UN Climate Change Conference Baku 2024

IAS Current Affairs

6 hours ago

Source: UNFCC
GS III: Environment

Overview

Why in the News?

COP29 climate meeting in Baku Sunday adopted an agreement to triple the present level of climate finance

November 2024 in Baku, Azerbaijan, the 29th Conference of the Parties (COP29) brings together world leaders, negotiators, observer organizations and stakeholders.
The outcome which clearly brings out the unwillingness of the developed country parties to fulfil their responsibilities.
This year’s summit is hosted by the oil and gas-rich former Soviet republic Azerbaijan.
In fact, many countries deemed the failure to secure a new financial agreement in Baku an unacceptable risk.

Global Climate Action Portal (GCAP) is tracking COP29 climate action announcements – including those associated with the programmes of the COP29.
New finance goal to help countries to protect their people and economies against climate disasters.
Triple finance to developing countries, from the previous goal of USD 100 billion annually to USD 300 billion annually by 2035.
Secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources to the amount of USD 1.3 trillion per year by 2035.
International Energy Agency expects global clean energy investment to exceed USD 2 trillion for the first time in 2024.
COP29 meeting finalised the operationalisation of carbon markets.

India strongly opposed not only the amount agreed upon but also the manner in which the agreement was adopted.
The 300-billion-dollar amount will be raised every year only from 2035, 11 years from now.
300 billion dollars amount would be raised from a variety of public, private and other sources.
2030 estimates show the requirement of 1.3 trillion dollars per year till 2030.

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