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The ‘finance COP’ this year is being held in the shadow of climate disasters around the world from flooding to droughts throughout the Americas, Europe, and Asia. In addition, 2024 is also set to break last year’s record as the hottest year noting that temperatures have been rising exponentially.
Meanwhile, Donald Trump returning to the White House in January after securing his victory as the 47th POTUS is expected to throw a wrench in the climate change fight. The US continues to be one of the biggest economies not just in terms of per capita greenhouse emissions but also in terms of financing climate change. The Biden administration has reportedly poured hundreds of millions of dollars in fighting climate change, especially through its.
Trump has historically been known to disregard climate change as a hoax or a scam and even threatened pulling the US out of the Paris Agreement – the UN’s treaty to cut down planet-warming emissions.
What is on the COP29 agenda?
Parties will negotiate a New Collective Quantified Goal (NCQG) — a more ambitious, transparent, and predictable climate finance target aimed at better supporting developing countries in areas like mitigation, adaptation, and loss and damage.
A deal for up to $1 trillion in annual climate finance for developing countries is at the top of priority list for the COP29 meet. This will replace the $100 billion per year commitment that developed countries made in 2009 to support developing nations; a target which was later adopted and extended to 2025 in the 2015 Paris Agreement.However, key issues of the new finance commitment remain unresolved, including the scale of funding and questions around responsibility such as who will contribute, and what the finance will cover.This COP is also the final one before the February 2025 deadline to update nationally determined contributions (NDCs). It offers an opportunity to build momentum for more ambitious national climate commitments. It is crucial that NDCs reflect the outcomes of the global stocktake (GST) adopted at COP28, particularly the historic decision to phase out fossil fuels.
Finalising the rules for international carbon trading under Article 6 is another key issue on the agenda. While talks have been progressing steadily, experts believe a breakthrough could be possible this year. However, before full negotiations can begin, the meeting’s agenda must first be adopted, which is the priority on Monday.
Key players and stances at COP29 summit
Among the nearly 200 attending countries at the Baku summit, major players include China, the world’s largest emitter, which continues to argue that developed countries should lead in climate action and finance; the US, the second-largest emitter; and the European Union, a major contributor to climate finance, though it has yet to finalise its stance on key issues.
Azerbaijan, the host, along with the UAE (COP28) and Brazil (COP30), forms the “Troika,” all with fossil-fuel-dependent economies.
Meanwhile, the “Basic countries” bloc, including Brazil, India, and South Africa, advocates for more climate financing, while the G77 + China pushes for greater responsibility from wealthier nations.
African nations, on the other hand, seek more finance and the activation of the loss and damage fund, while the Alliance of Small Island States (AOSIS) focuses on securing funding and phasing out fossil fuels, reported Reuters.
Finally, the Least Developed Countries group is requesting significant grants, while the High Ambition Coalition pushes for stronger emissions-cutting targets, according to the news agency.
Will India take a subdued role at COP29?
India’s role at the ‘finance COP’ is expected to be comparatively subdued this year in the absence of PM Narendra Modi or Union Environment Minister Bhupender Yadav. Union Minister of State for Environment, Forest, and Climate Change Kirti Vardhan Singh is instead leading the 19-member delegation.
In a shift from previous conferences, India will also not host a pavilion at COP29. This decision comes as the country navigates its dual role as a developing nation with rising energy demands and a focus on economic growth, especially as global attention turns to emerging economies for leadership in reducing emissions.
While India is expected to issue an official statement on November 18-19, its key priorities at the conference are likely to include holding developed nations accountable for climate finance, enhancing resilience for vulnerable communities, and promoting an equitable energy transition.
India will also advocate for the early adoption of a clear definition of climate finance to ensure greater transparency in its mobilisation process. The country will also actively engage in all discussions at the 29th session of the UN climate conference (COP29), which begins on Monday, according to Environment Secretary Leena Nandan.
“Transparency and predictability within climate finance mechanisms are paramount,” Nandan had told TOI ahead of the 12-day mega climate talks.