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The 29th Conference of Parties (COP29) was held in Baku, Azerbaijan, from November 11 to 22, 2024. This annual United Nations summit focused on addressing climate change, with special attention this year on agriculture and food security.
One of the key issues at COP29 was financing solutions for climate challenges, especially for countries already struggling with the impacts of global warming. The goal was to agree on raising funds to combat climate change and address the growing agricultural crises caused by rising temperatures. However, disagreements among member nations made progress difficult.
A climate campaigner reminded participants that the world has been grappling with climate change for over two decades. The campaigner urged nations to take immediate action to limit global warming to 1.5°C.
President of COP29, Mukhtar Babayev said, “We cannot succeed without them, and the world is waiting to hear from them. We urge them to use the G20 meeting to send a positive signal of their commitment to addressing the climate crisis”.
Not everyone at COP29 was optimistic about the progress being made. Rebecca Thissen from the Climate Action Network criticized the lack of urgency among G20 leaders, stating:
“G20 leaders have failed to deliver the much-needed political signals. Their silence on the new climate finance goal and refusal to address fossil fuel phase-out are unacceptable. This is a moment that demands political leadership.”
Bolivia’s Chief Negotiator, Diego Pacheco, expressed frustration over the lack of progress in setting financial targets:
“There is still only a zero in the NCQG discussions. No number, no ambition. We expect developed countries to deliver.”
Sherry Rehman, Pakistan’s former Climate Change Minister, highlighted the dire stakes for vulnerable nations:
“We’re here for life and death reasons. What’s happening to us will happen to you tomorrow. Think collectively.”
The New Collective Quantified Goal focuses on securing financial commitments for climate action. Established under the United Nations Framework Convention on Climate Change, it aims to replace the $100 billion pledge made in 2009, a target that has yet to be met.
Eleonora Cogo, Senior Associate for International Finance at Italian Climate Change, shared some optimism:
“The MDBs (Multilateral Development Banks) have signaled they can scale up funding to $120 billion by 2030. This is a step forward and makes the larger goal seem achievable.”
The first week of the summit revealed slow and complicated negotiations, especially on finance-related issues. Clare Shakya, Global Climate Chief, said; “The pace of negotiations reminds me of how climate COPs felt before the Paris Agreement reinvigorated these talks.”
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