The recent annual UN Climate Change Conference held in Baku, Azerbaijan has been a pivotal initiative in embracing action planning for reducing carbon emissions and limiting long-term global warming. The intensifying heatwaves, floods, wildfires, droughts, and tropical cyclones are a concerning factor in the context of global environmental changes as per the World Meteorological Organisation’s 2023 report on the state of the global climate. It is disillusioning to note that it has been a decade since the settlement of the Paris Agreement but the goal of limiting the long-term global warming to 1.5 degrees Celsius is still not achieved. Global warming is on the rise and our planet Earth is constantly under environmental threats.
Climate change is a classic global common issue resulting from long-term changes in temperatures and weather patterns which is the outcome of shifts in the sun’s activity and volcanic eruptions. The changes on the planet Earth are also attributed to human activities particularly the burning of fossil fuels since the 1800s, which emit carbon dioxide. Human activities such as burning fossil fuels, solid waste, trees, biological materials, and other chemical reactions such as cement production are altering the carbon cycle by contributing to carbon emissions in the atmosphere. Increased urbanisation and industrialisation are also responsible for environmental hazards commonly pointed out. Greenhouse gases particularly methane, nitrous oxide, and fluorinated gases lead to environmental damage and these are released owing to transformations in the land use by livestock, coal production, natural gas and oil, and by the decay of organic waste. Energy, industry, transport, land, and agriculture are the predominant sectors leading to greenhouse gas emissions thereby exercising a negative impact on climate change.
The agreement on the new collective quantified goal on climate finance is a building block for developing countries in particular to engage in environmentally sustainable practices for the future
The United Nations Climate Change Conference recently convened in Baku, Azerbaijan in November offers a way forward to address the above climate crisis faced globally. It aims to combat climate change through sustainable practices and procedures and its foremost focus is to define a new collective quantified goal on climate finance. It aims to decide the allocation of the financial resources by different countries globally for tackling the climate change crisis. The agreement on the new collective quantified goal on climate finance is a building block for developing countries in particular to engage in environmentally sustainable practices for the future. It is also a reinforcement of the Paris Agreement settled in 2015 aiming to allow the countries to allocate funds aligned with their needs to fight climate change.
Conference of the Parties (COP 29) for climate change at Baku additionally offers a competitive edge to encourage renewable energy adoption by providing tax incentives on renewable energy equipment such as solar panels and wind turbines. It aims to inculcate mitigation of the usage of fossil fuels globally to bring carbon emissions to a minimum level. Furthermore, it provides an understanding of the Warsaw International Mechanism on Loss and Damage that focuses on the operationalisation of the loss and damage fund. It further ensures equitable distribution of resources to the nations impacted by climate change by establishing governance and accountability mechanisms. A need for collaboration and fairness in global climate governance efforts is built based on the Loss and Damage Fund.
Conference of the Parties 29 proves as a positive tool for tracking the effectiveness of the climate adaptation objectives such as mitigating risks associated with climate change, enhancing awareness about impact of the climate change, and safeguarding the ecosystems. Adaptation indicators such as climate indices and climate risk indicators for measuring the effectiveness of the climate adaptation objectives are to be concluded in 2026 and COP at Baku has set a foundation to focus on it. It also highlights that the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement remain relevant and capable of addressing contemporary climate challenges. It sends an actionable signal to global stakeholders about the seriousness of climate commitments and builds a foundation for transformative climate action leading towards net zero emissions and building resilient societies. In a nutshell, it offers meaningful progress in tackling environmental changes by reinforcing global confidence in climate agreements.