COP 29 To Be More Inclusive And Climate Finance Oriented

The COP 29 is slated to occur in Baku, Azerbaijan from 11-22nd of November 2024. Simon Stiell, Executive Secretary, UNFCCC, says, “Over the last decade, the number of observer organisations participating in the process has more than doubled. In fact, close to 4,000 organisations will be able to register for COP 29 in Baku, sharing their perspectives and broadening the discussion, helping to ensure that all voices can be heard. That is an increase of nearly 200, compared to COP 28.” He was quoted in the Observer Handbook for COP 29.

He adds, “ We need the COP process and participation to reflect the fact that the climate crisis is hitting communities in every part of the world, and very often hits hardest in countries that have the least capacity to protect their peoples against it, despite having done by far the least to cause the climate crisis.”

The COP 29 focus is based on two pillars. The first being to “enhance ambition”, which will delve into the fact that the countries adhere to enhanced national plans and transparency. The second pillar is to facilitate action and focus on the role of finance, an important lever to fillip action, consider the role of finance and reduce emissions, climate change adaptation and emphasing on loss and damage.

At the WTO public forum in Geneva, Switzerland the Republic of Azerbaijan conducted a COP 29 session. It discussed how trade can be a factor to deal with climate challenges. It was announced that the presidency will launch for the first time event Baku Initiative for Climate Finance, Investment, and Trade (BICFIT) as a formal event. This will be a worldwide forum that will be focussed on policy development, knowledge sharing, promotion of climate investment.

Previously at COP 28 held at United Arab Emirates, member countries reached a consensus to make the Loss and Damage (L&D) fund functional under which developing countries have been invited to apply to the fund and all countries to add to the fund.