Baku, Azerbaijan, where COP 29 will be held.

This year’s UN Climate Change Conference (COP 29) is underway in Baku, Azerbaijan, with a focus on a cornerstone of global climate action—finance.


November 21, Baku - Groups and parties were unanimous in their disappointment over new texts on the new collective quantitative goal on climate finance (NCQG) and several other outstanding issues. Ministers and Heads of Delegation not only shared their general views on these drafts, but also noted their preferred options on a laundry list of paragraphs. It is unclear how these will be captured, let alone how the entrenched positions can be bridged. 

The (official) penultimate day of the Baku Climate Change Conference started with a bang. Delegates woke up to a new iteration of Presidency text on the finance goal, now reduced to a mere ten pages and confusingly labeled a “transitional” text. The new name did little to defuse its “explosive content,” however. Even before the start of Presidency-led deliberations in the “Qurultay” format at noon, parties voiced their disappointment, with many saying that the text does little more than reiterate extreme positions. “This brings us not one single step closer to agreement,” sighed a frustrated delegate. Others lamented that their proposals and even recently identified landing zones had been entirely eclipsed.

The “Qurultay” turned out to be little more than a regular plenary session, unlike last year’s Majlis. Both negotiating groups and many individual countries took the floor in a marathon of statements to run through their preferred language or launch passionate appeals—to little avail. By halfway through, the room was nearly empty, ending with “lots of talking about, but little to, one another,” as a delegate noted. 

Running against the clock, prospects of a breakthrough across any of the contentious items—from the finance goal to mitigation to gender—are hanging by a thread. All of this only increased calls for the Presidency to step up its role as a decisive leader and honest broker. Progress in continued technical-level negotiations remained equally elusive, further adding to the Presidency’s already full plate. “These texts are nowhere near ready to be bundled into a package,” noted a worried observer, wondering what the next day(s) would bring.

Want to dig deeper into today's talks? Read the full Earth Negotiations Bulletin daily report.

A banner at COP 29 reading: "PAY UP FOR CLIMATE FINANCE"
Photo by IISD/ENB | Mike Muzurakis

During the two-week meeting in Baku, parties were negotiating a New Collective Quantified Goal (NCQG )—a more ambitious, transparent, and predictable climate finance target that better addresses the needs of developing countries for mitigation, adaptation, and loss and damage. There’s still much to settle, from the scale of funding to questions about responsibility: who contributes, and what exactly will the finance cover?

It’s also the last COP before the February 2025 deadline to update nationally determined contributions (NDCs), building momentum for ambitious national commitments. It is essential that NDCs reflect the outcomes of the global stocktake (GST) adopted at COP 28, notably the landmark decision to transition away from fossil fuels.  

Baku is a critical opportunity to accelerate global adaptation action as parties will be assessing progress of countries’ National Adaptation Plan (NAP) processes and identifying the way forward with a strong focus on implementation and support.  

Negotiators will also revisit Article 6 of the Paris Agreement , aiming to establish stronger rules for global emissions trading.

IISD will be closely monitoring these discussions, offering support to negotiations and delivering daily reports on the decisions shaping global climate action.
 

Need to Know: What we want to see at COP 29

IISD's Earth Negotiations Bulletin Reporting On-Site

For over 30 years, Earth Negotiations Bulletin has provided authoritative, in-depth reporting on United Nations negotiations involving the environment and development. Our reporters will be covering each day of the talks in Baku, explaining what's happening and what it means for climate action.

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