The upcoming COP29 climate conference, set to take place in Baku, Azerbaijan, will bring nations together to negotiate their positions and confront the climate crisis head-on. This summit is seen as a pivotal moment for world leaders to move beyond past failures and take decisive action against the fossil fuel industry, which continues to devastate the planet through pollution, resource extraction, and worsening human suffering.
More than 100 world leaders are expected to speak at the conference, alongside 40,000 to 50,000 delegates from all UN member states, as well as representatives from the State of Palestine, the Holy See, Niue, the Cook Islands, and the European Union. These countries are signatories to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and most are also parties to the 2015 Paris Climate Agreement.
In addition to government officials, COP29 will bring together diplomats, UN representatives, journalists, climate scientists, trade union leaders, and policy experts. NGOs, climate activists, and Indigenous leaders are also planning to attend, though the participation of independent media and human rights defenders from Azerbaijan may be restricted due to ongoing government limitations. Despite these challenges, the summit is poised to be a key moment in the global fight against climate change and a vital opportunity for real progress.
COP29 has earned the title of the “Finance COP,” as it marks the first time in 15 years that countries will come together to set a new global climate finance target. This decision is crucial for securing the financial resources needed to support both climate mitigation and adaptation, especially for the world’s most vulnerable nations.
The conference represents a critical opportunity to address key climate finance challenges, raise global ambitions for emission reductions, and hold countries accountable for their past commitments. Success at COP29 will hinge on how effectively nations respond to the financial needs of developing countries, strengthen their climate pledges, and make substantial progress on previously agreed-upon actions. The outcome of this summit could either mark a transformative shift in global climate efforts or signal another missed opportunity.
A New Global Climate Finance Goal to Address Developing Countries’ Needs
At COP29, negotiators will set a new climate finance target, replacing the $100 billion annual pledge made in 2009. Developed nations had promised to provide this sum to help developing countries reduce emissions and build resilience to climate impacts, but two years after the 2020 deadline, the target remains unmet—and the amount itself is widely considered insufficient.
The financial needs of developing countries are vast, with estimates suggesting they will require an additional $500 billion to $1 trillion annually for climate action—at least five times the current $100 billion commitment. The new climate finance target, set under the 2015 Paris Agreement, should be much larger, reflecting these needs and addressing how the finance will be provided, measured, and directed to communities that need it most.
In addition to the climate finance target, broader reforms will be necessary outside of COP29. This includes strengthening international financial institutions like development banks to channel more climate finance, redirecting harmful subsidies (such as those for fossil fuels), and exploring new revenue streams, such as solidarity levies on wealth or high-emissions activities.
Momentum for Stronger National Climate Commitments
Countries that signed the Paris Agreement are expected to submit updated and more ambitious national climate commitments (known as Nationally Determined Contributions, or NDCs) every five years. The next round of NDCs is due shortly after COP29, making this summit a key opportunity to set clear expectations for stronger action.
COP29 should see the world’s largest emitters announce their intentions to submit bold NDCs that align with the climate science needed to limit global warming to 1.5°C (2.7°F). These commitments must not only focus on reducing emissions but should also include sector-specific goals, such as the transition to clean energy, sustainable food systems, and low-carbon transport. Crucially, the NDCs must center on a “just transition,” ensuring that the most vulnerable and marginalized communities are protected. Stronger adaptation commitments should also be included to help these communities build resilience.
Progress on Existing Commitments in Key Sectors
COP28 witnessed historic global commitments to move away from fossil fuels, ramp up renewable energy, double energy efficiency, and build more resilient food systems, among other goals. At COP29, countries must demonstrate concrete progress on these pledges. Accountability will be crucial, and countries should report back on their efforts to implement commitments made in previous summits.
Initiatives like the Global Methane Pledge, the Glasgow Declaration on Forests, and the Coalition for High Ambition Multi-Level Partnerships (CHAMP) for cities have garnered global support, but these efforts will only be meaningful if countries back them with real, measurable action. COP29 should be the moment for governments to demonstrate how they will meet these commitments and provide transparent progress reports.
A Clear Process for Funding and Responding to Loss and Damage
After years of negotiation, COP28 resulted in the agreement to establish the Loss and Damage Fund, a crucial mechanism to help vulnerable nations deal with the irreparable impacts of climate change—such as rising sea levels, extreme weather events, and the destruction of critical infrastructure. COP29 must ensure that this fund is adequately scaled up and that additional financial pledges are made. It will also be important to provide financial support to the Santiago Network, which offers technical assistance to developing countries facing loss and damage.
As the world increasingly faces extreme climate events, the need for a robust and well-funded system to address loss and damage is more urgent than ever. COP29 must ensure that financial resources are readily available to help vulnerable countries cope with the irreversible effects of climate change.
