Attendance at United Nation’s climate change Conference of Parties (COPs) has been increasing over the years, reflecting growing global concern and engagement with climate issues. Last year’s COP28 in Dubai officially became the largest UN climate summit ever, with 80,000 participants registered.
An estimated 50,000 people are expected to attend COP29 in Baku, Azerbaijan this November.
The conference focuses on two critical areas:
- Climate financing: Discussions aim to establish a new global climate finance goal to replace the previous $100 billion annual commitment from wealthy nations to developing countries. Developing nations are advocating for a higher funding target, while some developed countries emphasize the need for increased private sector investment.
- Global carbon market: COP29 is zeroing in on refining carbon market rules under Article 6 of the Paris Agreement, aiming to prevent double counting and ensure transparency. Updates could also tighten voluntary carbon markets, encouraging clearer standards for both nations and companies looking to meet emission targets.
COP30 is set to take place next year in Belém, Brazil. The UN climate chief Simon Stiell has said he hopes to see lower numbers at COP climate negotiations in the future following the record high seen in Dubai last year. The remote location paired with a lack of hotels will cap the “Amazon COP”.
Countries are set to submit updated emission reduction pledges next year.
Aaron Foyer is Vice President, Research and Analytics at Orennia. Prior to Orennia, he leveraged his technical background in management consulting and finance roles. He has experience across the energy landscape including clean hydrogen, renewables, biofuels, oil and gas, petrochemicals and carbon capture.
