COP29: A ticking clock for urgent climate action

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OPINION

By Steven Mwandha

The 29^th UN Climate Change Conference (COP29) commenced on November 11, 2024, in the Azerbaijan capital, Baku, with a mix of optimism and early challenges. Nearly 200 nations have gathered to address the pressing issue of climate change, with expectations high for significant financial commitments, increased adaptation support, and concrete actions to curb global warming.

However, the conference's opening days were marred by a dispute over the agenda, highlighting the complexities of uniting diverse national interests.

As the climate crisis intensifies, the world is looking to COP29 for decisive outcomes. Vulnerable nations, particularly small island states, and major economies alike are eager for commitments that match the urgency of the scientific reports.

Developing countries like Uganda and others are seeking substantial financial support to adapt to and mitigate the effects of climate change, while developed nations are under pressure to fulfill their previous pledges and raise the bar on climate finance. The stakes are high, with extreme weather events, rising global temperatures, and increasingly dire warnings from scientists underscoring the need for urgent action to limit global warming to 1.5°C.

The opening day of COP29 was briefly disrupted by a disagreement among delegates over the conference agenda, a setback that underscores the challenges of aligning diverse interests in the face of a worsening climate crisis.

COP29 President, Mukhtar Babayev, a former executive at Azerbaijan's state oil company, acknowledged the complexity of the task, noting that while the global need for climate finance is estimated in the trillions, a more realistic target for this conference is to secure commitments in the hundreds of billions.

A key expectation from COP29 is the establishment of a new, more ambitious climate finance target to succeed the previous $100 billion annual goal. Developing nations are pushing for a significant increase in funding, emphasizing the need for grants, rather than loans, to support their climate adaptation and mitigation efforts.

The Climate Policy Initiative estimates that the global need is around $10 trillion per year between 2030 and 2050, highlighting the current funding gap and the urgent need for COP29 to make significant strides in climate finance.

The recent re-election of the New US President has introduced a layer of geopolitical uncertainty to COP29. His previous stance on international climate agreements has raised concerns about the future of US engagement in global climate initiatives. As we know the US plays a role in any global initiative, and its participation the climate action is seen as essential for the success of COP29.

Representatives from developing countries are emphasizing that without substantial financial backing, they will struggle to meet and increase their climate commitments. Tasneem Essop, Executive Director of Climate Action Network, expressed this sentiment by stating, "The global North owes the global South a climate debt." This call for equitable responsibility reflects the ongoing debate over the fact that many of the nations most affected by climate change have contributed the least to the problem yet bear the heaviest costs.

As COP29 progresses, the world is watching with heightened expectations for outcomes that will drive meaningful action. From securing robust financial mechanisms to advancing accountability frameworks, the conference is seen as pivotal in setting a course that aligns with urgent climate needs.

The success of COP29 will depend on leaders' ability to overcome political divisions, increase financial commitments, and forge a path toward a more resilient and sustainable future.

COP29 is not just another climate conference; it is a critical moment in history. The world cannot afford delays or weak commitments. The time for talk is over; it's time for action.

We urge world leaders to rise to the challenge and deliver a transformative outcome that will secure a sustainable future for generations to come.

The eyes of the world are on COP29. Let's hope that this conference will mark a turning point in the global fight against climate change. COP29 must deliver concrete, actionable results to address the escalating climate emergency.

We are watching closely and attentively.

The writer is Environmental and Social Governance enthusiast