29th meeting of Conference of the Parties (COP29), the United Nations’ annual climate change event, will be held in Azerbaijan between 11-24 November 2024 which represents an important turning point in global climate negotiations. This year’s conference focuses on several key themes such as climate finance, energy transition and international cooperation with climate change impacts. The debates are taking place with increasing urgency for climate action following an increase in climate-related disasters around the world.[i]
One of the most urgent issues at COP29 is providing sufficient climate finance to developing countries. The previously set target of $100 billion per year has been the subject of constant debate and only part of it has been met. This year, negotiators are working to create a sustainable financing framework to support climate adaptation and mitigation efforts. To overcome these financial difficulties, Azerbaijan has proposed creating a $1 billion Climate Action Fund by collecting contributions from fossil fuel producing countries and the private sector.
There are several important reasons to Azerbaijan being the host country for COP29. The country has strategic location at the junction of Europe and Asia and plays an important role in energy transit. Holding COP29 in Baku aims to display Azerbaijan’s transition from a fossil fuel-dependent economy to one that includes sustainable energy practices. Additionally, the Baku Government has launched the Baku Initiative for Climate Finance, Investment and Trade, which aims to promote green investments.[ii]
Ambitious goals such as increasing global energy storage capacity sixfold by 2030 are discussed at the conference. This goal highlights the importance of renewable energy integration and the need for robust energy storage solutions to support a reliable energy transition. It also emphasizes the importance of multi-sector synergies such as the integration of digitalization into climate solutions, increasing climate literacy and promoting international cooperation in clean energy technologies.
COP29 also addresses critical sectors such as agriculture and human development. Recognizing the connection of these areas to climate resilience, participants focus on adaptation strategies that will increase societal resilience to climate impacts. The Azerbaijani presidency emphasizes that climate finance is the key to meaningful climate action and underlines that developed countries should contribute more to countries most exposed to the effects of climate change.
The results of COP29 will be critical in shaping global climate policies. Securing climate finance, promoting international cooperation, and addressing energy transition challenges reflect a growing recognition of the multifaceted nature of climate change. Azerbaijan’s host role demonstrates not only its commitment to addressing these challenges but also its strategic position in the global energy space.
Global CO₂ emissions in 2022 are estimated at approximately 36.4 billion tons, above 2019 levels. The United Nations Climate Change Report emphasizes that carbon emissions have increased every year over the last decade. The global average temperature has increased by approximately 1.1°C compared to the pre-industrial period. As we approach the targeted 1.5°C increase threshold, this could further worsen the effects of climate change.[iii] The Intergovernmental Panel on Climate Change (IPCC) Report, published in 2021, states that the probability of reaching the 1.5°C limit decreases with each passing year. The number of natural disasters caused by climate change increased in 2020. For example, in 2020, 22 major natural disasters occurred in the USA alone, costing $95 billion. Additionally, IPCC reports show that climate change is gradually increasing its effects on water resources, agriculture and ecosystems.[iv]
As a result, COP29 will once again bring to light the importance of Azerbaijan in energy geopolitics. Standing out with its rich energy resources in the Caspian Sea, Azerbaijan is in a strategic position that can provide energy to both European and Asian markets. Europe is looking for alternative sources to increase energy security, and Azerbaijan stands out as an important supplier in this sense. In addition, the country is trying to comply with international climate agreements with the aim of investing in renewable energy sources during the energy transition process. This allows the country to play a more active role in platforms such as COP29. Azerbaijan plays a remarkable role in international platforms such as COP29 in terms of energy geopolitics, with both its resource wealth and strategic location. This allows the country to have a greater say in climate policies and energy transition processes. Ultimately, this conference held in Azerbaijan constitutes a great example for countries dependent on fossil fuels globally to begin green transformation.
[i] COP29, https://cop29.az/en, (Accessed: 15.10.2024).
[ii] “COP29 must drive new climate solutions: UNFCCC chief”, News.Az, https://news.az/news/cop29-must-drive-new-climate-solutions-unfccc-chief, (Accessed: 15.10.2024).
[iii] “Climate Action”, UN, https://www.un.org/en/climatechange, (Accessed: 15.10.2024).
[iv] “IPCC Data”, IPCC, https://www.ipcc.ch/data/, (Accessed: 15.10.2024).
