COP29 Summit in Baku Focuses on Climate Finance

The upcoming COP29 climate summit in Baku, Azerbaijan, is poised to be a pivotal event, focusing on securing a substantial finance agreement to support climate action, particularly for developing countries. The recent election of Donald Trump as U.S. President has cast a significant shadow over the summit, raising concerns about potential U.S. withdrawal from the Paris Agreement and reduced climate financing commitments, which could undermine global efforts to combat climate change. Trump's previous administration was marked by climate policy rollbacks and a pro-fossil fuel agenda, and his return may hinder progress on vital climate finance negotiations. The summit aims to finalize a new collective quantified goal (NCQG) for climate finance, potentially exceeding the previous target of $100 billion annually, but achieving this without U.S. support could be challenging. While the focus remains on securing funding and establishing frameworks for international carbon markets, experts warn that without adequate financing, nations may not commit to more ambitious climate targets. Overall, COP29's success is critical as it may determine the future of international climate finance and cooperation amidst escalating climate impacts globally.