World leaders have gathered in Baku, Azerbaijan, for the 2024 United Nations Climate Change Conference (COP29), but noticeably absent are key players like Joe Biden, Xi Jinping, Narendra Modi, and Emmanuel Macron. Despite their absence, over 75 leaders are expected to attend the two-day summit, including UK Prime Minister Keir Starmer.
Key Issues on the Table:
- Climate Finance: Developing countries are pushing for an increase in climate finance, from $100 billion to $1 trillion annually, to support their transition to clean energy and adaptation to climate change.¹
- Global Carbon Market: Governments have approved new UN standards for a global carbon market, allowing countries to trade credits to meet climate targets.
- Climate Action: Developing countries warn that without adequate finance, they will struggle to update their climate goals.
Challenges Ahead:
- Disagreements over climate finance and the expansion of the donor pool to include other rich nations and top emitters.
- Uncertainty surrounding the US’s commitment to climate action following Donald Trump’s re-election.
Calls to Action:
- UN climate chief Simon Stiell urges countries to demonstrate global cooperation and solidarity.
- Washington’s top climate envoy reassures countries that the US will continue climate efforts, albeit at a slower pace.
The conference, attended by around 50,000 people, aims to address the pressing issue of climate change and its disproportionate impact on developing countries. Stay updated on the latest developments from COP29.
