Paris Agreement Faces Moment of Truth at COP29

AFP/APP

Baku: UN climate talks in Baku have been labeled a “moment of truth” for the Paris Agreement by COP29 President Mukhtar Babayev, as uncertainty looms with a potential US withdrawal under President Donald Trump. 

Amid record-breaking temperatures in 2024 and recent climate disasters, such as deadly floods in Spain, global leaders gathered in Azerbaijan’s capital to confront escalating climate challenges and the urgency of increased climate funding.

“We are on a road to ruin,” warned Babayev at the opening of the two-week conference, emphasizing that COP29 is a critical test for the multilateral climate system.

“We must now demonstrate that we are prepared to meet the goals we have set ourselves,” he added, underscoring the need to uphold the commitment to limit global warming to 1.5 degrees Celsius.

The conference aims to resolve divisions over the $100 billion annual climate fund for developing nations—a target set to assist in managing climate impacts and transitioning to cleaner energy sources. 

However, developing countries insist that this amount falls far short of the trillions required and advocate for the funding to be provided as grants rather than loans.

Funding Debate Intensifies

The funding debate centers on who should pay, how much, and who will be eligible to access the funds. Babayev acknowledged the challenges, stating, “We know the needs are in the trillions, but there are different views on how to achieve that.” 

While public sector mobilization is estimated in the hundreds of billions, achieving these targets will demand “complex and difficult” negotiations, he noted.

Developing countries argue that without sufficient financial support, they will be unable to meet upcoming climate goals, due for submission early next year. 

Meanwhile, a group of developed nations, currently the primary contributors, seeks to expand the donor base to include wealthy nations and top emitters like China and the Gulf states. Beijing, however, firmly rejects these demands.

12 Days to Land a Deal

Babayev stressed the limited timeframe to bridge divides on financial contributions and establish new funding targets, saying, “The COP29 presidency has made every effort to bring the parties closer together.” 

The next 12 days will be pivotal in reaching an agreement that secures financial support for vulnerable nations while maintaining the collective commitment to climate goals.