COP29: What are the key issues at the UN climate summit in Baku?

Here are some of the top agenda items for the November 11-22 summit

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That refers to the new annual climate financing target, which is meant to kick in when the current $100 billion pledge expires at the end of this year. Instead, they are discussing a far more complex effort that would involve reforming the global multilateral lending complex in ways that de-escalate climate-linked financial risks and encourage more private capital.

Since then, however, both fossil fuel use and export sales have continued to rise globally, while new areas have been approved for oil and gas production in countries like Azerbaijan, the United States, Namibia, and Guyana. While these credits are meant to be issued to nations as optional offsets to their countries’ emissions, they can also be traded on open markets. Business leaders are looking for COP29 to set rules for guaranteeing transparency and environmental integrity in projects logged with the Paris Agreement Crediting Mechanism .

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