As the COP29 climate conference approaches, Azerbaijan’s minister for ecology & natural resources Mukhtar Babayev has emphasised the urgent need to bridge the climate finance gap and establish a fair new collective quantified goal (NCQG) to support developing nations.
Developed nations had previously pledged to mobilise $100bn annually for developing countries. But only a small fraction of this funding reached low-income countries.
With global temperatures at record highs and extreme weather conditions on the rise, the stakes at COP29 are higher. The conference presents a critical opportunity for nations to advance solutions to one of the 21st-century’s defining challenges.
The conference will take place in Baku, Azerbaijan, from November 11 to 22 with a focus on securing funds for countries’ efforts to reduce greenhouse gas emissions and safeguard communities from the impacts of climate change.
Babayev, the COP29 president-designate appointed in January, has led Azerbaijan’s delegation to five COPs. He said the COP29 presidency had engaged with representatives in diverse regions, including the Caribbean and Pacific, as well as the Democratic Republic of Congo and Pakistan, to ensure the voices of developing countries were prioritised.
He acknowledged the challenges faced by Africa, saying the continent’s concerns had often been overlooked.
“We will spare no efforts to act as a bridge between the developed and developing nations and steer the process to a consensus at COP29,” he said. “At COP29, we will facilitate an inclusive process where the voices of all developing countries will be heard, and where finance and adaptation will be prioritised for the most vulnerable countries, including those in Africa.”
Developed countries mobilised $115.9bn in climate finance in the 2022 financial year, exceeding the annual goal of $100bn for the first time. However, only 10% of this financing reached low-income countries.
The new NCQG aims to channel greater funds towards climate action in developing nations, supporting initiatives in renewable energy, agriculture and infrastructure. To facilitate this, COP29 is hosting a series of dialogues, including a ministerial meeting on the sidelines of the UN General Assembly and high-level discussions in Baku leading up to the conference.
Babayev said he had appointed ministers Yasmine Fouad of Egypt and Chris Bowen of Australia as ministerial pairs to lead these efforts.
COP29 also aims to accelerate the global transition to renewable energy through various initiatives. The presidency has announced the “action agenda”, which includes commitments to increase global energy storage capacity and promote green energy zones and corridors.
The COP29 global energy storage and grids pledge sought to increase energy storage capacity sixfold by 2030, Babayev said.
“Azerbaijan is a source of solutions and opportunities, such as its abundant wind and solar potential, which can play an important role in the renewable energy landscape, supporting transition to low-emissions and climate-resilient development not only at the national, but also at the regional and global level.”
The COP29 presidency is positive that the conference will yield positive results, but challenges remain.
Negotiations for a new climate finance goal are entering a “critical” phase, calling for an intense political engagement to overcome complex issues.
Babayev acknowledged the difficulty of these negotiations but remained determined to build consensus.
“These are complex negotiations and parties will succeed or fail together,” he said.
“We have to be steadfast in our determination to fulfil past promises, deliver on our mandates and build on the process so that it can address the urgency and scale of the crisis. Our fixed objective is to keep 1.5°C within reach and leave no-one behind,” he said.
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