29th annual UN COP29 to kick off in Baku, Azerbaijan today

The 29th annual UN Climate Change Conference (COP29) will kick off in Baku, Azerbaijan, today. Dubbed as ‘Finance COP,’ the two-week-long event will focus heavily on securing a new climate finance target for countries most vulnerable to climate impacts. It will bring together negotiators from nearly 200 countries, including India, to advance the Paris Agreement’s goals of limiting global temperature rise, strengthening climate resilience, and mobilising support for developing nations. With solutions on the table but investment still lagging, especially in developing countries, a strong financial outcome at COP29 could unlock a new era of action.

 

The single biggest measure of success for this conference will be whether negotiators can agree on an ambitious new climate finance



goal that truly meets developing countries’ needs. For India and the Global South, access to finance, technology, and energy resources remains critical to meeting climate targets and protecting communities on the frontlines of climate change. India has so far played a key role in shaping global climate finance frameworks to address the urgent funding needed for both mitigation and adaptation efforts.

 

At Baku, India will seek a New Collective Quantified Goal (NCQG) for climate finance, which is far ahead of the outdated 100 billion dollar annual target set in 2009. India’s Economic Survey 2023-24 indicates that India will need approximately 2.5 trillion dollars by 2030 to fulfil its commitments under the Paris Agreement.