With 2024 set to be the hottest year on record, the stakes for COP29 are higher than ever

The 29th annual UN climate summit, COP29, has officially begun in Baku, Azerbaijan. This year’s conference brings together diplomats, climate experts, activists, and political leaders from nearly 200 countries to address critical issues in the fight against climate change. However, the event is already facing challenges, both from the host country’s fossil-fuel-centered economy and the re-election of Donald Trump as US President, which could impact future climate commitments from one of the world’s largest emitters. COP29 is being held in Azerbaijan’s capital, Baku, a decision that has sparked criticism from environmentalists worldwide, with activists like Greta Thunberg referring to the summit as a “greenwash conference.” This year’s COP has been dubbed the “Finance CoP” due to its focus on securing adequate funding for climate action. Low-and middle-income countries are advocating for significant financial support to help them reduce greenhouse gas emissions and transition to renewable energy. The UN estimates that developing countries, excluding China, need more than $2 trillion annually by 2030 to make meaningful progress.

The current debate centers on who will finance these initiatives. In 2009, wealthier nations pledged $100 billion annually in climate financing for developing countries, a goal they only reached two years behind schedule. Now, many of these recipient countries are calling for a new target of at least $1 trillion per year to effectively address climate challenges. Countries such as China and the UAE, which are still classified as “developing” but are major emitters and fossil-fuel producers, face pressure to contribute more substantially to the climate finance fund. Another core issue at COP29 is the review of Nationally Determined Contributions (NDCs), the plans each country submits outlining their goals to reduce greenhouse gas emissions. With the next round of NDC updates due in early 2025, this summit is a crucial opportunity to solidify targets that align with the Paris Agreement’s goal of limiting global temperature rise to 2 degrees Celsius by 2100. The hope is that countries will commit to more ambitious emission reductions and be transparent about their paths toward net-zero emissions. COP28, held in Dubai in 2023, marked the first time a COP agreement openly called on countries to transition away from fossil fuels. However, progress has been inconsistent. The International Energy Agency’s (IEA) tracking tool, established in April 2024, shows mixed results, with many countries struggling to meet their renewable energy targets. COP29 in Azerbaijan faces substantial challenges, from balancing climate goals with fossil fuel interests to addressing the financial needs of developing nations. If COP29 is to be a success, it must result in tangible commitments to climate finance, renewable energy, and unity among nations. This will be essential to ensuring that COP29 is remembered as a turning point in the global response to climate change—not as a missed opportunity.