COP29 is an abbreviation for Conference of the Parties, and is a collective name for the annual climate summit held with the countries that have signed the UN Climate Convention. The convention was adopted in 1992 and annual meetings have been held since 1995. This year’s meeting, held in Baku, Azerbaijan, is the 29th in a row.
This year the emphasis is on financing. A expert group has pointed to that the needs by 2030 will be enormous; 2400 billion dollars a year for adaptation, adjustment and climate damage. That is four times more than what is being bet today.
Three areas are singled out as particularly important:
– Climate aid. A new target for the rich world’s contribution to a climate aid fund is to be set. It must be achieved by 2035. The demands of poor countries are at least 1000 billion dollars a year.
– Climate adaptation. Increase the pace of funding and technology development to mitigate the effects of global warming.
– The Climate Damage Fund. Financing emergency relief and reconstruction during and after natural disasters.