COP29 in Baku Tackles Climate Finance and Fossil Fuel Phaseout Challenges

The UN climate summit seeks consensus on funding for vulnerable nations and stronger commitments to reduce global emissions, despite political and economic hurdles.

COP29, held in Baku, Azerbaijan, from November 11-22, focused on setting a new climate finance target to replace the expiring $100 billion annual pledge, with discussions centering on contributions from both wealthy and rapidly developing nations.
Delegates debated the need for a full, fair, and funded phaseout of fossil fuels, but progress was hindered by ongoing approvals for new oil and gas projects in several countries, including Azerbaijan and the United States.
Negotiations aimed to finalize rules for carbon credit trading under the Paris Agreement, with unresolved issues around transparency, credit evaluation, and revocation standards.
The summit highlighted the urgency of adaptation measures, with calls for clearer targets and financing frameworks to help vulnerable nations cope with climate disruptions like rising sea levels and extreme weather events.
Human rights concerns were raised regarding Azerbaijan's restrictions on civil society and dissent, prompting advocacy groups to demand protections for participants' freedoms during and after the conference.