Today, humanity faces three major ecological crises—climate change, the destruction and degradation of nature, and the pollution of air, water, and soil. To prevent these ecological disasters and set a course for the transition to "green energy," world nations will gather at the 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, which will commence in Baku on November 11.
The conference must determine future steps, new targets, and mechanisms to prevent ecological disasters.
In this context, the COP29 summit could yield more ambitious results compared to the Kyoto Protocol, which in 1997 at COP3 raised the issue of voluntary commitments to reduce emissions and aimed to limit greenhouse gas emissions, and the Paris Climate Agreement, which in 2015 at COP21 set the goal of limiting the increase in global average surface temperature to 2 degrees and, if possible, keeping it below 1.5 degrees to avert the climate crisis. This is because some clauses of these agreements have not been implemented at all, and others need to be updated.
For instance, during COP15 held in Copenhagen in 2009, then U.S. Secretary of State Hillary Clinton promised that developed countries would allocate $100 billion to developing countries for climate adaptation by 2020. However, it was only in 2023 that this target was reached, and with great difficulty.
The latest report from the Intergovernmental Panel on Climate Change (IPCC) states that climate-related investments in developing countries must increase 4-8 times by 2030, reaching approximately $2-3 trillion per year. On the other hand, the UN has stated that up to $6 trillion is required by 2030 to support developing countries in climate adaptation and the transition to "green energy."
However, the problem is that the developed countries, which are the primary contributors to global climate change, aim to share this responsibility equally with other countries and minimize support for the affected countries. Yet, residents of developed countries use six times more resources than those in less developed countries and have ten times more impact on the climate. Given that developed countries have polluted the atmosphere, exploited natural resources, and dumped waste into nature through heavy industry since the Industrial Revolution, expecting countries without any industrial production to equally share the consequences of climate change should, in this regard, be considered absurd.
Developed countries believe that all nations should allocate the same amount of funds to combat climate change.
However, this cannot be considered a fair approach. Because industrially developed countries earn a lot of money thanks to this, naturally they pollute the atmosphere more. Countries that do not have industry or are not developed do not profit from this field, nor do they pollute the environment. In such a case, it cannot be considered correct to divide the financial burden equally between countries that do not pollute the atmosphere to the same extent. Whichever country has developed its industry, made more profit and polluted the environment more, should allocate more funds to eliminate the problem.
A clear example of this absurd approach is countries like Norway, which refused to participate in the COP29 summit to be held in Baku. Norway is the country that produces the most oil and gas in the world, thereby harming the environment and polluting the European continent. It earns billions, but ignores the problem of ecology and climate change. Why do Norway and other such countries avoid this goal and do not want to allocate funds? However, they are the main countries that have participated in the industrial revolution, they have enough roles in environmental pollution and climate change. Despite earning billions from the oil and gas industry, they do not want to spend money and contribute to the financial goals to clean up the climate, to eliminate the problem.
A similar disappointment was experienced at the COP28 summit held in Dubai, United Arab Emirates (UAE) in 2023. It is true that, although a historic agreement was reached at that summit to phase out fossil fuels by 2050, the main failure of the conference was the lack of a concrete plan of measures to be taken to keep the temperature below 1.5 degrees until the end of the XXI century, and the lack of concrete support for the developing countries that suffer the most from global climate change. Failure to reach a final agreement on adaptation to climate change has caused serious disappointment in Africa, the Caribbean and South America.
Taking into account the failures experienced at the previous COP summits and the unimplemented agreements, official Baku prepared for COP29 at the highest level, developed bold initiatives and consensus options that take into account the interests of all parties.
These consensuses include the creation of a Climate Finance Action Fund (CFAF), capitalized by voluntary contributions from fossil fuel-producing countries and companies, and with specific opportunities for highly concessional and grant-based financing to rapidly address the effects of natural disasters in developing countries. In addition, the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT) will be a new platform to promote investment in green energy.
Apparently, Baku has prepared a specific climate agenda for COP29, has drawn up a road map for climate finance, financial support for small island states and developing countries that suffer more from the consequences of global warming, along with the state and international institutions, suggests involving private sector’s financial resources in combating climate change and offering these funds to poorer countries under more favorable conditions.
At the same time, Baku expects a consensus to be reached across all spectrums between developed and developing countries, and for the world community to take clearer and more effective measures regarding climate change and the transition to "green energy" on the basis of the Paris Climate Agreement.
As noted earlier, the next financial target must be established at COP29. Of course, Azerbaijan's desire is that one of the main issues to be discussed at COP29, and the first one, to be the determination of a new financial target for climate change and the transition to "green energy". The determining of a new financial target at the climate conference to be held in Baku, and its reflection in the final declaration, will mark a historic achievement for our country.
The main point here is to find an answer to the question "How to define new financial targets at the COP29 to be held in Baku". Will COP29 set a new financial target for combating climate change and transitioning to "green energy"? This will be the key outcome of COP29. Countries participating in COP29 should join the event with this goal, bringing concrete proposals and decisions to contribute to the establishment of the new financial target.
Naturally, financial funds and donors should also play an active role in this matter.
The Minister of Ecology and Natural Resources, Mukhtar Babayev, recently stated in an interview that reaching agreements on financing among countries participating in COP29 is in Azerbaijan's interest. He said that at the end of the COP29, it is aimed to reach a consensus among the countries, especially on the financial issues that form the basis of the agenda, and one of the main topics will be the new financial goal, the New Collective Quantified Goal (NCQG).
Thus, it can be said that official Baku has taken on this coordination mission, where it wants all parties to have a clear idea about COP29's climate financing and future action plan.
Combined with the factors mentioned above, given that the coming decades will be crucial to averting the climate disaster that awaits humanity, hopes are high that the COP29 conference will be the most effective global climate summit in history.
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