THE 29th Conference of the Parties (COP29), set for Nov. 11 to 22, 2024 in Baku, Azerbaijan, is fast approaching. This highly anticipated climate change conference is a must-attend event for a broad spectrum of stakeholders, from government leaders to grassroots organizations. Following decisions made at COP28, this year's COP plays a crucial role in advancing climate commitments by accelerating adaptation and mitigation efforts. Among the many topics to be addressed, three key areas stand out: climate finance, adaptation and resilience, and the just transition.
The shift from a business-as-usual model to a low-carbon economy, adhering to the 1.5 C temperature target, is inevitable. However, this transition must be just, supported by substantial financial investment. As a result, COP29 is launching two key initiatives: the Climate Finance Action Fund (CFAF) and the Baku Initiative for Climate Finance, Investment and Trade (BICFIT). CFAF aims to expedite public-private partnerships in climate finance, particularly for decarbonization projects in developing countries. It seeks to mitigate the risks often associated with climate investments, which are frequently deemed too risky for private-sector involvement. According to COP29 Baku, Azerbaijan, the fund will become operational once it secures its first billion US dollars and gains commitment from its 10 member countries to become shareholders.
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