COP stands for Conference of Parties

COP Parties are the countries that have officially approved an agreement known as the UNFCCC (United Nations Framework Convention on Climate Change).

The document was signed in 1992 by nearly 200 countries.

The COP serves as the decision-making body associated with the agreement, where representatives from these nations convene annually to discuss and negotiate optimal strategies for addressing the fundamental drivers of climate change.

In 2015, world leaders made a commitment under the Paris agreement to work towards limiting the increase in global temperatures to 1. 5 degrees Celsius. In order for this to occur, countries must intensify their efforts to reduce greenhouse gas emissions.

Key Question in COP 29

This year Key question in COP 29 is not climate change its The money.

Many experts say with funds COP is just a Talk.

As per the agreement, countries vowed to establish a fresh financial objective for developing nations by the year 2025. The funds will be utilized to support developing economies in reducing their carbon footprint and preparing for the most severe consequences of increasing temperatures.

Reaching consensus on a fresh financial objective is considered a crucial stride in fostering trust between affluent and less affluent countries, as the progress thus far has been less than satisfactory.

African nations and small island states aim to achieve climate finance totaling over $1 trillion annually by 2030.

Until now, countries such as China and the Gulf States have been categorized as developing economies and have been waived from making contributions.

In order to boost the overall cash flow, it is imperative for the EU and other affluent nations to reconsider this approach.

About COP 29

According to COP 29 website “Azerbaijan is dedicated to enhancing its renewable energy capabilities, an integral aspect of the nation’s strategy to cut down greenhouse gas emissions by 40% by 2050. The country aims to elevate its renewable power capacity to 30% by 2030 and broaden its current energy system to establish itself as a frontrunner in sustainable energy. Azerbaijan is dedicated to setting an example and plans to revise its national targets in its upcoming Nationally Determined Contribution aligned with the 1. 5 degrees approach.”