COP29 opens, new climate finance goals expected
1min read The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) officially opened in Baku, the capital of Azerbaijan on November 11. The meeting will focus on climate financing, technological innovation, national contributions, global adaptation targets and loss and damage, aiming to address climate change through international cooperation and promote green and sustainable development.
Simone Stiell, Executive Secretary of the Convention's secretariat, repeatedly emphasized the urgent goals of addressing climate change in the opening ceremony, calling for reaching consensus on a new global climate financing target at this session and launching and operating the global carbon market through Article 6 of the Paris Agreement.
According to the latest United Nations forecast, investment in clean energy and infrastructure will reach US$2 trillion by 2024, nearly twice that of fossil fuels.
All countries will submit their third round of national contributions (NDCs) by 2025. To support countries in formulating and submitting these plans, the Convention will launch the Climate Action Plan, which will mobilize all stakeholders to take action and align with the efforts of the United Nations Secretary-General and the next COP30 presidency, Brazil.
The 21st Century Business's reporting team will continue to report on the latest progress in climate negotiations.