Share
Home » Sustainability » COP29 World Leaders Climate Action Summit opens in Baku

COP29 World Leaders Climate Action Summit opens in Baku

Summit seeks to implement and transform key climate-related decisions into concrete actions and credible plans to tackle climate change
COP29 World Leaders Climate Action Summit opens in Baku
The summit signifies the importance of engaging and enhancing ambition and enabling action to reduce emissions, adapt to climate change, and address loss and damage (Image: COP29)

The World Leaders Climate Action Summit at the 29th session of the Conference of the Parties (COP29) commenced today in Baku, Azerbaijan. The opening was attended by heads of state and government, party delegations, guests of the government of the Republic of Azerbaijan, heads of the United Nations and related organizations and specialized agencies, and selected heads of intergovernmental and representatives of non-governmental organizations’ constituencies.

The summit signifies the importance of engaging and enhancing ambition and enabling action to reduce emissions, adapt to climate change, and address loss and damage.

Implementing key plans to tackle climate change

The World Leaders Climate Action Summit seeks to implement and transform key climate-related decisions into concrete actions and credible plans to tackle climate change, building on the achievements of COP28 and the historic UAE Consensus. The UAE Consensus includes an unprecedented reference to transitioning away from all fossil fuels in energy systems in a just, orderly, and equitable manner in this critical decade to enable the world to reach net zero emissions by 2050, in keeping with the science. It also offers a new, specific target of tripling renewables and doubling energy efficiency by 2030.

COP29
(Source: COP29)

During his remarks at the COP29 World Leaders Climate Action Summit, President His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasized the UAE’s longstanding tradition of environmental stewardship and its commitment to sustainable development principles. He noted that this dedication led to the UAE’s hosting of COP28 last year, during which the country championed international cooperation to provide an effective response to the first Global Stocktake assessing progress in achieving the goals of the Paris Agreement.

Sheikh Mohamed also noted that the historic UAE Consensus of COP28 confirmed a mutual global resolve to achieve a systematic, responsible, fair, and rational transition within the energy sector. The agreement also provided a roadmap for meeting the ambitions of the Paris Agreement and succeeded in restoring trust in the multilateral system through commitments to previous financial pledges and efforts to mobilize climate funding for the most vulnerable nations and communities.

COP29
Mukhtar Babayev, Azerbaijan’s minister of ecology and natural resources and president of COP29. (Source: WAM)

Forging a sustainable future

For his part, Mukhtar Babayev, Azerbaijan’s minister of ecology and natural resources and president of COP29, affirmed his collaboration with the COP28 presidency to enhance the implementation of the historic UAE Consensus. Babayev also expressed gratitude to the COP28 presidency, led by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, for their ongoing partnership. He mentioned that it was an honor to take the gavel from Dr. Al Jaber as they worked together to advance the UAE Consensus.

As COP29 President, Babayev emphasized the conference’s commitment to inclusivity, transparency, and collaboration among parties. He highlighted this moment as a crucial opportunity to forge a path towards a sustainable future. Babayev also underscored the necessity of establishing an ambitious climate finance target that is equitable and meets the needs of least developed countries, small island states, and other developing nations.

Describing the negotiation process at COP29 as challenging, the Azerbaijani minister also called upon all parties to engage, collaborate, and cooperate to empower communities impacted by climate change. He stressed the importance of teamwork in creating a sustainable legacy for future generations. Babayev expressed a strong determination to prepare a comprehensive package across all sectors, advocate for a significant global outcome, mobilize climate finance, and work collectively toward viable solutions.

Read: UAE President urges accelerated climate action, COP29 President calls for strengthened implementation of UAE Consensus

COP29
Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (Source: WAM)

Climate finance targets

Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), expressed his appreciation for the UAE’s relentless efforts during its COP28 presidency. In his opening remarks at COP29, Stiell stressed the significance of a unified financial commitment to climate action. “We must agree on a new global climate finance goal. If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price,” he added.

Stiell stressed that states must not regard climate finance as “charity”, noting “an ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest”. He added that simply agreeing on a goal isn’t enough, adding that, “We must work harder to reform the global financial system, giving countries the fiscal space they so desperately need.”

“Here in Baku, we must get international carbon markets up and running, by finalizing Article 6. We need to move forward on mitigation, so targets from Dubai are realized,” Stiell added

“We mustn’t let 1.5 ºC slip out of reach,” Stiell said, noting that clean energy and infrastructure investments will likely reach $2 trillion in 2024 — almost twice that of fossil fuels.

For more on sustainability, click here.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.