Delegates from nearly 200 countries are gathering in Baku for COP29, an 11-day environmental summit. This year’s talks, often called the ‘finance COP’, centre on setting ambitious climate finance targets. Wealthy countries are expected to commit larger funds to support vulnerable nations in their green transition and resilience against environmental impacts.
Natural landscape of Shahdag National Park in Azerbaijan. AI generated picture.
The urgency is underscored by UN warnings that global temperatures could rise by 2.5 to 2.9°C, nearly double the Paris Agreement's target. The controversial choice of Azerbaijan, a major oil producer with a contentious human rights record, as host, has also raised eyebrows. But the focus remains on green finance. In 2009, wealthy nations pledged $100 billion annually for nature support, a goal that has yet to be met. Current projections suggest $580 billion may be needed by 2030.
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Azerbaijan hopes to advance stalled talks on carbon markets, which could drive faster emissions cuts. However, geopolitical tensions—from Gaza to Ukraine—could complicate cooperation, and the re-election of US President Donald Trump, a known sceptic, casts a further shadow.
While Brazil, the UK, and the UAE are set to announce new environmental targets, other nations face mounting pressure to strengthen commitments. COP29’s success will depend on whether nations can agree on substantial financial and carbon-trading goals, marking a step toward mitigating the worst impacts of environmental instability.
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