COP29 Climate Summit: Key Focus on Climate Finance and Global Cooperation
| Aspect | Details |
|---|---|
| Event | 29th UN Climate Summit (COP29) |
| Dates | November 11-22, 2024 |
| Location | Baku, Azerbaijan |
| Theme | "Finance COP" concentrating on climate finance mechanisms. |
| Key Focus | New Collective Quantified Goal (NCQG), climate finance, carbon markets, emission reduction targets. |
| Objective | Secure financial commitments to help developing nations combat climate change. |
| Finance Commitment | $100 billion annually pledged by developed nations in 2009 (COP15), not fully met. |
| Estimated Need | $580 billion by 2030 to cover climate-induced loss and damage. |
| Carbon Markets | Discussions on carbon trading to meet Paris Agreement targets. |
| US Election Impact | Re-election of US President Donald Trump may affect global climate cooperation. |
| Host Country Controversy | Azerbaijan criticized for its human rights record and status as a "petro-state." |
| Key Outcomes Needed | Financial agreements, carbon market progress, ambitious emissions targets. |
| Next Steps | Nationally Determined Contributions (NDCs) due in February 2025. |