Media Statement: “People – not politics – must be top of mind during Baku’s crucial climate finance negotiations”

Following last weekend’s suspension of UN Biodiversity Conference CBD-COP16 in Colombia – a biennial gathering that witnessed some notable wins for nature, despite an overall outcome mired in disagreement – the eyes of the environmental world now pivot halfway across the planet, as Azerbaijan hosts UN Climate Conference UN-FCCC COP29.

Commenting on the significance of this meeting and outcomes she hopes to see, Clare Shakya – The Nature Conservancy’s global climate lead and head of delegation for COP29 – said:

“The cadence of 2015’s Paris Agreement means we’ve long known finance would dominate the agenda at COP29. The endgame in Calí showed that, despite good intentions and meaningful collaboration, achieving tangible progress against interconnected environmental crises ultimately hangs on the necessary money being available. Given news that 2024 could be the first year to officially exceed the ‘safe’ +1.5°C warming threshold, clearly the time is now for decisive action on climate finance. 

“While the changing U.S. political landscape casts a shadow over the COP, it cannot mask the fact that climate action can and will continue at federal, state, city and community levels, as it did during President-Elect Trump’s first term in office. To quote a recent observation from our chief scientist, Katharine Hayhoe: “The U.S. election carries great weight for climate, but it’s not all or nothing.”

“With this context in mind, no single agenda item is more important in Baku than securing an ambitious New Collective Quantified Goal (NCQG) on Climate Finance. This needs to be north of US$1 trillion to ensure the poorest countries and communities at the frontlines of the climate emergency have the money they need to adapt at a speed commensurate with the scale of the crisis.

“In broader terms, we’re pushing for three priorities at COP29: accelerating the urgent phase out of fossil fuels; building climate-resilient societies that are future-proofed against the increasingly unstable century ahead; and channeling more financial flows into climate-positive outcomes.

“More specifically, we want to see the full suite of natural climate solutions incorporated within updated Nationally Determined Contributions (NDCs) – because they deliver for people, climate and biodiversity – as well as specific and measurable targets for renewable energy rollout.  And because climate impacts are already being felt, we also need adaptation to be strengthened, bolstering resilience in the face of accelerating extreme weather events.

“As the world charts a path towards the future, we can’t forget the obligations made in the past. We must see concrete action on previous flagship pledges. These include a commitment to tripling global renewable energy capacity, renewed political and corporate momentum on carbon markets, Loss and Damage, and increasing inclusivity and equity in climate policy processes.

“None of these are easy wins and the path forward will be challenging. But failure is not an option for securing a liveable future, and – as Calí showed – the rubber really hits the road when money enters the conversation. As political tides turn, we need ambitious finance to be ratified immediately. If the climate policy community departs Azerbaijan having only achieved one thing – let’s hope it’s that.”

To explore TNC's COP29 priorities in more depth, access our Policy Scorecard here

For information on our wider climate work, click here