Countries are expected to replace the previous USD 100 billion annual commitment to developing countries from the 2009 Copenhagen Accord
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The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) is set to begin in the Azerbaijani capital Baku on Monday, aiming to address increasing climate challenges, ANI reported.
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According to ANI, leaders around the world will gather in Baku for the event which will conclude on November 22. The two-week event will see crucial negotiations, dynamic discussions and global collaborations, all centered around the ambition of immediately tackling of climate crisis.
The United Nations said that unless all countries are able to cut emissions and build more resilience into global supply chains, no economy including the G20 will survive uncontrolled global heating, and no household will be safe from the impacts of severe inflation.
"With global temperatures hitting record highs, and extreme weather events affecting people around the globe, COP29 will bring together leaders from governments, business and civil society to advance concrete solutions to the defining issue of our time," according to the UN, ANI cited.
"A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change," it added.
The first Conference of the Parties (COP) was held almost 30 years ago in Berlin. This year's conference will aim to increase the international goal to curb global warming below 1.5 degrees Celsius pre-industrial levels to avoid any catastrophic harm to the planet, ANI cited.
Countries will focus on pushing for more ambitious emissions reductions and exploring new sources of finance. Among the most disputable issues that remain are how much money can the developed nations provide and who should provide climate finance.
This year's event is also focused on new financial commitment, known as the "New Collective Quantified Goal" (NCQG). Countries are expected to replace the previous USD 100 billion annual commitment to developing countries from the 2009 Copenhagen Accord, ANI reported.
NCQG or the "Finance COP" will be the new target in this COP and is planned to take effect from 2025 onwards.
The Independent High-level Expert Group on Climate Finance's 2022 report found that the developing countries needed around USD 1 trillion per year by 2025, and USD 2.4 trillion by 2030 in order to meet their climate finance needs, ANI reported.
The main objective COPS29's is to secure agreements on financial targets so as to support vulnerable countries facing climate-ralted challenges.
The COP29 marks the midpoint of the "COP Presidencies Troika," a collaborative initiative between the United Arab Emirates (UAE, host to COP28) and Brazil (host to COP30 in 2025) aimed to accelerate progress towards the 1.5 degrees C goal.
The United Nations Framework Convention on Climate Change (UNFCC) is a multilateral treaty established in 1992, after the first assessment report by the Intergovernmental Panel on Climate Change (IPCC).
According to ANI, the main aim is to stabilize greenhouse gas concentrations in order to prevent dangerous human-induced disturbances in the climate system.
The UNFCCC has been the cornerstone of international climate negotiations since it came into effect in 1994, resulting in important accords like the Paris Agreement in 2015 and the Kyoto Protocol in 1997.
Today, around 198 Parties participate in annual meetings to assess progress and put together responses to the climate crisis.
As per ANI, the Union Minister of State for Environment, Forest, and Climate Change Kirti Vardhan Singh is leading the 19-member delegation from India to the Summit.
Gujarat Minister of Finance, Energy and Petrochemicals Kanu bhai Desai along with ACS S J Haider and Jai Prakash Shivahare, MD GUVNL are going to represent the State government at the summit.
As per the UNEP Emissions Gap Report 2024, there is a dire need for in annual emission reductions of 5.5 per cent and 9 per cent until 2030 to keep warming below 2 degrees Celsius and 1.5 degrees Celsius, respectively, ANI reported.
The daily themes at COP29 will aim to address crucial aspects of climate actions, which includes finance, energy transition, human capital, biodiversity, food security and digitalization.
Noteworthy sessions such as the World Leaders Climate Action Summit will make way for high-level discussions, while dedicated days for youths, health and urbanization will promote broad dialogue.
Achieving commitment in line with the 1.5 degree Celsius target, increasing adaptation efforts, and setting a new global climate finance target are among the main objectives, ANI cited.
(With inputs from ANI)
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