Letters | Can the UN climate framework rise to the occasion?

Readers discuss the stakes of reaching a climate finance deal at Cop29 and the need for a global effort against greenhouse gas emissions

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World leaders pose for a photo at the UN climate change conference (Cop29) in Baku, Azerbaijan, on November 12. Photo: Reuters

Published: 11:30am, 21 Nov 2024

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With the annual global climate summit in Baku, Azerbaijan ending on November 22, time is running out for delegates to agree on a new climate finance target for global action. The target will determine the level of support wealthy nations are expected to provide to countries that need help to achieve their climate goals.

Thus far, a global carbon market framework received the green light on the first day of the summit. This will drive climate action by increasing carbon credit demand. Putting it under UN oversight will hopefully ensure the integrity of the international carbon market.

At Cop29, which some are calling the “Finance COP”, the biggest hurdle is finding consensus on new annual climate financing to support vulnerable countries in building climate resilience. There are calls for much higher levels of funding, raising the figure from the original US$100 billion a year – a target agreed on in 2009 – to as much as US$1.3 trillion a year.

But getting wealthy nations to open their purse strings has proven difficult – the commitment of US$100 billion a year by 2020 made by developed countries was met just once, in 2022. Some researchers have called for redirecting profits from fossil fuel companies towards climate action.

Further complicating matters is Donald Trump’s re-election as US president. The loss of leadership from the largest historical greenhouse gas producer could throw global negotiations into limbo once more.