COP29 Drafts New New Climate Finance Goal: Here's What You Need to Know

A draft on the climate finance goal was presented at COP29, opening discussions on future commitments.

Written by Gadgets 360 Staff | Updated: 16 November 2024 10:00 IST

COP29 Drafts New New Climate Finance Goal: Here's What You Need to Know

Photo Credit: cop29.az

Attendees arrived for the COP29 U.N. Climate Summit in Baku, Azerbaijan, on November 14, 2024.

Highlights

COP29 releases draft text on climate finance goal discussions
Azerbaijan President emphasises support for small island states
Health integration into climate action highlighted at COP29

A preliminary draft text for the New Collective Quantified Goal (NCQG) on climate finance was published at COP29 by the NCQG contact group co-chairs, marking an important step in advancing the COP29 Presidency's primary negotiating goal. The draft is intended to serve as a “workable basis for discussion” to refine climate finance commitments. Mukhtar Babayev, the COP29 President, encouraged all parties to share their perspectives, noting the urgency of reaching consensus within the conference's remaining ten days.

Support for Small Island Developing States (SIDS)

President Ilham Aliyev of Azerbaijan, addressing delegates at the Leaders' Summit of the Small Island Developing States (SIDS), emphasised Azerbaijan's commitment to advocating for the interests of these vulnerable nations. Hosted in collaboration with the Alliance of Small Island States (AOSIS), the Caribbean Community, and the Pacific Islands Forum, the summit spotlighted the challenges faced by SIDS, including the need for enhanced climate finance and resilience strategies.

President Aliyev stressed that the unique circumstances of SIDS make immediate support essential, with Azerbaijan championing this cause at COP29. In line with this commitment, Azerbaijan has financially assisted the attendance of key SIDS representatives, along with additional support from the UNFCCC Trust Fund for Participation.

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COP Presidencies Troika Deliberates Climate Goals

Azerbaijan (COP29), the United Arab Emirates (COP28), and Brazil (COP30) convened as part of the COP Presidencies Troika to review progress on the “Roadmap to Mission 1.5” and evaluate the implementation of climate policies in line with the Global Stocktake outcome. These discussions reinforced a collective vision, setting priorities for COP29 and COP30 to drive climate action through enhanced Nationally Determined Contributions (NDCs).

Health and Climate Crisis

Health remained a major topic, with representatives from the World Health Organization (WHO), Spain's Secretary of State for Health Javier Padilla Bernáldez, and past and future COP presidencies discussing the integration of health within the climate framework. In a related development, WHO and the Islamic Development Bank have recently launched the Health Impact Investment Platform to support health-focused climate initiatives.

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