What will be discussed at COP29 this year?

The main topic of the COP29 conference, known as the "financial COP", will be a significant increase in the climate ambitions of individual countries and obtaining the necessary funds for their implementation. The Baku climate summit will focus on four main themes: loss, damage, adaptation and mitigation. These aspects apply to the four pillars of climate action, in which countries invest in new infrastructure to protect the population from the most serious impacts of climate change, switch to zero-emission technologies and systems, and compensate for damages if adaptation measures fail.

The host Azerbaijan sets several priorities aimed at obtaining funds for the implementation of climate measures:

1. New Collective Quantified Climate Change Financing Target: In 2009, delegates agreed to raise $100 billion by 2020 to help climate-vulnerable countries adapt to the crisis. At this year's conference in Baku, a new goal will be determined, which will be based on the current needs of these countries.

2. Comprehensive Loss and Damage Response Fund: This fund will provide support to low-income countries to recover from climate-related disasters that could not be prevented through mitigation or adaptation. During COP29, concrete Fund responses to these losses and damages will be discussed, particularly in relation to the New Collective Quantified Target.

3. Updated Nationally Determined Contributions (NDCs): Important for meeting the 1.5°C global warming limit under the Paris Agreement are individual countries' efforts to reduce greenhouse gas emissions, known as NDCs. Every five years, countries submit revised NDCs to the UNFCCC Secretariat, adapting their targets to current climate needs. Baku will be an opportunity for broader joint reflection before the next submission in 2025.

4. Article 6 of the Paris Agreement: Countries will address the details of achieving their climate goals through market and non-market mechanisms, particularly in the area of carbon credits. Regulation of these credits will be debated at COP29, with some preferring a less stringent approach, while others are calling for tighter rules to ensure transparency and protect human rights. These decisions will be fundamental for shaping the financing of climate measures and their global impact. (Co2AI)