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COP 29 begins in Azerbaijan
Context:
COP29, the 2024 United Nations Climate Change Conference, started in Baku, Azerbaijan, on November 11, 2024, and will run until November 22. The summit brings together delegates from about 200 countries, business leaders, climate scientists, Indigenous Peoples, and experts to develop a global plan to fight climate change.
What is COP?:
- COP stands for Conference of Parties. It is the decision-making body of the UN Framework Convention on Climate Change (UNFCCC).
- The UNFCCC, signed in 1992, aims to stabilise greenhouse gas levels to prevent dangerous interference with the climate system.
- There are currently 198 parties (197 countries + the European Union) involved in COP discussions.
Key Milestones in COP History
- COP3 (Kyoto, 1997): Kyoto Protocol adopted, requiring industrialised countries to reduce emissions.
- COP15 (Copenhagen, 2009): Introduction of the 2°C warming limit and the idea of providing funding for climate action.
- COP21 (Paris, 2015): The Paris Agreement, aiming to limit global warming to below 2°C (preferably 1.5°C), was adopted.
- COP26 (Glasgow, 2021): Agreement to phase down coal use and cut inefficient fossil fuel subsidies.
- COP28 (Dubai, 2023): The Loss and Damage fund was launched to assist countries impacted by climate disasters.
Key Focus Areas of COP29 :
- Global Warming: A major goal is to create a shared strategy for reducing global warming.
- Climate Finance: COP29 will focus on increasing financial support to help developing countries tackle the effects of climate change.
What to Expect from COP29:
- Climate Finance: Negotiations on the New Collective Quantified Goal (NCQG), aiming to increase financial contributions from developed countries to support climate action in developing nations, beyond the $100 billion annually promised since 2020.
- Carbon Markets: Finalising rules for carbon markets to allow countries to trade carbon credits, helping reduce emissions more cost-effectively and advancing the Paris Agreement.
- Loss and Damage Fund: Focus on operationalising the Loss and Damage Fund to assist countries affected by climate disasters.
- Adaptation Measures: Increased emphasis on financial support for adaptation efforts in vulnerable countries facing immediate climate impacts.
- Climate Justice: Ensuring equitable distribution of climate finance, addressing the disproportionate burden on developing countries.
Carbon Market Rules Approved
A breakthrough at COP29 saw the approval of new rules for carbon markets, allowing countries to trade carbon credits to reduce emissions.
This is an essential part of the Paris Agreement, which was delayed for years due to complex negotiations.
COP 29 Disagreement:
- Climate Finance Disagreements:
- Developing Countries’ Demands: The G77 group, which includes over 130 developing nations, demands at least $1.3 trillion per year for climate action from 2026, with funds being new, predictable, and not adding debt.
- Developed Countries’ Position: Disagreements remain on how much should be provided and what counts as climate finance. The discussions will continue throughout COP29.
- Carbon Market Implementation: Difficulties in finalising rules for carbon markets and concerns over their effectiveness and potential for greenwashing.
- Political Will: Lack of strong commitment from some countries to meet climate goals, putting the 1.5°C target at risk.
- Adaptation vs. Mitigation: Balancing funding and efforts between emissions reduction (mitigation) and adaptation support for vulnerable nations remains challenging.
India’s Focus in COP 29:
- Climate Adaption: India has stressed that adaptation to climate impacts, especially for vulnerable communities, should be prioritised alongside mitigation (efforts to reduce emissions).
- NCQG: The NCQG, and ensuring adequate financial support for developing countries, will be a key point of India’s negotiations at COP29.
- Climate Finance: Pushing for increased financial support for developing countries, with a focus on grants and concessional finance.
- Climate Justice: Ensuring developed nations take responsibility for their historical emissions and contribute fairly to climate finance.
- Technology Transfer: Promoting access to affordable, advanced technologies for mitigation and adaptation in developing nations.
