Strategies Guiding Climate Financing in COP29: Pivotal Areas of Focus
The 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) is set to take place, with a focus on critical climate action. This global event, scheduled for later this year, will see nations gather to discuss strategies for achieving net-zero emissions by 2050, a shared global commitment.
One of the key agenda items at COP29 will be the revisit of Article 6 of the Paris Agreement, which addresses carbon markets. The conference will also provide a platform to negotiate the New Collective Quantified Goal (NCQG), revisiting financial targets post-2025 and addressing gaps in climate finance.
Tackling financial disparities will be essential to reducing the vulnerabilities of low-income nations and fostering global climate security. Many countries may update their Nationally Determined Contributions (NDCs) at COP29, as mandated by the Paris Agreement.
Achieving net-zero targets will depend on annual financial commitments that ensure all countries can contribute effectively to global goals. The global goal is to mobilize trillions to advance clean energy, mitigate warming, and address climate-related disasters.
In the lead-up to COP29, over 140 countries have committed to net-zero targets, reduction of emissions, phase down of coal usage, and prioritization of renewable energy, following COP26. The United Arab Emirates (UAE) has also pledged its support for the Race to Resilience campaign of the UNFCCC at COP29.
The UNFCCC launched the Race to Resilience Campaign in 2020 to bolster resilience for 4 billion people. India, too, has shown its commitment to this cause, joining the Race to Resilience in COP28 and pledging to reinforce urban resilience.
The CII Centre of Excellence for Sustainable Development (CESD) in India has been championing sustainable development since 2006. Aligning with global efforts, CESD empowers businesses to adapt to climate-related challenges while building long-term resilience. CESD's work underscores India's commitment to a low-carbon, circular economy, reinforcing the country's leadership in global climate action.
CESD collaborates on a broad spectrum of intersecting areas, including Circular Economy, Climate Action, Biodiversity & Nature, and Resilient Business & Society. The organisation is shaping a more resilient future, empowering businesses to make long-term commitments.
Strategies for reforestation, resource conservation, and infrastructure innovation will also be discussed at COP29 to move closer to net zero. Limiting the global temperature rise to 1.5°C will remain a critical focus at the conference.
COP29 discussions will occur just before the 2025 benchmark for global greenhouse gas emissions to peak. The world is on a race against time to combat climate change, and COP29 promises to be a significant step in this global endeavour.
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