Taking place against a backdrop of geopolitical conflicts, energy security concerns and global instability, COP29 in Baku, Azerbaijan is a pivotal milestone in the fight against climate change.
Countries are already working on defining their new national climate pledges, also known as Nationally Determined Contributions (NDCs), due by 2025. The UAE Consensus, agreed at COP28, made clear that new national climate pledges must align with keeping global average temperatures below 1.5°C. Developing countries must have confidence that finance will be available to implement these ambitious plans. Therefore, a strong outcome at COP29 on finance will be needed to empower countries to adopt bolder climate commitments in their new pledges.
Other issues high on the agenda for COP29 are the continued operationalization of the Fund for Responding to Loss and Damage, making progress on transparency tools, advancing the new UAE Just Transition Work Programme and enhancing support for National Adaptation Plans. Additionally, the summit must work to unlock diverse climate financing and fiscal solutions, including doubling adaptation finance and finalizing rules for carbon market mechanisms.
COP29 is one of three major environmental COPs this year, underscoring the interconnectedness of the crises they address. Biodiversity COP16, Climate COP29, and Desertification COP16 occurring within a span of six weeks in 2024 is a crucial reminder that there will be no stable climate without a stable natural environment, nor a sustainable future without healthy land.
At COP29, UNDP calls for the international community to unite and invest to achieve the Paris Agreement goals, for all countries to step up and put forward ambitious new NDCs by 2025 and for greater inclusivity in designing and delivering NDCs. UNDP is also advocating for a shift in public and private finance and reform of the global finance architecture to keep 1.5°C within reach.