COP29, running from 11th to 22nd November in Baku, Azerbaijan, takes place against a backdrop of political instability1 brought by the 2024 ‘global election super cycle’ and a newly elected President Trump poised to retract many of the climate commitments Biden’s administration looked to build upon. With record breaking global temperatures and a widening climate finance gap, this conference emerges at a pivotal moment for global climate action. The 1.5-degree target agreed by 196 countries in Paris looks increasingly challenging, making financial commitments more crucial than ever.
Financing required for progress will remain a fundamental objective for different stakeholders at this forum. Government and policy makers, alongside the private sector, need to be in the room and more will continue to be asked of the private sector as governments seek new vehicles to fund the energy transition. As host nation and one of the world’s significant oil producers, Azerbaijan’s role adds another layer of complexity to these discussions.
