The COP29 climate conference commenced in Baku, Azerbaijan, with representatives from over 200 countries, including Bangladesh, seeking critical climate financing commitments from developed nations.
The conference, running from 11-22 November, is expected to focus on the urgent need for funding to combat the intensifying climate crisis marked by record-breaking heatwaves, floods, cyclones and other extreme weather events.
Addressing the conference, UN Climate Chief Simon Stiell urged negotiators to set an ambitious new target for climate finance.
He emphasised that climate finance is not an act of charity but a global necessity, affecting everyone worldwide.
“Let’s dispense with any idea that climate finance is charity,” Stiell said, noting that runaway climate change impacts “every single individual in the world one way or another.”
The Baku summit has drawn heads of state and government officials from over 100 countries, gathering to discuss how wealthier nations can support vulnerable countries in reducing carbon emissions, shifting from fossil fuels to clean energy, and preparing for the impacts of climate-related disasters.
However, leaders of the 13 highest carbon-emitting countries, responsible for over 70% of 2023’s emissions, are notably absent.
Bangladesh’s Role and Goals at COP29
Bangladesh is aiming to amplify the voices of climate-vulnerable nations, calling for stronger financial commitments and technology transfers to support adaptation and mitigation efforts.
Led by Nobel Laureate Prof Dr Muhammad Yunus, chief adviser to the interim government, the Bangladeshi delegation arrived in Baku ahead of the conference.
Dr Yunus, who is attending from 11-14 November, has taken on an active role in advocating for Bangladesh’s climate needs.
This marks his second international engagement since assuming his position, following his participation at the 79th UN General Assembly in New York.
According to Bangladesh’s Ministry of Environment, Forest and Climate Change, Dr Yunus will push for increased support for climate adaptation, citing Bangladesh’s heightened vulnerability to climate impacts. Bangladesh, which witnessed significant climate events this year, including severe heatwaves followed by devastating floods, will be calling for global financing through mechanisms such as the Loss and Damage Fund and the Green Climate Fund, established under the Paris Agreement, as well as aid for climate refugees.
Dr Farhina Ahmed, secretary of the Ministry of Environment, outlined Bangladesh’s climate challenges, particularly severe floods in the southeastern regions and frequent cyclones.
“With escalating climate-related costs, the need for effective financing solutions is now more pressing than ever,” she said.
Bangladesh will appeal to wealthier countries to uphold their pledges to assist developing nations in transitioning to green technologies and achieving their climate goals. This year’s conference, according to Dr Ahmed, is pivotal for establishing meaningful, actionable financing targets.
Rising Need for Climate Funding
Developing nations have identified a need for $500 billion to $1 trillion annually in international funding to confront the intensifying climate crisis — five times more than the current commitments from developed countries.
Wealthy nations have previously pledged to provide $100 billion annually since 2020, but that target remains unmet, a point of concern among climate-vulnerable nations.
With the ongoing rise in global temperatures, scientists predict that 2024 may become the hottest year on record, with temperatures surpassing pre-industrial levels by over 1.5 degrees Celsius — a threshold likely to trigger severe consequences for vulnerable regions worldwide.
The United Nations hopes to finalise a New Collective Quantified Goal (NCQG) for climate finance this year, with many nations looking to COP29 to deliver a concrete framework for the financing needs of developing countries.
International Push for Fossil Fuel Phase-Out
COP29 also marks one year since the landmark COP28 decision in Dubai, where countries agreed to gradually phase out fossil fuels.
However, environmental advocates have criticised the slow progress on this commitment and are expected to push for faster action at this year’s conference. While the shift away from fossil fuels is recognised as essential, implementation challenges remain, particularly in balancing economic and environmental priorities.
With the Baku conference being dubbed the “Financing COP,” there are high expectations that world leaders will place financial commitments at the forefront, paving the way for substantive climate action.
The international community is closely watching to see if developed nations will rise to the occasion, setting critical funding goals essential to preventing future climate disasters.
ADB’s Increased Climate Finance Commitments
Amid the rising urgency, the Asian Development Bank (ADB) has pledged to boost its climate-related lending by up to $7.2 billion.
This increase is supported by sovereign guarantees from the United States and Japan, marking the first instance of sovereign guarantees for climate finance. The new approach could set a precedent for other development banks, as COP29 focuses on expanding the funds available to developing nations.
The ADB has established a cumulative climate finance target of $100 billion for the period from 2019 to 2030, having provided $9.8 billion in 2023.
US Election Impact on COP29
The recent US election victory of Donald Trump, who has pledged to exit the Paris Agreement on climate, has added pressure to the Baku talks. With Trump’s win raising concerns about U.S. support, negotiators have called on Europe and China to take stronger leadership roles in ensuring a successful outcome at COP29.
As COP29 unfolds, the global community awaits key decisions from Baku, hopeful that developed nations will meet their commitments and deliver meaningful financial solutions that can effectively support the world’s most climate-affected countries.