From 11 to 22 November, all eyes will be on Baku, the capital of Azerbaijan, host country of COP29 and one of the world’s largest oil producers. At this Climate Summit, already known as the “COP of finance”, climate finance will be negotiated: how to support developing countries to achieve the objectives and safeguard the global economy.
The most important negotiations will revolve around money. Representatives of countries and organisations from around the world will discuss how to ensure that financing will finally allow for the mitigation of climate change, facilitate adaptation to its consequences and promote the energy transition. COP28 went down in history because it was the first time that an explicit mention was made of the need to move towards abandoning fossil fuels. The goal of achieving net-zero carbon emissions by 2050 and tripling renewable energy capacity by 2030 was agreed (in non-binding agreements).
Goals
Agree on a new target for international climate finance.
Countries should step up their climate commitments to reduce their emissions at national level and adapt to the effects of climate change.
Regulate carbon markets.
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