COP29: what are the goals to be achieved at the ‘finance summit’? | BBVA

In addition to these two major objectives, other priorities include finalizing the framework and increasing commitments for the loss and damage mechanism, regulating carbon markets, and implementing Article 6 of the Paris Agreement (which enables countries to voluntarily cooperate to enhance their mitigation and adaptation efforts while promoting sustainable development). Progress is also needed in negotiations on just transition, adaptation plans, food security, and, of course, determining how to take decisive steps toward phasing out fossil fuels.

Additionally, the CEO Climate Leaders Alliance, promoted by the World Economic Forum (WEF), issued a letter signed by over 110 CEOs and senior executives of major companies, including BBVA, urging world leaders and COP29 participants to “double down on climate action.” The letter specifically calls on governments and companies to collaborate and tackle challenges, emphasizing that “every fraction of a degree counts” in the pursuit of achieving net zero emissions by 2050.

The role of the host: what is Azerbaijan’s climate policy?

COP28 was marked by controversy, criticism, and skepticism. The summit took place in the United Arab Emirates (UAE), the world’s seventh-largest oil producer and a member of the Organization of the Petroleum Exporting Countries (OPEC). It was chaired by Sultan al Jaber, the UAE Minister of Industry and CEO of Abu Dhabi’s national oil company.

The 2024 climate summit is taking place in a different context: it is being held in Baku, the capital of the Republic of Azerbaijan. This Caucasian nation, situated at the crossroads of Asia and Europe and bordered by the Caspian Sea, has undertaken several measures to make its energy transition a reality.

“Azerbaijan is committed to developing its renewable energy potential, which is a key part of the country’s plan to reduce greenhouse gas emissions by 40% by 2050,” according to the official COP29 website. “The country aims to increase its renewable energy capacity to 30% by 2030 and diversify its existing energy system to become a leader in green energy.” The same website highlights Azerbaijan’s commitment to updating its NDCs soon to meet the targets of the Paris Agreement.

On the other hand, Zero Carbon Analytics emphasizes the importance of gas production and exports in Azerbaijan’s energy sector. In the first half of 2024, the country boosted its exports, particularly to Europe, in line with the goal of reducing the continent’s dependence on Russian gas.

Between November 11 and 22, 2024, the world will turn its attention to Baku to closely follow the COP29 meetings, where the future of the global fight against climate change will be shaped.