COP29 Summit excitement: What to expect in Baku?

On Nov. 11, Baku, Azerbaijan, will host the COP29 summit, gathering tens of thousands of leaders, diplomats and activists from around the world to discuss climate change. This annual event is vital for negotiating global solutions to the climate crisis.

Though each summit brings new commitments and plans, the overarching goal remains the same: to find collective solutions to address climate change, reduce global emissions, and support vulnerable communities.

Why COP29 matters?

• Climate change is a global issue that affects all nations, regardless of their contributions.
• The UNFCCC (United Nations Framework Convention on Climate Change), established in 1992, set the stage for international negotiations and emphasized that wealthier nations bear a greater responsibility for addressing climate change.
• As developing economies grow, the challenge of balancing responsibility between wealthier and poorer nations has become increasingly complex, complicating the negotiation process.

Zoom in

At COP29, the focus will be on several key areas:

• Climate finance: A new annual funding target will be introduced to help developing nations most at risk from climate impacts.
• Carbon markets: Discussions will center on establishing multilateral carbon credit markets to create a more effective global system for reducing emissions.
• Aid for climate disasters: The summit will also explore ways to increase financial aid for countries already dealing with the severe effects of climate change.

The presence of world leaders at COP29 signals a firm commitment to the UNFCCC goals, holding countries accountable for the promises they’ve made in previous summits.

Zoom out

• Azerbaijan’s role: As the host of COP29, Azerbaijan will guide the discussions, setting the tone for the summit’s priorities and ensuring that ambitious actions are on the agenda.
• The rotating presidency system means Brazil will take on the role of host for COP30 next year.
• Besides official negotiations, a variety of side events will provide opportunities for activists, scientists, and businesses to raise awareness and secure funding for climate initiatives. The “Green Zone” will serve as the venue for discussions led by nongovernment organizations (NGOs) and corporations.

What is Green Zone?

The Green Zone at COP29, organized by the COP29 Presidency, serves as a lively, inclusive area for non-accredited delegates from a wide range of sectors. This welcoming platform invites businesses, the general public, youth organizations, civil society, academia, and artists to participate in productive discussions and collaborative efforts.

COP29 acknowledges the vital roles both governments and private industry must play in tackling the urgent issue of climate change. With a fresh approach, the Green Zone provides the private sector with a distinct platform to highlight its contributions and solutions to the climate crisis.

Through state-of-the-art technologies, climate innovations, and entrepreneurial efforts, the private sector will be central to advancing the COP29 Presidency’s mission.

The Green Zone is focused on furthering the COP29 Presidency’s climate action vision and priorities, aligning with the Paris Agreement’s global objectives and the U.N.’s Agenda 2030 for sustainable development.

Bottom line

COP29 represents a critical opportunity to advance global climate action. While progress has been slow in past years, the summit has the potential to generate meaningful agreements, particularly regarding climate finance and carbon markets.

These agreements could pave the way for addressing the urgent climate crisis. Despite ongoing challenges, COP29 remains an essential platform for international cooperation and action on climate change.