Azerbaijan Sets Bold Agenda for COP29 Climate Summit

Azerbaijan's leadership has outlined its ambitious plans ahead of the upcoming COP29 United Nations Climate Summit. Central to the agenda is agreeing on a new annual funding target from wealthy nations to support developing countries in combating climate change. The strategy includes novel funds, pledges, and declarations to boost global climate action.

Less than two months ahead of the COP29 United Nations Climate Summit, Azerbaijani leadership laid out its plans on Tuesday, aiming to boost climate action and agreement on new funding targets for poorer nations.

The November summit's main objective is to achieve consensus on a new annual funding target that wealthy countries will contribute to help developing nations tackle climate change. Despite the challenge of reaching a financial agreement, the COP29 presidency has proposed over a dozen side initiatives to elevate ambitions.

These initiatives include voluntary contributions from fossil fuel-producing countries and companies, as well as grants for climate disaster aid in developing countries. Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Babayev, emphasized the importance of leveraging COP's convening power and national capabilities to drive progress.

Last year's COP28 in Dubai saw over 120 countries pledge to triple renewable energy capacity by 2030. This year, COP29 aims to secure commitments to increase global energy storage capacity and investment in energy infrastructure. Additionally, a global market for clean hydrogen is among the proposals.

Despite existing climate efforts, carbon dioxide emissions from fossil fuels hit a record high last year, underscoring the urgency of the COP29 agenda to address these critical issues.

(With inputs from agencies.)