The litany of temperature records goes on: August 2024 marked the 15th consecutive month of record-high global temperatures. Rapid climate action is needed more than ever and the UN Climate Change Conference to be convened in Baku, Azerbaijan, will play a pivotal role in determining action for years to come.
The key expected result of the negotiations in Baku is the definition of a new collective quantified goal on climate finance (NCQG), which will replace the current USD 100 billion per year goal. Parties agreed to set this new goal in the context of the adoption of the Paris Agreement in 2015. Back then, they agreed to set the NCQG prior to 2025, from a floor of USD 100 billion per year, taking into account the needs and priorities of developing countries. While these cornerstones still stand, everything else remains in the air—and that less than two months before the conference.
Agreement on the NCQG is not only key to rebuild trust, which has been eroded due in part to the delay in the delivery of the USD 100 billion per year by 2020 goal. It is also essential to inform the preparation of the next round of nationally determined contributions (NDCs) under the Paris Agreement, which are due in February 2025.
Mitigation is another big focus of the conference. After parties failed to reach agreement on the Mitigation Work Programme at the last round of negotiations in June 2024, several groups and parties underscored there will be no good outcome to the UN Climate Change Conference without substantive progress on mitigation. The idea here is to carry forward the decision on the first Global Stocktake (GST) under the Paris Agreement, especially with regard to transitioning away from fossil fuels. Such progress could be achieved in the discussions on further guidance on features of NDCs.
Baku will also be a big moment for loss and damage. Parties will conduct a review of the Warsaw International Mechanism, which helped advance knowledge on loss and damage, and consider progress made in setting up the Santiago Network, which aims to catalyze technical assistance. Crucially, parties will provide guidance on the operationalization of the new loss and damage fund, including eligibility criteria.
Parties will further reflect on initial progress made with regard to defining adaptation indicators, a process set to conclude in 2026. Some also hope that agreement will finally be reached on the modalities for market-based cooperative approaches for implementing the Paris Agreement (Article 6.2 and Article 6.4).
Other items of note include:
The UN Climate Change Conference will convene from 11-22 November 2024 at the Baku Stadium, Baku, Azerbaijan. It includes the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP 29), the 19th meeting of the COP serving as the Meeting of the Parties to the Kyoto Protocol (CMP 19), and the sixth meeting of the COP serving as the Meeting of the Parties to the Paris Agreement (CMA 6). The 61st sessions of the Subsidiary Body for Scientific and Technological Advice (SBSTA 61) and the Subsidiary Body for Implementation (SBI 61) will also convene.
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