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There is little time remaining before the commencement of COP29, the largest international climate conference, scheduled for November in Azerbaijan's capital. This event is expected to be monumental in terms of its extensive participation, with countries from around the world joining and an ambitious agenda set for discussion. Preparations for this conference are being covered by virtually all global media outlets, and discussions at the highest levels are taking place concerning final decisions and documents. On 11 October, Baku hosted a pre-conference — Pre-COP29 — which included a Ministerial Meeting on Climate and Development (C&DM). These events marked a crucial step toward a global agreement on climate change and underscored Azerbaijan's leadership ambitions.

Key Themes and Achievements

Participants at the conference highlighted the necessity of enhancing ambitions to reduce greenhouse gas emissions and transition to clean energy. Azerbaijan, with its substantial renewable energy potential, presented plans aimed at developing a green economy. In his address to the conference, President Ilham Aliyev emphasized that despite contributing only 0.1% to global emissions, the country exemplifies how even smaller emitters can significantly impact the fight against climate change. This statement underscores our green energy objectives and serves as an inspiration for other nations. The head of state noted that "liberated Garabagh and Eastern Zangezur, designated as green energy zones, possess sufficient potential for renewable energy sources." By showcasing the example of its liberated territories, Azerbaijan illustrates how natural resources can be effectively utilized to address climate challenges. This initiative could serve as a model for other regions aspiring to transition to renewable energy sources.

Azerbaijan also demonstrates how revenues from traditional energy sectors can be redirected toward developing green technologies. This serves as a critical example of how oil and gas-rich nations can diversify their economies and emerge as leaders in sustainable development. The conference addressed the challenge of climate finance, particularly in developing countries that are most vulnerable to climate change impacts. Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Babayev, emphasized the importance of international cooperation and attracting financial resources to combat climate change, highlighting the country's role in creating a platform for active global action.

COP28 President Sultan Al-Jaber pointed out that financial resources are crucial for realizing climate projects, especially in developing countries and small island states. He noted that many nations in need of climate action lack sufficient resources to implement necessary measures. UK Minister for International Energy and Climate Change Kerry McCarthy echoed this sentiment, asserting that effective climate action hinges on securing financial resources: "Developing countries and small island states are among those who suffer the most from the impacts of climate change and at the same time bear the least responsibility for it." She reported that climate finance averaged just $7 billion per year from 2017 to 2021.

Henry Gonzalez, Investment Director of the Green Climate Fund, announced that a ministerial meeting on adaptation finance will be organized in Washington: "We hope that at COP29 we will have the opportunity to meet with finance ministers from participating countries and discuss important issues such as finance allocation." He expressed belief that the private sector should play a more active role in climate finance discussions.

International Offers

The United States, through its Emergency Plan for Adaptation and Resilience, has committed to increasing funding for necessary measures. This plan aims to assist half a billion people in climate-vulnerable partner countries by enhancing their ability to adapt and manage the impacts of climate change. John Podesta, Senior Advisor to the US President on International Climate Policy, stated that 2024 has been designated as the year of the climate crisis due to devastation worldwide. He emphasized that urgent action is required to reduce emissions, strengthen responses to climate disasters, and build resilience against future extreme weather events. "Financial support is a critical driver of climate action. This includes international public support, which is particularly vital for adaptation, as well as efforts to enhance debt sustainability and fiscal space so that countries can invest in their future and respond to disasters when necessary," Podesta said. He noted that President Joe Biden pledged in 2021 to increase US international government funding sixfold to reach $3 billion annually by 2024. "This includes creating early warning tools accessible to developing countries that can significantly reduce the costs associated with extreme weather events," he added.

