Download Link for Energy & Power Vol 22 Issue 10 (November 1, 2024) as PDF/userfiles/EP_22_10.pdf

The 29th UN Climate Conference (COP29) is set to kick off on November 11 in Baku, Azerbaijan. Bangladesh will be joining the two-week gathering alongside other nations, led by Nobel laureate Dr. Muhammad Yunus, who serves as the chief advisor to the interim government. Dr. Yunus is scheduled to attend the high-level sessions with global leaders, where discussions this year will center heavily on climate financing—a top priority for COP29, which has earned the nickname “Financing COP.” The spotlight will be on raising annual financing goals to $500 billion, a significant increase aimed at tackling climate change more effectively. Current estimates suggest that around $1.0 trillion is needed each year to combat climate impacts and curb carbon emissions. However, fund mobilization has been sluggish. For the past five years, developed nations had pledged an annual target of $100 billion, yet developing countries report receiving only $123 billion in total so far. According to Oxfam, the actual figure might be even lower, at just $23 billion. The slow pace of funding and the current geopolitical climate leave observers wary of meaningful progress at COP29. The Group of 77 and the Least Developed Countries (LDC) coalition will likely press developed nations to meet their outstanding commitments, but their hopes are tempered.

Although high expectations might be unrealistic, the world is still hoping for some concrete progress toward the Paris Agreement’s goals.

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