COP29 Begins in Azerbaijan: Nations Face Key Climate Finance Talks Amid Rising Pressures

The annual United Nations climate summit, COP29, has kicked off in Baku, Azerbaijan, where nearly 200 countries are meeting to tackle challenging negotiations on climate finance and trade. This year's summit follows a period of extreme weather events, intensifying calls from developing nations for increased funding to address climate impacts.

The two-week COP29 conference opened on Monday, with delegates gathering in Azerbaijan’s capital under the shadow of the potential re-election of former U.S. President Donald Trump, who has previously threatened to roll back U.S. commitments to carbon reduction.

UN climate chief Simon Stiell addressed the assembly, urging global leaders to reinforce international collaboration on climate action. “Here in Baku, we must agree on a new global climate finance goal. If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price,” he said. Stiell also called for a more ambitious approach to climate funding, especially for poorer nations, asserting that “climate finance is not charity.”

Azerbaijan’s Ecology Minister and COP29 President, Mukhtar Babayev, welcomed the delegates, stating that “climate change is already here.” He emphasized the urgency of the summit as a pivotal moment to establish a sustainable future for all.

This year’s COP29 discussions take place amid rising concerns that 2024 could be the hottest year on record, underlining the importance of climate finance. Developing nations are pushing for an increase in the current $100 billion annual funding target to better support their climate adaptation and mitigation efforts.

The return of Trump also weighs heavily on the summit, with apprehensions that the U.S. may again distance itself from the Paris Agreement, potentially dampening the level of ambition in global climate negotiations. Vanuatu’s special envoy for climate, Ralph Regenvanu, warned, “We cannot afford to let the momentum for global action on climate change be derailed. This is a shared problem that requires international cooperation.”

Notably, U.S. President Joe Biden and other key leaders, such as Germany’s Chancellor Olaf Scholz, have opted out of attending COP29, which some fear may impact the sense of urgency and commitment typically brought by high-profile leaders early in the summit.

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