FAQs about COP29 Baku 2024

9. What was the final controversy over financing at COP29?

COP29 was supposed to end on Friday, November 22, but it was postponed until Sunday, November 24, when they finally managed to issue the final agreement. Something we are already used to from the many times it has happened. The controversy this time was about financing.

The agreement ends with a new financing objective to help countries protect populations and economies against climate disasters, seeking to share the boom in clean energy. An agreement that many consider insufficient and that includes:

• Triple financing for developing countries from the previous target of $100 billion annually to $300 billion annually by 2035.
• Ensuring that all stakeholders work together to increase financing to developing countries, from both public and private sources, to reach 1.3 trillion dollars per year by 2035.
• A New Collective Quantified Goal on Climate Finance (NCQG), agreed after two weeks of intense negotiations, a process that requires all nations to unanimously endorse every word of the agreement.

In the words of Antonio Guterres, Secretary General of the UN: “COP29 concluded with a deal worth $300 billion a year for developing countries… An agreement at COP29 was absolutely essential to keep the 1.5 degree limit alive. And countries have delivered.”

For Mongabay, “ the final agreement of COP29 is insufficient.” “Several important points were left pending for the mid-year meeting or the COP30 in Brazil. Among them are the Mitigation Work Program, the Global Balance Sheet, the evaluation of global progress in climate action and the loss and damage fund.”

FAQs about COP29 Baku 2024

1. What is COP29, when and where did it take place?
2. Where is Azerbaijan?
3. Is Azerbaijan an oil country?
4. Who chaired COP29 and why did the opening speech cause outrage?
5. What was the moto of COP29?
6. What was the agenda of COP29?
7. What were the three key points of COP29?
8. What was the commotion last year at COP28?
9. What was the final controversy over financing at COP29?
10. Which country was chosen to host COP30 and when is it scheduled to take place?