Azerbaijan unveils initiatives for COP29 summit amid stalled funding negotiations

The upcoming COP29 summit is facing a significant challenge in agreeing on a new funding goal to assist developing countries in combating climate change. Unfortunately, negotiations on this matter have hit a stalemate, prompting Azerbaijan to introduce a series of initiatives to address the issue.

Side initiatives proposed by COP29 presidency

To overcome the deadlock in funding negotiations, the COP29 presidency, led by Azerbaijan’s Ecology Minister Mukhtar Babayev, has put forth more than a dozen side initiatives. These initiatives are designed to leverage the convening power of COP and the national capabilities of the host country to drive progress without requiring lengthy party negotiations.

• These voluntary initiatives, common at COP summits, aim to enhance ambition by uniting stakeholders around common principles and goals.
• They operate independently of the main negotiations that lead to binding agreements, providing additional avenues for progress.
  

  Key proposals by Azerbaijan
  

  Among the key initiatives introduced by Azerbaijan for COP29 are:

  1. Climate action fund: A fund to be financed by voluntary contributions from fossil fuel-producing countries and companies, with a target of raising $1 billion (€900 million) to support projects in developing countries.
  2. Emission reduction in tourism sector: Proposals to reduce emissions from the tourism industry, a significant contributor to greenhouse gas emissions.
  3. Energy storage capacity: Initiatives to increase energy storage capabilities, crucial for the transition to renewable energy sources.
  4. Global market for clean hydrogen: Creation of a global market for clean hydrogen, a promising alternative fuel to reduce carbon emissions.
  5. COP Truce: A suggestion to implement a "COP Truce" to halt conflicts during the summit, fostering a conducive environment for collaboration.
     

     Developing countries push for increased financial support
     

     This year’s summit in Baku aims to address the funding needs of developing countries to tackle global warming. The goal is to determine the required financial support and its sources, replacing the previous commitment of $100 billion per year made by wealthy nations in 2020. This commitment was only met for the first time in 2022 and has been criticized as inadequate.

• The UN presented a draft document in August outlining seven potential options for the new financial agreement, but consensus has yet to be reached.
  

  COP29 held amid climate challenges
  

  Despite global climate commitments, the Earth continues to warm, with carbon dioxide emissions from fossil fuels reaching record highs. The summer of 2024 marked the Northern Hemisphere’s hottest on record, underscoring the urgency of addressing climate change.

  In conclusion, the initiatives proposed by Azerbaijan for COP29 and the ongoing negotiations around funding for developing countries are critical for advancing global climate action. As the world grapples with the consequences of rising temperatures and escalating emissions, international cooperation and financial support are essential to mitigate the impacts of climate change and secure a sustainable future for all.