Clash of Interests Between the Global North and Global South at COP29: What Will Climate Financing Look Like?

Azerbaijan plans to reduce its greenhouse gas (GHG) emissions to 54.99 million tons of carbon equivalent by 2030, down from 61 million tons in 2024, the government has reported.

At the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, which began in Baku on November 11, a decision was made to allocate $300 billion annually for climate financing by 2035. Additionally, ten years of negotiations on high-quality carbon markets under Article 6 of the Paris Agreement were concluded. A decision was also made to fully operationalize the Loss and Damage Fund.

On the night of November 23-24, the five-hour closing ceremony of the 29th session of the UN Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP29) concluded with the adoption of the “Baku Climate Unity Pact”. This pact encompasses three key decisions of the summit:

On November 7, 2024, a decree by the President of the Republic of Azerbaijan led to the creation of a new transport and communications holding company, AZCON. The President explained this decision as a necessity for a "flexible management system that meets modern requirements to improve the operations of state enterprises in the transport and communications sector, enhance their economic efficiency, and increase contributions to the state budget."