COP29 starts in Azerbaijan's capital and could be the most important climate meeting since the Paris Agreement in 2015. A main goal of COP29 is to create a solid plan for raising money to help fight climate change, as lack of money is one of the biggest challenges in dealing with climate problems.

There are concerns that the US, under Donald Trump, might again pull out of key climate agreements. The last time Trump was elected in 2016, he withdrew the US from the Paris Agreement, although President Joe Biden reversed this decision four years later. Now, some worry that Trump could not only pull the US out of the Paris Agreement again but also leave the UN Framework Convention, which is the main platform for global climate talks.

Trump has not talked as much about climate change this time, but his doubts about it are still a concern for COP29. In the past, he has said that the global climate system is unfair to the US and has promised to focus on developing oil and gas within the country, which goes against global climate goals. The success of COP29 relies a lot on the US’s help, both in reducing emissions and in providing financial support.

Major focus on climate finance

The main focus of COP29 is money for climate action, also known as climate finance. Having enough money is very important to stop global temperatures from rising too much. This year, the goal is to make a plan that will increase the amount of money developed countries need to give by ten times. However, this agreement has been hard to reach. Many rich countries, especially the United States, want other countries like Saudi Arabia, Qatar, Singapore, and even China to help fund climate action too.

The finance agreement at COP29 is not only about raising more money for climate action. Right now, developed countries have to raise $100 billion every year, but this amount needs to increase to at least one trillion dollars each year by 2026. The talks are also about making sure the money is spent in a clear and fair way so that the countries that need it the most can receive the funds.

Arunabha Ghosh, CEO of the Council on Energy, Environment, and Water in Delhi, emphasised that COP29 must not only focus on raising the total amount of climate finance but also on improving its quality. "Climate finance must be consistent, convenient, catalytic, and credible," Ghosh said. “No developed country has delivered 100 percent of its pledged climate finance. As we discuss the New Collective Quantified Goal, the question is not just how much is needed, but how reliably it will be delivered.”