COP29 : action should be priority

Since COP28, the global UNFCCC event held last year in Dubai, United Arab Emirates (UAE), several agreements have been implemented. Contributions to the Loss and Damage Fund have begun, and many countries have updated their NDCs with more ambitious climate targets. However, challenges remain in fully mobilising the funds in climate finance and achieving necessary reductions in greenhouse gas emissions.

The event had laid a great deal of thoughts for the COP29 to held in Baku, Azerbaijan in the coming November.

Although, the activities and achievements have been expected to be a “truce summit” in a way,  the agenda for COP29 centres on several critical themes that align with efforts to limit global warming to 1.5°C. Key highlights include the strengthening of Nationally Determined Contributions (NDCs) to push for deeper emission cuts, operationalising the Loss and Damage Fund to assist vulnerable communities and accelerating the phase-out of fossil fuels while scaling up renewable energy. Additional focuses include establishing National Adaptation Plans (NAPs) for all countries by 2025, increasing climate finance and refining global carbon market regulations to enhance transparency and effectiveness.

Experts expect that a significant portion of COP29 will be dedicated to discussions on climate finance with the New Collective Quantified Goal (NCQG) on climate finance due to be agreed upon. The goal is to scale up financial support for developing countries, helping them implement climate action plans and transition to low-carbon economies. This initiative aims to replace the previous target of £81 billion per year. The NCQG is expected to be significantly higher, as rough estimates suggest developing nations require at least £4.56 trillion in financing to implement national climate plans by 2030. The conference will address how to increase funding, enhance financial mechanisms and ensure effective allocation of resources. This could influence stakeholder agreements between countries and businesses that operate within them. For organisations wanting to better understand how COP29’s climate finance goals could possibly affect them.

The Global Stocktake (GST) plays a crucial role in assessing progress towards the Paris Agreement goals. At COP29, advancing the GST will be a key priority. The first GST, concluded at COP28, revealed that the world is not on track to achieve the Paris Agreement targets. COP29 will provide a platform for nations to enhance their NDCs, which are central to the Paris Agreement’s long-term temperature goal. The conference will focus on encouraging countries to set more ambitious targets for reducing greenhouse gas emissions and improving climate resilience. The GST recommends reducing greenhouse gas emissions by 43% by 2030 and 60% by 2035, relative to 2019 levels. To achieve this, countries must scale up renewables, reduce fossil fuel reliance and enhance energy efficiency across industries. The process also emphasises the need for transparent adaptation reports and increased climate finance mobilisation for developing nations. With adaptation being key topics at COP29, our sustainability scientists can provide expert advice on developing adaptation strategies to enhance resilience and protect operations from climate-related risks.

The fossil fuels question will be a central issue at COP29, building on the momentum from previous climate conferences. At COP28, more than 100 countries supported a phase-out of unabated fossil fuels. However, the lack of an agreed definition for ‘unabated’ has led to uncertainty and debate. The controversy intensified when OPEC urged its members to reject any text targeting fossil fuels rather than emissions. This highlights the complex challenge of balancing climate action with economic interests. The COP28 presidency launched the Oil & Gas Decarbonisation Charter (OGDC), aiming to achieve net zero from oil and gas operations by 2050. This initiative focuses on reducing methane emissions to near zero and eliminating routine flaring by 2030.

The success of COP29 hinges on the collective effort of nations to translate commitments into concrete actions. With the urgency of climate change becoming ever more apparent, the conference offers a critical opportunity to strengthen international cooperation and accelerate the transition to a sustainable future.

Nepal had participated in the COPs for a long time. In a cursory review of history, Nepal has participated in only three conferences from the national/government major level.

In the 15th conference held in Copenhagen, Denmark in 2009, the then Prime Minister Madhav Nepal, in the 24th conference held in Poland in 2018, the then President Bidya Devi Bhandari and in the 27th conference held in Scotland, United Kingdom in 2021, a high-level delegation led by the then Prime Minister Sher Bahadur Deuba participated. The then Prime Minister Pushpa Kamal Dahal participated in COP 28 in Dubai.

This year, Prime Minister K.P. Sharma Oli will participate in COP29 – the global event. Minister assigned for energy and environment along with other responsible official will participate in the event. Likewise, climate campaigners in a good number will also take part in different events to pressurize the representatives of ‘developed countries’ mainly on financial issues and prioritise the crisis facing by developing and under developed countries. 

A few days earlier, Nepal Government, Ministry of Forest and Environment (MoFE) has started preparations for the COP-29 by consulting various stakeholders. 

The Ministry on 2nd September discussed the forthcoming UN Climate Change Conference’s agendas with various intergovernmental ministries, experts, journalists, non-governmental agencies and other stakeholders.

Towards this, the ministry said that it has prepared a draft roadmap of the climate conference. Nepal is preparing to submit its updated Nationally Determined Contributions (NDC) by February, 2025 as per the decisions of the COP-28. 

Minister for Forest and Environment Ain Bahadur Shahi Thakuri, mentioned that agendas for the upcoming COP-29 will be set through consensus among the stakeholders. 

“We will highlight climate change-induced natural disasters such as floods and landslides facing Nepal at the upcoming COP-29,” pledged Minister Thakuri, assuring to pressurize the signatory parties to implement the Paris Agreement in the international forum of COP-29.

Secretary at the Ministry Dr Govinda Sharma explained that Nepal needs to increase its access to the Climate Loss and Damage Fund, a fund established to support vulnerable countries like Nepal dealing with the effects of climate change. Stating that Nepal should formulate plans to benefit from carbon trade, he underscored coordination among intergovernmental agencies, three-tier government and the stakeholders to reduce the negative impact of climate change. 

Nepal will prioritize climate finance as one of the key agendas at COP-29, said Dr Buddhi Sagar Poudel, who heads the Climate Change Management Division under the Ministry of Forest and Environment.

Likewise, Minister Shahi Thakuri in a meeting of Economic Affairs and Good Governance Committee under the National Assembly on Sunday, said that Nepal will present a systematic agenda at the COP-29. He said that this time Nepal should be able to get full benefit from COP 29 and preparations are being made with a team of experts for that.

He was explaining the development and preparation. He said that with a systematic agenda, preparations are being made as to how Nepal can benefit from the COP.