COP29 Overview

The upcoming COP29 in Baku, Azerbaijan, must play a crucial role in the global fight against climate change. It will concentrate on several critical areas, including financial strategies and future outlooks. Key topics on the agenda will include peace and security, biodiversity, water management, civil society involvement, finance, adaptation strategies, and energy transition. After recent noisy COP’s, COP29 risks being overshadowed as it is downscaled and in the shadow of COP30 to be hosted in the Amazon by Brazil.

However, as the climate and biodiversity crises escalating annually, coupled with shifting geopolitical dynamics, every moment counts. The outcomes will greatly influence the pace and extent of international climate action. They will also be critical in shaping the approach, discourse and policies of many Greens around the world. It is critical that significant financial commitments be made to support developing countries to invest in clean energy, increase their resilience to climate-related disasters, and assist vulnerable populations. COP29 should promote trust and collaboration among nations, which is essential for tackling this widespread issue. 

COP29 must highlight ambitious climate objectives, a stronger emphasis on addressing loss and damage, technological advancements, and advanced involvement from the private sector. A new “voluntary fund” is to be launched, designed to gather contributions from oil and gas companies and countries, with Azerbaijan aiming to secure $1 billion from approximately 10 contributors. Based in Baku, this fund will operate with an independent oversight board, separate from multilateral development banks such as the World Bank. Despite its well known history in global oil production, Azerbaijan aims to position itself as a leader in green energy by developing renewable resources and reducing greenhouse gas emissions by 40% by 2050.

COP29 presents noteworthy opportunities, particularly the focus on mobilising finance, and the decisions made at the summit will illuminate future directions. However, the presence and influence of the fossil fuel industry is stark with another host with an economy built on petro-chemicals, as well as significant human rights issues. 

It is crucial, therefore, for us to stay engaged, get involved and do what Greens do best, demand climate action.

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