement in 2015, both of which set important goals for cutting greenhouse gas emissions.

 Goals and Objectives of COP29

COP29 has several key objectives:

1. Climate Finance: One of the main goals is to set a new global target for climate finance that meets the needs of developing countries. Developed nations had committed to providing $100 billion each year to support these countries’ climate efforts, a promise that was only fully met in 2022. The goal now is to reach $1 trillion annually by 2030 to help developing countries fight climate change.

2. Nationally Determined Contributions (NDCs): Countries will review and strengthen their NDCs, which are promises to reduce emissions. The next update on these commitments is due in 2025, so COP29 is a key opportunity for countries to set clear and ambitious goals.

3. Loss and Damage Mechanism: COP29 aims to finalize a plan for the loss and damage fund, which helps countries that are suffering from climate-related damages, like floods and droughts, even though they have contributed little to global emissions.

5. Carbon Markets: There will be discussions on how to regulate carbon markets, which help with emissions trading and ensuring money is directed to climate projects.

6. Adaptation Strategies: The conference will also focus on ways to help countries, especially small island nations and others most affected by climate change, adapt to environmental challenges.

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 Participants and Stakeholders

COP29 brings together representatives from 197 countries, including government officials, non-governmental organizations, activists, and business leaders.

Public figures like Greta Thunberg have expressed concerns about the effectiveness of COP meetings, saying they can sometimes just promote “greenwashing” unless real actions are taken.

Key organizations involved include:

– United Nations Development Programme (UNDP): Advocating for inclusive climate action and financial reforms.

– World Resources Institute (WRI): Working on enhancing national commitments and accountability.

– Intergovernmental Panel on Climate Change (IPCC): Provides scientific data that guides policy decisions.

Private sector companies are also attending, hoping to align their sustainability goals with global climate commitments.

 Impact on Africa

COP29 is especially important for Africa, where climate change is having a big impact despite the continent contributing very little to global emissions.

The focus on financing at COP29 could lead to more funds for renewable energy projects in Africa, which could help the continent grow its economy while reducing dependence on fossil fuels.

Initiatives like the African Renewable Energy Initiative aim to tap into Africa’s huge solar potential, and support from COP29 could boost these efforts.

Additionally, the focus on loss and damage mechanisms could help African countries that are facing extreme weather, like droughts and floods, by providing financial support to recover and build resilience against future climate shocks.

Conclusion

COP29 is a crucial moment for climate action, especially with its focus on securing the financial resources needed to address climate change.

The outcomes of this summit will not only shape international policies but also affect local actions, especially in regions like Africa, which are hit hardest by climate change.

Success at COP29 will depend on countries, businesses, and civil society working together to turn ambitious promises into real actions that help vulnerable communities worldwide.

By fostering open dialogue about finance and adaptation strategies, COP29 hopes to pave the way for a future where all nations can thrive, even in the face of climate challenges.