Focus on Finance: COP29, dubbed the “Finance COP,” highlights the need for stronger climate finance mechanisms, including the NCQG and Loss and Damage Fund, to support vulnerable nations.
Implementation vs. Pledges: The summit underscores the gap between pledges and action, stressing the need for countries to honour commitments, as exemplified by India’s adherence to the Paris Agreement.
Controversy in Leadership: Appointing an oil executive as CEO of COP29 has sparked criticism, questioning the authenticity of climate commitments
The Conference of Parties (COP) summit under the UNFCCC has been organized in Baku. It began on November 11 and will continue until November 22, 2024. The COP is an annual climate summit attended by UNFCCC member countries. Last year, it was held in the United Arab Emirates. This year’s theme for the summit is “Test Our Commitment to the Multilateral Climate System.”
During the summit, certain agenda items have been set for discussion and negotiation. One of the main topics is the New Collective Quantified Goal (NCQG), a financial mechanism for addressing climate change. This year’s summit is also referred to as the “Finance COP” due to its focus on financial commitments. The NCQG aims to redefine the 2009 COP’s $100 billion commitment to countries suffering from the impacts of climate change—a goal that was never fully met, as the funds were not transferred as promised. The new NCQG introduces more ambitious targets to make the climate finance mechanism more robust and effective.
The second major agenda for this year’s climate talks is the Loss and Damage Fund. According to estimates, around $580 billion is required for loss and damage, meaning the countries suffering from the impacts of climate change would receive funding. This Loss and Damage Fund was introduced in the Paris Climate Agreement of 2015, but it was never fully implemented. Therefore, there is a renewed effort to renegotiate the Loss and Damage Fund this year. Another key focus for this year’s climate summit is the Nationally Determined Contributions (NDCs), adaptation efforts, and the Biennial Transparency Report, which was agreed upon in the Paris Climate Agreement. The deadline for submitting these reports is December 31, 2024. Additionally, there will be discussions regarding the protection of indigenous communities and others affected by climate change.
There are two major issues that stand out for this year’s climate summit. It is important to understand that, more than the agenda, what truly matters is the outcome of these discussions. The results of the summit will be crucial, as past climate summits have struggled to stand firm on commitments. For example, India remains the only country that has fully implemented all of the commitments from the Paris Climate Agreement, which was established nearly a decade ago. It is essential for countries to realize that the commitments made at this summit should not remain just on paper or be ceremonial; they must lead to tangible actions that can significantly impact nations’ responses to climate change.
The summit has faced criticism, especially regarding the appointment of Elnur Soltanov, the Deputy Minister of Energy in Azerbaijan, as the CEO of this year’s climate summit in Baku. Soltanov is also a board member of SOCAR, an oil-based company. The controversy arises because, while the summit’s commitments are aimed at fighting climate change, it is somewhat hypocritical for the minister of oil and non-renewable energy to be heading the event. This raises questions about the genuine commitment to tackling climate change.
Aayush Pal is a freelance writer on contemporary geopolitical developments. The views expressed in his work are entirely his own.
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Dhruv Ashok