COP29 kicks off with Climate Finance pledges in the Spotlight

Baku: The U.N. Climate Change Conference (COP29) kicked off in Baku, Azerbaijan on Monday, where delegates from nearly 200 countries gathered for a major international summit on addressing the threat of climate change.

Financing for clean alternatives to fossil fuels driving climate change will be at the top of the agenda at this year’s UN climate conference, COP29.

Dubbed the “Finance COP,” the two-week-long event will focus heavily on securing a new climate finance target for countries most vulnerable to climate impacts.

A UN climate report released just days before the Conference confirmed that global average temperature rise is approaching 1.5°C above pre-industrial levels, which would put the world on course for a “catastrophic” rise of 2.6-3.1°C this century unless there are immediate and major cuts to greenhouse gas emissions.

Making opening remarks, UN Climate Change Executive Secretary Simon Stiell said, “If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price.”

“If nations can’t build resilience into supply chains, the entire global economy will be brought to its knees. No country is immune” he added.

He further added, “let’s dispense with the idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and wealthiest”.

“Clean energy and infrastructure investment will reach two trillion dollars in 2024. Almost twice that of fossil fuels. The shift to clean-energy and climate resilience will not be stopped. Our job is to accelerate this and make sure its huge benefits are shared by all countries and all people” he added.

India’s agenda at COP29

India’s key priorities for COP29 include securing a new climate finance goal that meets the needs of all developing countries.

The Indian delegation, led by Union Minister of State for Environment, Forest, and Climate Change Kirti Vardhan Singh, will participate without Prime Minister Narendra Modi or Environment Minister Bhupender Yadav in attendance.

The 19-member Indian contingent is expected to deliver the nation’s statement on November 18-19, emphasising the urgent need for developed nations to fulfil their climate finance commitments.

Operationalisation of Article 6 of the Paris Agreement is also on India’s agenda. Article 6 establishes a framework for countries to trade carbon credits generated from reducing their greenhouse gas emissions, thereby helping other nations in achieving their climate goals.

For India and the Global South, access to finance, technology, and energy resources remains critical to meeting climate targets and protecting communities on the frontlines of climate change.

India has so far played a key role in shaping global climate finance frameworks to address the urgent funding needed for both mitigation and adaptation efforts.

At Baku, India will seek a New Collective Quantified Goal (NCQG) for climate finance, which is far ahead of the outdated 100 billion dollars annual target set in 2009.

India’s Economic Survey 2023-24 indicates that India will need approximately 2.5 trillion dollars by 2030 to fulfill its commitments under the Paris Agreement.
What is the focus of COP29

A top priority for negotiators in Baku will be agreeing on a new climate finance goal, one that ensures every country has the means to take much stronger climate action, slash greenhouse gas emissions and build resilient communities.

The aim is for the conference to help unlock the trillions of dollars that developing countries need in order to mitigate harmful carbon emissions, adapt to climate change and cope with the loss and damage it has caused.