As world leaders and climate negotiators prepare to COP29 in Baku, Azerbaijan Next week there will be challenges to find a solution to current environmental problems.

All eyes will be on the following five points to reach consensus at the end of the negotiations.

NEW GLOBAL GOAL FOR CLIMATE FINANCE

Often dubbed the “Climate Finance COP,” the focus is on establishing a new global target for climate finance. This new collective quantified target (NCQG) aims to exceed the current annual financing target of $100 billion, which expires in 2025. This ambitious financial framework is expected as a key outcome of the summit, aimed at supporting developing countries in their efforts to mitigate and adapt to climate change. .

OPERATIONAL FUND FOR LOSS AND DAMAGE

Another key objective of COP29 will be the implementation of the “Loss and Damage Fund”, a key international fund designed to address the irreversible damage caused by climate change. Although granted at COP28, its operational specificities remain pending. Choosing the Philippines to host its board is an important step, but questions remain about the fund’s launch and payment schedules.

NEW CLIMATE OBJECTIVES FOR COUNTRIES

Nations should also reaffirm and potentially strengthen their climate commitments through new Nationally Determined Contributions (NDCs) due by February 2025. This is a critical check to ensure that collective efforts remain on track to limit climate change. global warming to 1.5 degrees Celsius, an essential objective. threshold to avoid serious climatic consequences.

EMISSION REDUCTION TARGETS

Furthermore, COP29 provides new impetus to finalize the guidelines of Article 6 of the Paris Agreement. Article 6 of the Paris Agreement facilitates international cooperation on reducing emissions and allows for the trading of carbon credits, providing countries with flexibility and support to achieve their climate goals.

FIRST BIENNIAL TRANSPARENCY REPORTS

Finally, transparency of climate actions will be emphasized as countries submit their first biennial transparency reports, as required by the Paris Agreement. These reports will provide detailed information on how countries are addressing climate change, including efforts to reduce greenhouse gas emissions and improve adaptation strategies.

In summary, COP29 presents a crucial opportunity to advance financial commitments, operationalize key funds, strengthen cooperation mechanisms, and enhance transparency in global efforts to combat climate change.