Comment: A new climate finance goal is the top priority for the Baku summit – and there are signs of convergence on critical issues
Mukhtar Babayev is the COP29 President-Designate and Azerbaijan’s Minister of Ecology and Natural Resources.
This week, the COP29 Presidency of Azerbaijan is hosting a series of crunch climate negotiations in Baku across both technical and political tracks of the UN talks. These discussions represent a pivotal moment in the lead-up to the COP29 summit – which is itself a litmus test for the global fight against climate change.
The urgency of the moment is clear. In the first six months after COP28, extreme weather caused $41 billion of damage. Property and economic losses from Hurricane Helene in the US alone may now reach as high as $250 billion. The cost of inaction is rising rapidly, underscoring the need for decisive action.
Accelerating the interplay between the technical and political tracks of the UN climate negotiations is critical because technical progress informs political decisions, while political will enables technical breakthroughs.
The “Pre-COP” week began with progress on the technical work needed to agree on and establish Article 6 at COP29, the basis for implementing effective carbon markets, which could provide up to $250 billion of annual efficiency savings by 2030 in the identification and rollout of climate mitigation projects.
On the political front, the COP29 Presidency has appointed ministerial and high-level pairs across key areas including the New Collective Quantified Goal (NCQG) for climate finance, Article 6, adaptation, mitigation, and transparency. The High-Level Ministerial Dialogue on the NCQG and political engagements around this week’s meeting serve as crucial junctures where technical expertise and political will converge.
Climate finance enables climate action
The NCQG remains the top negotiating priority for the COP29 Presidency. It is essential for enabling climate action, particularly for developing nations, and must address both the urgency and scale of the problem. Transparency is equally crucial, aligning with the commitments made in the Paris Agreement.
There are encouraging signs of growing convergence on several critical issues. These glimmers of hope must be nurtured and expanded upon. The pursuit of an ideal climate finance goal should not prevent agreement on a goal that everyone can own and implement.
Progress on structure for new global climate finance goal but trickier divides persist
As we approach COP29, it is essential to elevate political engagement to the highest levels. Climate change touches every aspect of governance and society. Therefore, all relevant government ministries must be involved, from finance and energy to agriculture and health.
Moreover, heads of state and government must be fully engaged and committed to this process. This is essential for climate ministers to secure the mandates they need for the breakthroughs they must deliver.
Central to all discussions is how to take further the outcome of the First Global Stocktake of climate action agreed upon at COP28. This includes making swift progress across all pillars of climate action.
We need to work together to deliver fair and ambitious climate finance first and foremost. We also need to build resilience swiftly and reduce emissions at pace to keep the 1.5C global warming goal within reach. This includes contributing to transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, as governments agreed to do at COP28 last year.
Though we have varying starting points, national circumstances and approaches, real change starts locally and with us, by devoting to climate action as a common commitment. Every contribution counts.
Collective endeavour
The COP29 Presidency is leading the way and actively working on Azerbaijan’s updated Nationally Determined Contribution (NDC) in line with the 1.5C goal, and we are grateful to be joined in this commitment by our Troika partners from the UAE and Brazil.
The COP29 Presidency is also focusing on turning pledges into concrete actions. There is an urgent need for signed contributor agreements for the Fund for responding to Loss and Damage, as well as significantly greater contributions to all funds, including the Green Climate Fund and the Adaptation Fund.
The timely submission of NDCs, National Adaptation Plans (NAPs), and Biennial Transparency Reports (BTRs) on greenhouse gas emissions will be essential to enhancing ambition across all pillars of the Paris Agreement.
Why we need to keep climate COPs inclusive
In the coming days, the COP29 Presidency will publish the program for Presidency-led and hosted events at COP29, as well as the final versions of the COP29 declarations. These will provide further opportunities for engagement and action outside the formal negotiations.
The world is watching, and history will judge us on the outcomes. Azerbaijan will do everything in its power to play its role as a bridge between nations. But governments are the ones who must walk across that bridge.
Success or failure at COP29 will be collective – and we must all offer the best of ourselves to meet this monumental challenge.
As we engage in these crucial talks, all parties must consider how they can move closer together. Because together, we can pave the way for a successful COP29 where we enhance ambition and enable action. We can invest today to save tomorrow.
