Baku [Azerbaijan], November 11 : The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) is set to kick off in the Azerbaijani capital Baku on Monday, aiming to address escalating climate challenges.
Leaders worldwide, including India will gather in Baku for the event until November 22 for two weeks of crucial negotiations, dynamic discussions and global collaboration, all focused on tackling the climate crisis with urgency and ambition.
Unless all countries can cut emissions and build more resilience into global supply chains, no economy - including the G20 - will survive unchecked global heating, and no household will be spared its severe inflationary impacts, the United Nations said.
"With global temperatures hitting record highs, and extreme weather events affecting people around the globe, COP29 will bring together leaders from governments, business and civil society to advance concrete solutions to the defining issue of our time," according to the UN.
"A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change," it added.
The first Conference of the Parties (COP) was held in Berlin almost 30 years ago. This year's conference will aim to increase international ambition to curb global warming below 1.5 degrees Celsius pre-industrial levels to avoid catastrophic harm to the planet.
Countries will focus on pushing for more ambitious emissions reductions and identifying new sources of finance. Among the most contentious issues that remain are how much money developed nations will provide, and who should provide climate finance.
This year's summit is focused on a new financial commitment, known as the "New Collective Quantified Goal" (NCQG). Countries are expected to replace the previous USD 100 billion annual commitment to developing countries from the 2009 Copenhagen Accord.
The new target, known as the NCQG or as the "Finance COP", will be under discussion at this COP and is intended to take effect from 2025 onwards.
A 2022 report by the Independent High-level Expert Group on Climate Finance found that developing countries need around USD 1 trillion per year by 2025, and USD 2.4 trillion by 2030 to meet their climate finance needs.
COP29's main objective is to secure agreements on financial targets to support vulnerable countries facing climate-related challenges.
The COP29 marks the midpoint of the "COP Presidencies Troika," a collaborative effort between the United Arab Emirates (UAE, host to COP28) and Brazil (host to COP30 in 2025) aimed at accelerating progress toward the 1.5 degree C goal.
The United Nations Framework Convention on Climate Change (UNFCCC) is a multilateral treaty established in 1992, following the first assessment report by the Intergovernmental Panel on Climate Change (IPCC).
Its main aim is to stabilize greenhouse gas concentrations to prevent dangerous human-induced interference with the climate system.
Since entering into force in 1994, the UNFCCC has served as the foundation for global climate negotiations, leading to significant agreements like the Kyoto Protocol in 1997 and the Paris Agreement in 2015.
Today, 198 Parties participate in annual meetings to assess progress and forge responses to the climate crisis.
Meanwhile, Union Minister of State for Environment, Forest, and Climate Change Kirti Vardhan Singh is leading the 19-member delegation from India to the Summit.
Gujarat Minister of Finance, Energy and Petrochemicals Kanu bhai Desai along with ACS S J Haider and Jai Prakash Shivahare, MD GUVNL are going to represent the State government at the summit.
As per the UNEP Emissions Gap Report 2024 there is dire need for annual emission reductions of 5.5 per cent and 9 per cent until 2030 to keep warming below 2 degrees Celsius and 1.5 degree Celsius, respectively.
Daily themes at COP29 will address crucial aspects of climate action, including finance, energy transition, human capital, biodiversity, food security, and digitalization.
Notable sessions such as the World Leaders Climate Action Summit will facilitate high-level discussions, while dedicated days for youth, health, and urbanization will foster broad dialogue.
Major goals include establishing a new global climate finance target, scaling up adaptation measures, and achieving commitments aligned with the 1.5 degree Celsius target.