COP-29, being held in Baku, Azerbaijan, from November 11 to 16, 2024, hosted the World Leaders’ Climate Action Summit on November 12 and 13. This summit represents a crucial opportunity for world leaders to bolster their climate commitments and collaborate towards the goals of the Paris Agreement. United Nations Secretary-General António Guterres emphasized the need for financing to combat climate change to avert catastrophic consequences.
Background and Objectives of the Summit: An Innovative Approach
Organized alongside the high-level segment of COP-29, the World Leaders’ Climate Action Summit brought together heads of state and government from 77 parties to the United Nations Framework Convention on Climate Change (UNFCCC) to deliver their national statements. Discussions focused on establishing a new climate financing system, with an estimated $1 trillion per year required to address the climate emergency.
High-Level Roundtables and Events: Collective Mobilization
Throughout the summit, three high-level roundtables were held: one on energy and mitigation, another on mobilizing climate financing, and a third on translating ambition into action to increase adaptation funding. Additionally, several high-level events took place, including the launch of the high-level dialogue on coordination and complementarity in loss and damage financing, along with summits addressing methane and small island developing states.
Commitments and Sectoral Initiatives: Towards Sustainable Change
Global leaders unveiled their respective climate ambitions, highlighting the importance of collective action to achieve the objectives of the Paris Agreement. The European Union plays a crucial role in these commitments, with a deadline set for new climate pledges by February. The sectoral and thematic initiatives launched during the conference aim to boost adaptation financing and operationalize the loss and damage fund.
The World Leaders’ Climate Action Summit in Baku signifies a significant milestone in combating climate change. The financial commitments and sectoral initiatives decided during this summit are vital for meeting global climate objectives. It is imperative that countries continue to work together to finance and implement effective climate actions.
