COP29 Preview: The Major Topics on the Climate Table

Come November, all roads will lead to Baku, Azerbaijan, the venue for the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC). The world leaders will convene for key climate negotiations, as they confront critical challenges and accelerate action. For businesses, governments and societies, it's a moment to showcase commitment and reaffirm their climate pledges and push for transformative actions to tackle the global climate crisis.?

For 3 years in a row, Ehfaaz has been actively involved in COP negotiations and events in the Blue Zone, leading a circular economy movement at the summit. While we gear up for the most crucial discussions of the year, let’s take a look at what COP29 has on its agenda.?

?What’s COP??

The Conference of the Parties (COP) is the decision-making body of the UNFCCC. A group of nations came together and signed an international environmental treaty in 1994 to address the growing issue of climate change, specifically the rise in greenhouse gasses. Since 1995, the Parties, or nations, have met almost annually. The number now stands at 198 countries. The one to be held between November 11 and 22 this year will be the 29th such summit.?

Milestone moments?

There have been many milestone moments in the climate negotiations. Here is a look at three of them. The first and foremost is the Kyoto Protocol, when industrialized countries committed to reduce their emissions by at least 5% against 1990 levels in 2008-12. It was adopted in 1997 during COP3 in Japan and came into force in 2005.?

The second is the Paris Agreement, adopted in 2015 at COP21. Its overarching goal is to hold the increase in the global average temperature to well below 2°C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.? It expects governments to set emissions-reduction pledges known as Nationally Determined Contributions (NDCs), which are reviewed every five years.?

The third is the landmark agreement to transition away from fossil fuels. Achieved at COP28, the UAE Consensus called on Parties to “transition away from fossil fuels in energy systems in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.” This COP also witnessed the First Global Stocktake, which laid down the roadmap to bolster global climate mitigation strategy and set the stage for the preparation of the next NDCs.?

What’s on the COP29 agenda??

?COP29 President, Muhktar Babayev, outlined two ‘pillars’ of priorities for the conference: enhancing ambition and enabling action. While the former is to support nations to enhance the target and implementation of their national plans for emissions reductions, the latter focuses on climate finance.?

COP29, dubbed the Finance COP, will feature finance as the main theme of the summit. Annually, about $1.3 trillion is spent on climate action across the globe, falling short of the estimated $10 trillion needed annually to transition to a net-zero economy by 2050. This gap highlights the urgent need for increased investment in everything from renewable energy infrastructure and electric transportation systems to climate adaptation projects in the most vulnerable regions.?

New Collective Quantified Goal

The ‘New Collective Quantified Goal’ (NCQG), a key element of the Paris Agreement, is due to be agreed at COP29. It aims to set a new financial target to support developing countries in their climate actions post-2025. This will replace the one set in 2009, where developed nations agreed to provide $100 billion annually by 2020 to help developing countries reduce emissions and build resilience to the impacts of climate change. Not only was the deadline missed, but $100 billion is woefully insufficient. It is estimated that an additional $500 billion to $1 trillion per year will be needed in climate finance from international sources – 5 times the current commitment.?

Scaling up Loss and Damage Fund?

A key achievement of COP28 has been the historic agreement on the operationalization of the Loss and Damage Fund. It was announced that the UN Office for Disaster Risk Reduction and the UN Office for Project Services will host the secretariat of the Santiago Network for Loss and Damage and will facilitate the provision of technical assistance to developing nations. Approximately $700 million was mobilised towards this fund last year.? Though a positive sign, this figure is equivalent to less than 0.2% of the losses developing countries face as a result of climate change every year - a drop in the ocean.?

Experts call for scaling up of this fund and COP29 should be the place where finance pledges are to be made. Countries should also provide finance to the Santiago Network, which aims to provide developing countries with technical assistance in addressing loss and damage.

Setting expectations for NDCs

The Paris Agreement warrants countries to submit stronger national climate commitments called Nationally Determined Contributions (NDCs) every five years. By early 2025, countries are due to unveil their next round of commitments.? This makes COP29 the last major opportunity to set clear expectations for what this next generation of NDCs should aspire to.

Countries should ensure their NDCs align with the level of emissions reductions scientists say are necessary for limiting global temperature rise to 1.5 degrees C and preventing some of the worst effects of climate change. ?

Prioritising adaptation strategies, ensuring inclusive climate deals and announcement of concrete steps towards many of the commitments announced by different countries during previous COPs are to be kept pace with at the Baku Summit. These include global commitments to transition away from fossil fuels, triple renewable energy, double energy efficiency, build resilient food systems and accelerate low-carbon transportation, among others.??

Back in the Ehfaaz office, it’s been Baku beckoning! We are excited to be part of this crucial climate dialogue and keen on showcasing how our circular solutions can contribute to climate mitigation and adaptation. Our #foodISNOTwaste Campaign is going international and will take center stage as it aligns perfectly with the The COP29 action agenda initiative on Partnership 4 Reducing Organic Waste (ROW): Cutting Methane and Enriching Soil. More on that in Part 2 of this article. Stay Tuned!??