The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) begins on Monday 11 November in Baku, Azerbaijan, with one of the main objectives being to determine funding for climate action.
The meeting, which runs until the 22nd, is expected to be marked by negotiations on the so-called ‘New Collective Quantified Goal’ (NCQG).
The aim is to establish a new amount of North-South financial aid for the fight against and adaptation to climate change, a year after the unprecedented agreement between countries from all over the world in favour of a ‘transition’ away from fossil fuels at COP28.
It also aims to achieve emission reduction commitments by 2030, after the latest UN report on greenhouse gas (GHG) emissions predicted global warming of 3.1 degrees Celsius (°C) by the end of the century if current policies are maintained.
The Paris Agreement determined that the reduction of GHG emissions should prevent global temperatures from rising more than 2 ºC above pre-industrial values, and preferably not more than 1.5 ºC.
The agenda also includes a global stocktaking of progress on emissions reductions since the Paris Agreement and it is hoped that an agreement on the Global Adaptation Goal (GGA) by 2025 will be possible.
Delegations from almost 200 countries will attend the summit, which is expected to have around 50,000 participants.
COP29 will be marked by the absence of the presidents of the United States and Brazil, as well as the president of the European Commission, Úrsula von der Leyen, among the leaders of several countries that traditionally take part in the negotiations.
Lusa
