The 29th United Nations Conference on Climate Change (COP 29) was held in Baku, Azerbaijan, from 11 to 22 November.

This multilateral forum brings together the member states of the United Nations Framework Convention on Climate Change every year. The objective of the COP is to generate strategies to stop the increase in global temperature to 1.5ºC, promote aid that promotes adaptation to climate change by vulnerable communities and achieve net zero greenhouse gas (GHG) emissions by 2050.

The priorities of COP29 were the establishment of a new objective on climate financing, guaranteeing countries the availability of resources for the adoption of stronger measures in relation to climate change, the reduction of GHGs and the promotion of resilient communities. On the other hand, the discussion focused on the possibility of establishing strategies and means to advance in goals that include all aspects of the economy and that tend towards the abandonment of fossil fuels.

To this end, an agreement was reached that calls on developed countries to contribute 300 billion dollars annually until 2035 to developing countries, tripling the current contribution of 100 billion. This financing has the objective of reducing GHG emissions, mitigating the effects of climate change and protecting the livelihoods of the most disadvantaged communities in the face of this process.

Finally, the meeting focused on national climate plans (Nationally Determined Contributions or NDC). This instrument will allow for intensifying climate actions towards all GHGs and areas of the economies. These plans must be updated by next year, which will allow access to financing that will allow for expanding the participation of the different sectors of the economies of the Member States.

Sources

Secretariat of the United Nations Framework Convention on Climate Change https://unfccc.int/

COP29 https://cop29.az/en/home

United Nations https://www.un.org/en/climatechange/cop29