COP29 opens in Baku with focus on climate funding and fossil fuel transition

COP29 is taking place in Baku, Azerbaijan, a city historically linked to oil production. The summit aims to address the urgent climate crisis by establishing a new financial goal to replace the outdated $100 billion annual pledge, focusing on support for developing countries. Discussions at COP29 emphasize the need for significant funding increases and mechanisms to attract private investment for clean energy. Over 260 companies are advocating for a tripling of renewable energy capacity and doubling energy efficiency by 2030, highlighting the importance of long-term commitments. The summit also seeks to reaffirm commitments to transition away from fossil fuels. As negotiations progress, the outcomes will influence future climate agendas. Strong financial commitments and clear plans for reducing fossil fuel dependency are essential for meaningful progress.