COP29: Call for Accelerated Climate Finance Commitments

Azerbaijan's COP29 president urges nations to step up their financial commitments to support developing countries in their fight against climate change.

Share:

Accélération des engagements financiers climat

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

The 29th United Nations Climate Change Conference (COP29) will be held in Baku from November 11 to 22, with the main aim of setting new targets for climate finance. Mukhtar Babayev, President of COP29 in Azerbaijan, expressed his concern at the lack of progress in the negotiations, calling on nations to accelerate and move beyond their initial positions to reach a consensus.

Background and objectives

After COP28 in Dubai, which focused on the end of fossil fuels, COP29 will concentrate on climate finance. The current target of $100 billion per year, which will only be reached in 2022, is deemed insufficient by developing countries, who are calling for a significant increase in contributions. India has proposed an ambitious target of 1,000 billion dollars, a demand that is meeting with resistance from Western donor countries and Japan, who are insisting that China and the Gulf States should also contribute.

Priorities of the Azerbaijani Presidency

Azerbaijan’s COP29 presidency is focusing on two pillars: “accelerating ambition” and “activating action”. The first is to encourage a more rapid reduction in carbon emissions, while the second aims to unlock the necessary financing for developing countries. However, Azerbaijan’s position on the use of fossil fuels as “transition energy” remains a point of contention.

Proposed initiatives and measures

To overcome the current stalemate, the COP29 presidency organized a retreat for chief negotiators at Chemakha, and appointed two ministerial facilitators: Dan Jørgensen of Denmark and Yasmine Fouad of Egypt. Despite these initiatives, Babaïev stresses that the complex issues of climate finance require high-level political involvement, already on the agenda of forums such as the G7 and G20.
The outcome of the discussions at COP29 will be decisive in establishing a new dynamic in global climate finance commitments, strengthening cooperation between the nations of the North and South for a more sustainable future.

The United States cuts tariffs on Japanese imports to 15%, while Tokyo launches a massive investment plan targeting American energy, industry, and agriculture.
Brazil’s Cop 30 presidency aims to leverage the Dubai commitments to mobilise public and private actors despite ongoing deadlock in international negotiations.
During a meeting in Beijing, Vladimir Putin called on Slovakia to suspend its energy deliveries to Ukraine, citing Ukrainian strikes on Russian energy infrastructure as justification.
Vladimir Putin and Robert Fico met in China to address the war in Ukraine, regional security and energy relations between Russia and Slovakia.
Slovak Prime Minister Robert Fico plans to meet Vladimir Putin in Beijing before receiving Volodymyr Zelensky in Bratislava, marking a diplomatic shift in his relations with Moscow and Kyiv.
The three European powers activate the UN sanctions mechanism against Iran, increasing pressure on the country's oil exports as Tehran maintains high production despite Western measures.
Iran once again authorises the International Atomic Energy Agency to inspect its nuclear sites, following a suspension triggered by a dispute over responsibility for Israeli strikes.
First suspect linked to the Nord Stream pipeline explosions, a Ukrainian citizen challenged by Berlin opposes his judicial transfer from Italy.
Ukrainian drones targeted a nuclear power plant and a Russian oil terminal, increasing pressure on diplomatic talks as Moscow and Kyiv accuse each other of blocking any prospect of negotiation.
A Ukrainian national suspected of coordinating the Nord Stream pipeline sabotage has been apprehended in Italy, reigniting a judicial case with significant geopolitical implications across Europe.
Russia continues hydrocarbon deliveries to India and explores new outlets for liquefied natural gas, amid escalating trade tensions with the United States.
Azerbaijani energy infrastructure targeted in Ukraine raises concerns over the security of gas flows between Baku and Kyiv, just as a new supply agreement has been signed.
The suspension of 1,400 MW of electricity supplied by Iran to Iraq puts pressure on the Iraqi grid, while Tehran records a record 77 GW demand and must balance domestic consumption with regional obligations.
Beijing opposes the possible return of European trio sanctions against Iran, as the nuclear deal deadline approaches and diplomatic tensions rise around Tehran.
The United States plans to collaborate with Pakistan on critical minerals and hydrocarbons, exploring joint ventures and projects in strategic areas such as Balochistan.
Around 80 Russian technical standards for oil and gas have been internationally validated, notably by the United Arab Emirates, Algeria and Oman, according to the Institute of Oil and Gas Technological Initiatives.
Baghdad and Damascus intensify discussions to reactivate the 850 km pipeline closed since 2003, offering a Mediterranean alternative amid regional tensions and export blockages.
The two countries end 37 years of conflict with a 43-kilometer corridor under American control for 99 years. The infrastructure will transport 50 million tons of goods annually by 2030.
A senior official from the UN agency begins technical discussions with Iran on Monday, the first meeting since June strikes on Iranian nuclear sites.
A free trade agreement between Indonesia and the Eurasian Economic Union is set to be signed in December, aiming to reduce tariffs on $3 bn worth of trade and boost bilateral commerce in the coming years.

Log in to read this article

You'll also have access to a selection of our best content.