This year’s UN climate conference, COP29 Summit, is happening in Baku until November 22. From securing climate finance to managing discussions amid serious geopolitical crises in different regions, there are a lot of things on the agenda.
The COP29 Summit has been billed as the ‘finance COP’. Much of the discussion is going to remain around setting and defining a fresh global climate finance goal. It is estimated that global communities need $2.4 trillion annually in order to meet climate objectives.
The next topic on the agenda is certainly the Loss and Damage Fund. Building on the progress from COP28 Summit in Dubai, the Baku conference is focusing on operationalising the structure and scope of this fund. So far, $700 million has been added to the fund in pledges.
Top topics on the agenda at COP29 Summit in Baku
The COP29 Summit in Baku comes at a crucial period as countries across the globe face the final opportunity to update their Nationality Determined Contributions (NDCs) before that 2025 deadline. The Summit seeks to encourage nations to intensify their climate goals.
There are also the nature-based solutions and Indigenous rights on the agenda. NBS offers a dual benefit of enhancing biodiversity and addressing climate challenges. These solutions are also deeply connected to protecting rights of Indigenous communities.
In the end, the COP29 climate conference is also focusing on carbon markets. If functioning properly, these markets can facilitate the exchange of carbon credits, enabling scores of countries to meet their climate commitments more flexibly.
