Azerbaijan: Dozens of world leaders convene in Azerbaijan on Tuesday (November 12, 2024) for COP29 but many big names are skipping the UN climate talks where the impact of Donald Trump’s election victory is keenly felt.
UN climate chief Simon Stiell also appealed to solidarity, kicking talks off on Monday by urging countries to “show that global cooperation is not down for the count”.
But the opening day got off to a rocky start, with feuds over the official agenda delaying by hours the start of formal proceedings in the stadium venue near the Caspian Sea.
Climate Science Funding
Climate science funding is a key issue at COP29, with developing countries demanding increased financial support from developed nations to help them adapt to and mitigate the effects of climate change. The current $100 billion annual target, agreed upon in 2015, is set to expire in 2025, and countries are now negotiating a new, higher target.
Developing countries argue that they are disproportionately affected by climate change, despite contributing the least to greenhouse gas emissions. They need financial assistance to build resilience, transition to clean energy sources, and compensate for the “loss and damage” caused by climate-related disasters.
Developed countries, on the other hand, face domestic pressures to reduce their own emissions and may be hesitant to increase financial commitments. However, they recognize the moral and economic imperative to support developing countries in their climate efforts. Failure to do so could exacerbate global inequality and instability.
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