French Energy Minister Olga Givernet expressed optimism that negotiations on new collective targets would yield an effective climate finance mechanism tailored to local needs while helping mitigate negative impacts on biodiversity and pollution. "This is why it was essential for France that G20 countries agreed on the need to explore ways to enhance funding for adaptation. France is one of the largest climate donors globally, contributing at least €6 billion in climate finance each year, with one-third of these resources allocated for adaptation," she stated. When funds become available through specialized mechanisms, technical assistance is provided to help the most vulnerable countries develop national plans for raising finance. "Since its launch in 2017, this mechanism has attracted nearly €700 million in sustainable investments," Givernet clarified. Notably, France has established a €1 billion adaptation pact with Bangladesh based on a national plan addressing this issue. "Collaboratively, we realized that effectively financing adaptation requires designing strategies based on local needs and integrating solutions that yield positive co-benefits for biodiversity and pollution reduction. We also recognize that the scale of investment required for adaptation necessitates mobilizing all available resources," the Minister stressed. Therefore, she emphasized the importance of looking toward multilateral development banks alongside private institutional investments and philanthropic foundations to create innovative financial instruments and mechanisms.

The World Bank's Global Director for Climate Change, Jennifer Sarah, announced that the bank has committed a record $42.6 billion in climate finance for 2023, with half of this amount focused specifically on adaptation. The World Bank continues providing substantial support to low-income countries through the International Development Association (IDA), which mobilizes resources to build climate resilience. Sarah emphasized that this year, the World Bank is implementing an ambitious plan to allocate 45% of its annual funding towards climate change initiatives, splitting these funds equally between mitigation and adaptation efforts. Meanwhile, IDA's financing capacity remains at $30 billion for this year and next. "Every dollar entering IDA is leveraged three to four times, establishing it as the largest provider of financing for adaptation and resilience-building in low-income countries. IDA also has special arrangements for small island developing states," Sarah noted.

UN Deputy Secretary General Amina Mohammed urged the global community to take action, stressing that we are nearing the critical threshold of a 1.5-degree rise in global temperatures. She expressed hope that COP29 would build momentum and facilitate the translation of ambitious goals into concrete actions aimed at protecting those most affected by the climate crisis.

New Initiatives

Human Development Day at COP29 will bring a humanitarian focus to discussions, emphasizing the importance of linking climate agendas with improving people's quality of life and reducing social inequalities. Sixty decisions are anticipated at the upcoming conference in Baku, with crucial issues including climate finance and carbon market creation. COP29 chief negotiator Yalcin Rafiyev referred to these steps as potentially historic achievements while recalling that Azerbaijan, as chair of COP29, proposed 14 initiatives intended to innovate the conference process. Among these initiatives are the establishment of a Climate Change Financing Facility and the unique Global Call for Truce initiative. For the first time in COP history, a proposal will be made to formally recognize military actions as activities detrimental to the climate and contributors to emissions. This initiative has already garnered support from over 1,100 representatives of non-governmental organizations, spiritual leaders, and prominent figures from 127 countries—highlighting its significance within a geopolitical context.

According to Rafiyev, various Baku declarations and documents based on proposals put forth by Azerbaijan's chairmanship are also slated for signing at COP29. A total of eight declarations and commitments are expected to be signed with Baku referenced in their titles—underscoring the conference's importance within international climate discourse.

Additionally, John Podesta confirmed that an agreement has been reached between the US, China, and Azerbaijan to hold a summit focused on methane and other non-carbon gases during the initial days of the conference. He noted that gases such as methane, nitrous oxide, and hydrofluorocarbons have not received adequate attention despite their significant contributions to global warming; therefore, this summit will aim to develop new commitments aimed at reducing emissions from these sources.

He also underscored that one of COP29's most critical issues will be finalizing Article 6 of the Paris Agreement concerning carbon market operations and ensuring accurate accounting for trade between nations. Significant progress has already been made regarding this topic, leading toward an effective mechanism for trading carbon reductions that will facilitate investment in emissions reduction efforts, sustainable development initiatives, and conservation efforts.

EU Commissioner for Climate Protection Vopke Hoekstra added that Azerbaijan's successful chairmanship of COP29 would significantly contribute to global efforts against climate change. He emphasized the importance of transparency alongside increased funding from both public and private sectors.

In conclusion, COP29 promises to be a pivotal event where significant decisions regarding key issues related to climate finance, carbon markets, and emission reduction strategies will be made. The Baku Pre-COP29 conference demonstrated that the global community is prepared for collaborative action in combating climate change.