COP29: finance, a "crucial" opportunity and a seat at the table

Leaders and diplomats from around the world are descending on Baku, Azerbaijan, this month for the 29th Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC).

Given significant amount of funding will be required to reduce greenhouse gas emissions and protect people and places from the impacts of climate change, finance is the key focus of COP29.

Members of industry, government and the education sector from across Australia are attending the event. Key representatives at the Australian Pavilion (in the Blue Zone at Baku’s Olympic Stadium) include Australian Ambassador for Climate Change Kristin Tilley; Australia’s Head of Delegation to the UNFCCC, Sally Box; and Deputy Head of Delegation to the UNFCCC Chao Feng.

Monash University’s Kylie Turner, Sustainable Economics Lead at Monash’s Climateworks Centre and an attendee of COP29, said, “COP29 is a crucial opportunity for Australia to take a seat at the global table and establish the new 2035 climate ambition, which is due next year. This is especially true as Australia bids to host COP31, in partnership with our Pacific Island neighbours.

“The focus for the next commitments to global emissions reduction must be on limiting warming to 1.5°C above pre-industrial levels. The recent State of the Climate report showed us we are already feeling the impacts of climate change here in Australia, as are our neighbours in the Pacific. We are at a critical juncture, and we can’t afford not to act.

“COP29 is about the global community setting itself up for the economy of tomorrow — one that aligns with net zero emissions. What we need to see is consensus and agreement on the infrastructure to accelerate the activity we need to ensure we have the best chance at a safe climate.

“Finance is a key enabler of the shift to a low-emissions future. The climate finance goal on the agenda will help climate action move faster. Agreement on the climate finance goal will also be important for countries who are currently developing their next commitments to global emissions reduction. While we don’t expect the entire issue around climate finance to be resolved with this one conference, we hope it can settle some of the decisions needed to make together on finance to unlock our next steps,” Turner said.

Associate Professor Susie Ho, Director of the Monash Innovation Guarantee and coordinator of Monash’s COP29 delegation, noted that despite being a source of considerable controversy, primarily due to the perceived lack of substantial progress in combating the climate catastrophe, COP remains essential to reaching consensus on climate issues among the 198 participating countries.

“The inaugural COP in Berlin in 1995 marked the commitment of major countries to annual discussions on climate change and emissions reductions. The official target of limiting temperature rise to below 2°C crystallised at COP15 in Copenhagen in 2009. Most notably, COP21 in Paris in 2015 culminated in the unanimous adoption of the Paris Agreement by all nations, with the objective of capping global temperature increases at 2°C, ideally aiming for 1.5°C. We are not on track to achieving this,” Ho said.

“This year, the focus will be on the finance of climate change, with loss and damage a cross-cutting issue, specifically determining the compensation that developing nations should receive from industrialised nations for damages incurred due to unsustainable practices. We are also starting to more deeply consider the dual climate change and biodiversity crises.”

Image credit: iStock.com/Valentina Shilkina