As the COP29 United Nations Climate Summit draws near, scheduled to take place in less than two months, Azerbaijan’s leadership has unveiled its strategic plans for the event. With a focus on increasing ambition and addressing climate finance, Azerbaijan aims to navigate the complex negotiations and drive forward key initiatives.
Key Goals for COP29
The central aim of the upcoming summit is to establish a new annual target for climate financing. This funding will be provided by wealthy nations to support developing countries in managing the impacts of climate change. Many of these nations have indicated that they cannot accelerate their emission reduction targets without increased financial support for necessary investments.
Despite ongoing disagreements on setting a new financing goal, the COP29 presidency has introduced a range of side initiatives designed to bolster ambition without necessitating formal negotiations. These initiatives include new funds, pledges, and declarations that individual countries can adopt without the need for consensus.
Proposed Initiatives
Among the notable initiatives presented is a fund supported by voluntary contributions from fossil fuel-producing countries and companies. This fund aims to support both public and private sector efforts addressing climate issues. Additionally, grants are proposed to assist with climate-induced natural disasters in developing nations.
Mukhtar Babayev, who holds the rotating COP presidency and is Azerbaijan’s Minister of Ecology and Natural Resources, emphasized the strategic role of these initiatives. In a letter to all parties and stakeholders, Babayev stated, “These side agendas use the convening power of COP and the hosts’ respective national capabilities to form coalitions and drive progress.”
Expansion of Renewable Energy and Storage
One of the major commitments from last year’s COP28 summit in Dubai was the pledge by over 120 countries to triple renewable energy capacity by 2030. Building on this, the COP29 presidency aims to secure support for a new pledge to increase global energy storage capacity by six times above 2022 levels, reaching 1,500 gigawatts by 2030. This goal also includes scaling up investments in energy grids, with plans to add or refurbish more than 80 million kilometers (50 million miles) by 2040.
Babayev highlighted the importance of these commitments, noting, “We hope to address some of the most pressing issues while also highlighting remaining priorities.”
Promoting Clean Hydrogen and a ‘COP Truce’
Another significant declaration at COP29 would involve the creation of a global market for clean hydrogen. This initiative aims to overcome barriers related to regulation, technology, financing, and standardization.
Additionally, COP29 leaders have called for a “COP Truce,” a proposal to emphasize the intersection of peace and climate action. This initiative seeks to foster a cooperative environment and highlight the importance of addressing climate challenges in conjunction with global peace efforts.
Current Climate Context
The urgency of these initiatives is underscored by recent climate data. Despite existing climate commitments, carbon dioxide emissions from fossil fuel combustion reached record highs last year, and the world experienced its hottest summer on record as global temperatures continue to rise.
