As the 29th UN climate conference approaches, Azerbaijan prepares to host an important event to bridge the gap between wealthy and developing nations. The main focus will be securing the necessary funds to combat climate change and set new financial goals.
1. Location and Context
COP29 will be held in Baku, Azerbaijan, a country historically dependent on fossil fuels but shifting towards renewable energy.
2. Azerbaijan’s Role
Positioned as a mediator, Azerbaijan aims to facilitate cooperation among oil producers and consumers.
3. Focus on Finance
The primary goal is establishing a new financial target to support the green transition and reduce emissions.
4. Investment Needs
An estimated $2.4 trillion annually is needed by 2030 to help developing countries transition to cleaner energy and adapt to climate impacts.
5. Challenges for Developing Nations
Countries like Zambia and the Maldives face difficulties accessing affordable finance due to high perceived risks and strict conditions.
6. Global Cooperation
The conference will push for broader donor participation and explore new sources of finance, such as carbon charges and wealth taxes.