COP29 sets a new climate finance target: here’s what you need to know

A preliminary draft text for the New Collective Quantified Goal (NCQG) on climate finance was published at COP29 by the co-chairs of the NCQG Contact Group, marking an important step in advancing the primary negotiating objective of the COP29 Presidency. The draft is intended to provide a “workable basis for discussion” to refine climate finance commitments. COP29 President Mukhtar Babayev encouraged all parties to share their perspectives, noting the urgency to reach consensus within the remaining ten days of the conference.

Support for Small Island Developing States (SIDS)

President Ilham Aliyev of Azerbaijan, in his address to delegates at the Leaders’ Summit of the Small Island Developing States (SIDS), emphasized Azerbaijan’s commitment to stand up for the interests of these vulnerable countries. The summit, organized in partnership with the Alliance of Small Island States (AOSIS), the Caribbean Community and the Pacific Islands Forum, highlighted the challenges facing SIDS, including the need for improved climate finance and resilience strategies.

President Aliyev emphasized that the unique circumstances of SIDS make immediate support essential, with Azerbaijan making the case at COP29. In line with this commitment, Azerbaijan has financially supported the presence of key SIDS representatives, along with additional support from the UNFCCC Trust Fund for Participation.

Troika of COP presidencies deliberates on climate targets

Azerbaijan (COP29), the United Arab Emirates (COP28) and Brazil (COP30) met as part of the Troika of the COP Presidencies to assess progress on the “Roadmap to Mission 1.5” and evaluate the implementation of climate policies in accordance with the Global Stocktake result. These discussions reinforced a collective vision, setting priorities for COP29 and COP30 to drive climate action through enhanced Nationally Determined Contributions (NDCs).

Health and climate crisis

Health remained a key topic, with representatives from the World Health Organization (WHO), Spanish Secretary of State for Health Javier Padilla Bernáldez, and past and future COP presidencies discussing the integration of health within the climate framework. In a related development, WHO and the Islamic Development Bank recently launched the Health Impact Investment Platform to support health-focused climate initiatives.