In November, the Policy Innovation Lab’s Monique Bennett, was invited to discuss the COP29 climate conference on OFM’s Business Hour with Olebogeng Motse. Hosted this year in Baku, Azerbaijan, from 11 to 22 November, COP29 is being dubbed the “Finance COP”. Its major focus is on mobilising $1 trillion in public climate finance to help emerging economies cut their carbon and adapt to climate change impacts.

Their conversation delved into Azerbaijan’s dual role as both a contributor to and victim of climate change. As a nation rich in oil and gas resources, it faces the challenge of aligning its economic ambitions with global climate goals. Despite already experiencing significant impacts from rising temperatures, including a projected 8.5% shrinkage in GDP by 2050, its climate targets have drawn criticism for being insufficient. Azerbaijan exemplifies the tensions faced by fossil fuel-dependent economies grappling with the transition to a greener future.

Monique discussed how nations are expected to update their Nationally Determined Contributions (NDCs) by February 2025, which was agreed upon at the Paris COP in 2015 in order to limit a global temperature increase to 1.5 degrees Celsius. So far, only a few countries have submitted revised targets. However, COP29 is expected to see significant announcements from key emitters, including the host nation. Encouragingly, Kenya has set ambitious goals. Moreover, it seeks to discuss how climate finance could be “re-engineered”to make the aid more accessible and effective—an idea that resonates with current debates about the effectiveness of international aid.