Baku, Azerbaijan will host the annual UN Climate Change Conference (COP 29), from November 11 to 22. This year, the conference will focus on ensuring that developing countries have access to climate action financing. COP 29 will also be a significant milestone for transparency related to the Paris Agreement, where all parties are expected to submit their first Biennial Enhanced Transparency Reports (BTRs) [1]by December 2024.[2] The COP provides a significant opportunity for Pakistan to secure the finance for its sustainable development and climate resilience.
COP 29 Financing Agenda and Opportunities for Pakistan
- At COP 29, climate financing discussions will be based on important issues. Negotiations will deal with the New Collective Quantified Fund (NCQF), which aims to set new targets for post-2025 climate action support.
- The proposed Climate Finance Action Fund will collect voluntary contributions from fossil-fuel-rich producing countries and companies to address finance gaps.
