COP29
The 29th Conference of Parties, COP29, will occur in Baku, Azerbaijan, from 11th – 22nd November 2024. This significant global event brings together world leaders, government officials, climate experts, and environmental advocates to discuss and negotiate strategies to address climate change.
What is COP?
COP, or the Conference of Parties, is an annual series of formal meetings aimed at assessing and advancing global efforts to combat climate change. It serves as a platform for parties to the United Nations Framework Convention on Climate Change (UNFCCC), which includes 197 countries and the European Union.
The primary objective of COP is to implement the Paris Agreement, which was established in 2015 to hold the increase in global average temperatures to 1.5°C above pre-industrial levels. The science behind this target shows that limiting this level of warming is crucial to avoiding the worst impacts of climate change, such as extreme weather events, rising sea levels, and widespread ecological disruptions.
Azerbaijan takes the lead as COP29 host
Azerbaijan has been selected as the Presidency of COP29 and the conference will be hosted in its capital, Baku, at the Baku Stadium.
“Being elected by unanimous decision as the host country for COP29 is really a big honour for us. We consider it as a sign of respect from the international community to Azerbaijan and what we are doing, in particular, in the area of green energy”.
-Ilham Aliyev, President of the Republic of Azerbaijan
Azerbaijan’s commitment to renewable energy is central to its COP29 leadership role. The country has pledged to reduce greenhouse gas emissions by 40% by 2050 and to increase renewable power capacity to 30% by 2030. With its focus on transitioning from traditional fossil fuels to green energy sources, Azerbaijan aims to set a strong example on the global stage.
COP29’s focus
Under Azerbaijan’s presidency, COP29 will revolve around two primary pillars: enhancing ambition and enabling action.
- Enhancing ambition: This pillar emphasises the need for all participating countries to commit to more ambitious national climate plans. These plans, known as Nationally Determined Contributions (NDCs), outline each country’s efforts to reduce emissions and adapt to climate impacts. COP29 will encourage nations to update their targets and align them to limit warming to 1.5°C. Transparency and accountability will be key factors, ensuring that commitments made are followed by tangible results.
- Enabling action: Financing will be a critical component of COP29’s agenda. It is widely recognised that without substantial funding, many developing countries and vulnerable regions will struggle to implement the necessary climate actions. Azerbaijan’s presidency will focus on securing the financial resources needed to turn climate ambition into real-world results. This includes funding for emissions reductions, climate adaptation projects, and addressing the loss and damage caused by climate impacts, such as extreme weather events and rising sea levels.
The COP29 Presidency is actively engaging with a diverse range of stakeholders, including international organisations, governments, and civil society. Azerbaijan is committed to ensuring that the voices of all parties are heard, fostering a collaborative approach to address the complex challenges posed by climate change.
Control Energy Costs will be monitoring the outcomes of COP29 and will share its commentary across LinkedIn – be sure to follow us to stay updated!