29th Climate Conference (COP) tracker | Key takeaways from UN chiefs speech and day 1 discussions

The annual global climate conference, COP29, began on November 11 in Baku, Azerbaijan, amid critical warnings from the United Nations that the Paris Agreement's goals are “in great peril.” As delegates gather over the next 10 days, COP29 has been dubbed the “Finance COP” due to its sharp focus on securing robust climate finance agreements, addressing the urgent need for climate adaptation, and driving a global phase-out of fossil fuels, including oil and gas—the backbone of many developed economies.

This year’s summit takes place under the shadow of the imminent return of Donald Trump as U.S. president, casting doubts on the future of U.S. climate commitments, with Mr. Trump previously threatening to exit the Paris Agreement, a move that could strain climate diplomacy further. Adding to the urgency, the UN’s World Meteorological Organization (WMO) reported that 2024 is on track to be the warmest year ever, and the last decade has been the hottest on record, with global warming now at 1.3 degrees Celsius above recent averages.

Meanwhile, global climate events, including Cyclone Helene in the U.S., have heightened pressure on developed nations to finally fulfil the $100 billion climate finance pledge first made in 2009. But with ongoing conflicts in West Asia and Ukraine, alongside looming questions around who will fund climate action and how funds will be managed, many worry this summit may fall short of achieving substantial commitments. Despite these challenges, COP29 president Mukhtar Babayev has emphasized that setting an ambitious new climate finance target, known as the New Collective Quantified Goal (NCQG), remains a top priority.

To help us navigate these complex issues, we’re joined by two seasoned climate journalists - Chetan Bhattacharji, who is at Baku for the first week of negotiations and The Hindu’s Jacob Koshy, who has been tracking all the news from our New Delhi office. They will both guide us through high-stakes conversations on financing adaptation, setting carbon market regulations, and operationalizing the Loss and Damage Fund — key goals that are on the agenda at COP29.

Topics of Discussion:

1. What were the key outcomes from the first day’s discussions on carbon markets, and how might these impact developing nations, including India, in their climate transition?

2. What are the key take-aways from UN Secretary-General Antonio Guterres' speech. While, he underscored the urgency of climate action, with his call for leading emitters to accelerate efforts to limit global warming to 1.5 degrees Celsius? Doesn’t this appear more and more out of reach?

3. Are there any new developments regarding the push to increase climate finance, especially in light of calls for a substantial new financing goal?

[AshokKumarSharda]

How much Climate finance(loss & damage fund) fund contributed so far by the developed countries against the commitment of 100 billion dollors? How this agenda can be pushed hard in COP 29. ??