Shaping sustainable future: COP29 co-chairs release draft on climate finance

AZERBAIJAN – At COP29, the co-chairs of the NCQG contact group presented a draft decision text for a new climate finance goal, marking a critical step in the COP29 Presidency’s efforts to address financing for climate action.

Released early to guide discussions, the draft aims to clarify potential agreements and help identify outstanding concerns.

Parties praised this transition, with many calling it the first truly viable basis for negotiations since the technical discussions began three years ago.

COP29 President Mukhtar Babayev hailed the draft’s publication as a significant milestone but cautioned that many complex issues remain.

“We now want to hear everyone’s views, and we’ll ensure spaces are created for input throughout COP29,” he remarked, adding that the urgency to finalize an agreement is paramount with only ten days left.

Supporting Small Island Developing States (SIDS)

The Leaders’ Summit of the Small Island Developing States (SIDS) on Climate Change, hosted by Azerbaijan and co-chaired by Samoa, Grenada, and Tonga, provided a platform to strengthen resilience strategies and enhance access to climate finance for vulnerable island nations.

Azerbaijan’s President, H.E. Mr. Ilham Aliyev, urged developed countries to offer these states substantial financial and technical support, underscoring Azerbaijan’s commitment to elevating SIDS’ voices at COP29.

COP29 President Babayev also commended the leadership of small island states in setting ambitious climate goals despite limited resources and urged other nations to match this resolve.

The summit concluded with adopting the Baku Declaration on Amplifying SIDS’ Voice for a Resilient and Sustainable Future, which emphasizes SIDS’ unique vulnerabilities and Azerbaijan’s commitment to supporting its participation in the global climate dialogue.

To this end, Azerbaijan, in partnership with the UNFCCC’s Trust Fund for Participation, has pledged financial assistance for SIDS delegates at COP29.

COP Presidencies Troika and the Roadmap to Mission 1.5

In a meeting of the COP Presidencies Troika—comprising the United Arab Emirates (COP28), Azerbaijan (COP29), and Brazil (COP30)—leaders reviewed the progress of the “Roadmap to Mission 1.5,” which aims to accelerate the implementation of ambitious climate policies under the Global Stocktake outcome.

The meeting underscored the need for cohesive actions from each presidency, establishing priorities for 2025 to build on COP28’s foundations and advance the outcomes of COP29 toward a successful COP30.

COP29 President Babayev joined UN Secretary-General António Guterres to assess progress on early warning systems, which aim to protect communities worldwide from extreme weather by 2027.

Stressing the critical need for international collaboration, Babayev reiterated the goal of reaching every community with these life-saving systems.

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