After COP 29: Baku Conference and New Steps in Combating Climate Change
The 29th United Nations Climate Change Conference was held from November 11 to 22, 2024, in Baku, the capital of Azerbaijan. This year’s conference served as a platform for significant negotiations aimed at achieving sustainable development goals and strengthening climate financing. One of the main focuses of the conference was the financial support required to enable developing countries to combat climate change effectively. Additionally, critical issues such as the relationship between global peace and security and climate action, carbon reduction strategies for the industrial sector, and renewable energy projects were discussed.
We have compiled some of the key decisions and outcomes highlighted during the conference, which was attended by UN Secretary-General António Guterres and numerous world leaders.
1. Climate Finance and the Loss and Damage Fund
One of the most prominent topics at COP 29 was the enhancement of climate financing. A target of $300 billion per year was set to finance efforts to combat climate change and accelerate the transition process in developing countries. However, developing nations expressed concerns that this amount would be insufficient, urging developed countries to contribute more. African countries, in particular, voiced apprehensions that the commitments might fall short.
The fund is expected to begin financing projects actively in 2025, but precise details on its initial resources and the contributions from individual countries remain under negotiation.
2. Renewable Energy Initiatives and APRECA
On the fifth day of the conference, several panels and sessions were held to promote the transition to sustainable energy. The International Renewable Energy Agency (IRENA) and Azerbaijan’s Ministry of Energy announced the launch of the “Accelerated Partnership for Renewable Energy in Central Asia” (APRECA) initiative. This initiative aims to accelerate renewable energy investments, support green industrialization, and boost regional energy trade.
3. The Link Between Climate Action and Global Peace
Another critical issue discussed at COP 29 was the parallel pursuit of climate action and global peace. On the fifth day, the discussions emphasized the connections between climate change and peace and security. The “Baku Climate Action for Peace, Relief, and Recovery Call” (BCCAP) initiative was a notable proposal introduced during the conference.
This initiative underscores that the impacts of climate change are not solely environmental but also social and political. It highlights how the climate crisis exacerbates social issues such as unemployment, health crises, and migration in affected countries. BCCAP provides roadmaps to address these challenges, demonstrating the interconnected nature of climate action and peacebuilding.
4. Carbon Reduction in the Industrial Sector: The Global Matching Platform
On the sixth day, the United Nations Industrial Development Organization (UNIDO) unveiled the “Global Matching Platform” to reduce carbon emissions in the industrial sector. This platform seeks to collaborate with the private sector and civil society organizations to explore ways to cut emissions in heavy industries.
The initiative aims to foster the development of new technologies to reduce industrial carbon emissions. By connecting industrial companies with entrepreneurs and research institutions specializing in green technologies, the Global Matching Platform seeks to identify innovative solutions for emission reductions. It also strives to balance environmental sustainability with economic growth, creating opportunities aligned with the sustainable development goals.
A key feature of this platform is its collaborative approach, involving private sector stakeholders, governments, and civil society. UNIDO emphasizes the need for more efficient and effective strategies for carbon reduction through this platform, which is regarded as a significant step toward enhancing global cooperation in combating climate change.
5. Advisory Board Sessions and Collaboration
Throughout the conference, the Advisory Board, composed of experts, held four sessions addressing sustainability in corporate sectors, carbon reduction, and the use of green technologies. The sessions emphasized the need for stronger coordination between the private sector and civil society organizations.
Conclusion:
The sessions held during the conference were pivotal for developing global strategies to combat climate change and financing these strategies. These discussions have created a roadmap not only for governments but also for the private sector and civil society organizations to address the climate crisis.
COP 29 enabled stakeholders to work toward common goals, fostering more effective and sustainable solutions. Concluding last week, COP 29 aimed to strengthen global collaboration, support sustainable development goals, and establish efficient financing mechanisms to facilitate concrete actions in the fight against climate change.