COP29 has entered its crucial stage with the week of political negotiations on climate financing. In this UN Conference on Climate Change, the participating countries have started political negotiations after days of technical work and report presentations. The goal is to improve financing from developed countries to the most disadvantaged ones so they can cope with global warming and its effects.
Despite a skeptical atmosphere among attendees, based on the need to update commitments for emission reductions before February 2025, only three countries: Brazil, the United Arab Emirates, and the United Kingdom, have shown a clear commitment in line with the Paris Agreement. The world has already warmed by 1.3 °C compared to pre-industrial times, and 2024 is on track to be the warmest year ever recorded.
One of the highlights in the negotiations is the report from the High Level Climate Finance Group, which estimates that developing countries and emerging economies will need $2.4 trillion a year by 2030, excluding China. Of this amount, $1 trillion must come from external financing, while the rest will be provided by the affected countries themselves. It is crucial to act quickly, as any delays will only increase future costs.
Necessary investments for adaptation and mitigation of loss and damage are expected to increase significantly, so a firm commitment is essential. The main goal of COP29 in Baku is to establish a new figure of more than $100 billion annually starting in 2025 for the states most vulnerable to extreme climate events.
