The capital of Azerbaijan, Baku, is from today until November 22 the global epicenter of dialogue on climate change. The motto of this edition, “Solidarity for a Green World”, vindicates the urgency of advancing on the path towards a fair and orderly energy transition, in which multilateral collaboration becomes essential to achieve it.
Today, there are three keys to advancing this change in the sustainable energy model: the first is to have adequate and sufficient financial mechanisms; second, that the private sector actively participates in the process and thirdly, take measures that facilitate both adaptation and mitigation of the effects of climate change.
Climate finance
One of the most crucial aspects of COP29 is the creation of a sufficient climate finance framework, as trillions of dollars are required for countries to dramatically reduce greenhouse gas emissions and protect lives and livelihoods from rising effects of climate change.
Specifically, at the Summit it is expected that countries will agree on how, when and with what mechanisms the promised 100 billion annually will be mobilized to help the victims of the climate crisis in the global south. At the Sharm el-Sheikh summit this commitment was closed; Last year at the Dubai summit it was formalized and now the ‘modus operandi’ of how it will be carried out is expected to be finalized.
National Climate Action Plans
Just as the countries did at the Biodiversity Summit, held a few days ago in Colombia, countries must also present here their plans to reduce their emissions, in order to stop global warming.
If done properly, these plans will limit global warming to 1.5°C above pre-industrial levels and act as investment plans that drive the Sustainable Development Goals.
Adaptation and mitigation
At this point, measures must be taken to both adapt to and mitigate the effects of climate change. This was pointed out, a few months ago, by the European Environment Agency, in its first European Climate Risk Assessment in which it warned that Europe is already the continent that is “warming most rapidly”, twice the world average.
In addition, the report urged urgent measures to be taken since of the 36 risks identified by the Agency, eight are classified as “particularly urgent” to conserve ecosystems and to protect both people and infrastructure from the increasingly frequent floods, waves. heat and forest fires.
Markets to reduce emissions
The participants in the summit will also debate these days about the need to materialize, in a coordinated manner, a well-regulated international carbon market, as one of the fundamental tools to stop warming. A mechanism that must guarantee that the reduction of emissions is real and verifiable, ensuring the change towards clean technologies and innovative climate solutions.
The private sector at COP29
The business community plays a vital role in the green economy, especially when it comes to large multinational corporations. At COP29, companies are expected to commit to reducing emissions and adopting clean technologies. Private investment in renewables or financing green initiatives not only accelerate the energy transition, but also generate pressure on governments to take more measures.
Furthermore, the financial sector is vital to ensuring that financial flows support climate goals. Investments aligned with net zero emissions and whose investors must demand transparency and responsibility.
And, as Antonio Guterres, UN Secretary General, recognized in the opening speech of the UN General Assembly, “companies are advancing faster than governments.” Therefore, collaboration between nations, the private sector and civil society is more necessary than ever.
With the climate clock ticking rapidly, global temperatures reaching record levels and extreme weather events affecting people around the world, COP29 should find concrete solutions to the most pressing problem of our time. The future of the planet is at stake.