COP29 to focus on climate finance, as world off track to meet emissions targets

The United Nations Climate Change Conference (COP29), to be held in Baku (Azerbaijan) in mid-November, will focus on the new collective and quantified goal (NCQG) on climate finance, which aims to set a target for climate-related financial transfers to developing countries. That funding is seen as crucial to helping nations to reduce their greenhouse gas emissions and adapt to climate change.

Another finance-related issue that will be discussed in Baku is the loss and damage fund, which was created at COP27 in Sharm el Sheikh in 2022 and launched at COP28 in Dubai last year. The mechanism is designed to channel financing to countries suffering from the consequences of climate change, such as the loss of human lives, damage to infrastructure and loss of biodiversity and ecosystems.