As COP 29 begins in Baku, Azerbaijan, the world finds itself at a critical juncture for climate action. This annual United Nations Conference of the Parties brings together global leaders, policymakers, and advocates to address the urgent and growing impacts of climate change. With 2023 marked by record-breaking floods, deadly heatwaves, and a looming 1.5°C global warming threshold, the stakes at COP 29 are higher than ever. This conference could set a crucial path toward sustainable change and help secure a livable future.
Here’s a breakdown of five essential areas to keep an eye on during COP 29:
1. Nationally Determined Contributions (NDCs): Preparing for Higher Commitments
One of COP 29’s primary objectives is to set the stage for countries to renew and enhance their Nationally Determined Contributions (NDCs) in time for COP 30. These NDCs, updated every five years, represent each nation’s pledged commitment to cut emissions and play a vital role in mitigating climate change. Currently, we are on track for an estimated 2.4°C rise in global temperatures—a trajectory with severe implications for biodiversity, human health, and entire ecosystems. COP 29 offers a chance for nations to align with the 1.5°C goal by presenting ambitious, transparent decarbonization plans.
2. New Collective Quantified Goal (NCQG) on Climate Finance: Expanding Support
The New Collective Quantified Goal (NCQG) on climate finance is another key focus area. For years, wealthier nations have pledged $100 billion annually to assist developing countries in both mitigating and adapting to climate impacts. However, the need has far outpaced this initial commitment, leaving many vulnerable nations without adequate resources. This year’s discussions will aim to redefine and increase this financial commitment, ensuring that vulnerable countries receive sufficient funds to combat the effects of climate change effectively. Additionally, building mechanisms for transparent and equitable distribution of these funds is essential to maintain trust between developed and developing nations alike.
3. Carbon Markets: Advancing Article 6 of the Paris Agreement
Carbon markets—enabling countries to trade carbon credits to meet emission targets—remain a contentious yet pivotal topic at COP 29. Article 6 of the Paris Agreement, which underpins these markets, has seen limited progress due to disagreements over transparency and implementation guidelines. As it stands, the lack of standardized rules hinders the effectiveness of carbon markets, raising concerns about market manipulation and ineffective emission reductions. COP 29 will build on prior negotiations to create a framework that ensures tangible, verifiable reductions and attracts investments in low-carbon projects globally. Success in this area could unleash billions in financing for sustainable development.
4. Adaptation and Loss and Damage Fund: Delivering Timely Support
The Loss and Damage Fund, established at COP 28, was a landmark achievement in climate diplomacy, particularly for nations bearing the brunt of climate disasters. However, COP 29 must focus on transforming this fund from promise to action. Operationalizing the Loss and Damage Fund means setting up governance structures, mobilizing resources, and streamlining access for those in urgent need. This fund could provide life-altering support to millions facing climate-driven economic hardship, offering a financial lifeline as impacts intensify.
5. Integrating Biodiversity and Climate Action: Nature-Based Solutions
Nature-based solutions (NbS) have gained significant attention for their dual role in climate action and biodiversity preservation. Solutions such as reforestation, wetland restoration, and mangrove protection enhance ecosystems, sequester carbon, and reduce vulnerability to natural disasters like floods and droughts. COP 29 is expected to emphasize the integration of NbS into broader climate policies, building a pathway for sustainable, nature-positive initiatives. According to the World Economic Forum, natural carbon sinks such as forests absorb roughly 7.6 billion metric tons of CO₂ annually, highlighting the critical role of biodiversity in curbing emissions.
Moving Forward: Why COP 29 Matters
With the world’s eyes fixed on Baku, COP 29 is a chance for global leaders to act boldly and decisively. For developed countries, fulfilling and expanding climate finance commitments is not only an economic responsibility but a matter of equity. For countries on the front lines of climate impacts, a functioning Loss and Damage Fund is vital for survival. COP 29 is an opportunity for nations to chart a sustainable course for future generations and begin making good on the promises that could shape our climate legacy.
The outcomes of this conference could determine the trajectory of global climate action in the coming years. In a world where time is running out, COP 29 holds the potential to make significant strides toward a future where climate resilience and sustainability are a shared reality.