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COP29 begins in Baku with focus on climate finance amid global challenges. UN warns Paris Agreement goals are at risk, highlighting urgent action.
Global Leaders Meet Amidst Tensions
COP29 climate challenges are set against a backdrop of geopolitical tensions and climate financing demands. The summit opened in Baku, Azerbaijan, with the United Nations warning of dire consequences for the Paris Agreement’s goals. 2024 is projected to break new temperature records, with the past decade being the warmest ever recorded, according to the World Meteorological Organization (WMO).
Trump’s Presidency Looms Over Discussions
The re-election of Donald Trump as U.S. President casts uncertainty over the summit. His administration’s past withdrawal from the Paris Agreement and skepticism about climate change pose significant obstacles. COP29 climate challenges also include strained climate diplomacy due to ongoing conflicts in West Asia and Ukraine, impacting global efforts to increase climate financing.
Financial Focus and Climate Goals
COP29, dubbed the “finance COP,” aims to establish a New Collective Quantified Goal on Climate Finance. Rich nations are under pressure to increase financial commitments, but economic challenges and protectionist policies complicate negotiations. Simon Stiell, Executive Secretary of U.N. Climate Change, emphasized the necessity of ambitious climate finance goals for the world’s wealthiest nations.
Political Absence and Azerbaijan’s Role
Several prominent leaders, including those from the U.S., China, and India, have skipped the summit, signaling a lack of political momentum. Azerbaijan, a petrostate reliant on fossil fuel exports, hosts the summit amidst criticism. Despite doubts, COP29 president Mukhtar Babayev urged nations to collaborate effectively, aiming to address COP29 climate challenges comprehensively.