‘We are on the road to ruin,’ COP29 President Mukhtar Babayev expressed concern.
Delegates gathered in Baku, Azerbaijan, on Nov. 11 for the 2024 U.N. climate change conference (COP29) with a focus on reaching a deal to provide up to $1 trillion annually for climate finance in developing countries, replacing the previous target of $100 billion.
Originally, developed nations pledged to mobilize $100 billion annually by 2020 for climate action in developing countries. This commitment was extended to 2025 under the Paris Agreement, with discussions on setting a new target beyond 2025.
“We are on the road to ruin,” COP29 President Mukhtar Babayev warned during the conference’s opening. “People are suffering, and they need more than compassion. They need leadership and action.”
“Let’s dispense with the notion that climate finance is charity,” Stiell stated. “It is essential for every nation, including the largest and wealthiest.”
“Here in Baku, we must focus on establishing international carbon markets by finalizing Article 6,” he added.
Article 6 plays a key role in regulating global carbon trading under the Paris Agreement.
“We need to make progress on mitigation targets from Dubai and enhance mechanisms for financial and technical support on loss and damage,” a representative stated.
This article includes contributions from Reuters and The Associated Press.
