Azerbaijan will host the 29th Conference of the Parties (COP29)

Azerbaijan hosted the 29th Conference of the Parties (COP29) from November 11 to 22, 2024, at the Baku Olympic Stadium, bringing together global leaders, climate scientists, and environmental advocates to address climate change. The summit focused on reducing carbon emissions, advancing green energy, and promoting sustainable development.

Key Outcomes of COP29:

  • Climate Finance Commitment: An agreement was reached to provide $300 billion by 2035 to developing countries for climate initiatives. However, this amount has been criticized as insufficient by some developing nations.
  • Carbon Credit Rulebook: Delegates finalized guidelines for carbon credit systems under Article 6 of the Paris Agreement, potentially unlocking significant funding for climate projects.
  • Renewable Energy Initiatives: Azerbaijan showcased ambitious renewable energy projects, including solar parks, wind farms, and hydroelectric dams. Notably, some of these projects are located in the Nagorno-Karabakh region, a territory disputed with Armenia, raising geopolitical concerns

Challenges and Criticisms:

  • Financial Commitments: The $300 billion climate finance target by 2035 has been deemed inadequate by many developing countries, who argue that the timeline is too extended and the funding insufficient to address urgent climate needs.
  • Political Shifts: The election of climate skeptic Donald Trump as U.S. President during the summit dampened ambitions, particularly regarding climate finance. Additionally, Argentina’s withdrawal under President Javier Milei and Papua New Guinea’s exit, citing inefficacy, highlighted geopolitical tensions affecting global climate action.
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