This year’s conference is being dubbed the “finance COP”, and for good reason. Climate finance—the funding provided by wealthier nations to help developing countries transition to clean energy and adapt to climate impacts—will be at the heart of the discussions. Since the Copenhagen COP in 2009, developed countries pledged to provide $100 billion per year for climate finance by 2020, yet this target has not been met.
At the core of these conversations is the need for a substantial increase in financial support for vulnerable nations. The recent creation of a loss and damage fund—designed to compensate countries suffering from irreversible climate impacts—marks progress, but the $700 million committed so far is only a fraction of the funds required. Some estimates suggest that by 2030, as much as $580 billion will be needed to address climate-induced damages and help countries build climate resilience.
In addition, there will be pressure on the private sector to ramp up investment in renewable energy solutions and climate resilience initiatives. But central questions remain: Who should contribute to this financing? And how can wealthy nations be held accountable for delivering on their promises?
COP29 is also significant because it represents the final major climate summit before governments must submit their updated emission reduction targets—known as Nationally Determined Contributions (NDCs)—by February 2025. While countries like Brazil, the United Kingdom, and the United Arab Emirates are expected to announce stronger emissions goals at Baku, other nations will face growing pressure to increase their ambition.
The current national pledges, as they stand, are far from enough to limit global warming to 1.5°C—the threshold beyond which the impacts of climate change are projected to be catastrophic. For Azerbaijan, ensuring transparency around countries’ progress in meeting their targets will be a key priority.
For many, success at COP29 will be defined by meaningful financial commitments to support vulnerable countries and a new, collective climate finance target. Building on last year’s success in establishing the loss and damage fund, an agreement on scaling up climate finance is essential. Additionally, progress on carbon markets—a long-debated topic—could play a crucial role in ensuring that emissions trading mechanisms can be used effectively to meet the Paris Agreement’s emission reduction targets.
At COP29, Finland assumed a proactive role, underscoring the significance of multilateral collaboration and the necessity of clean solutions to address the climate crisis. President Alexander Stubb emphasised the necessity of global collaboration and the pivotal role of women and youth in climate action. Finland has pledged its support to a number of initiatives with the objective of advancing the development of clean energy, enhancing water security, and promoting sustainable tourism.
Mr. Sauli Niinistö, President of Finland The phenomenon of climate change is progressing at an accelerated pace and, if left unchecked, will continue to do so. “The equation is not insoluble.” Niinistö placed particular emphasis on Finland’s forestry policy and the country’s considerable expertise in this field. He drew attention to the expansion of forest areas in Finland and the resulting economic benefits, which he presented as an example of how profitability can be achieved while combating climate change.
The following points summarise Finland’s position on the key issues under discussion:
- The promotion of clean solutions was a key objective. In order to facilitate the transition to clean energy sources and enhance global energy storage capacity, Finland has joined a number of initiatives.
- The issue of water security was also addressed. Finland has pledged to enhance regional and international collaboration with the objective of mitigating the impact of climate change on water resources.
- The promotion of sustainable tourism is a key objective. In the context of climate action, Finland has demonstrated support for the tourism sector, particularly in the promotion of energy efficiency and nature-based solutions.
- Climate Finance: Finland has committed to providing supplementary financial assistance with the objective of facilitating climate adaptation and resilience in developing countries, with a particular focus on Least Developed Countries and Small Island Developing States.
- Net-Negative Emissions: Finland maintained its participation in the Group of Negative Emitters (GONE) initiative, advocating for measures to attain net-negative emissions.
- Local Climate Action: Finland provided support to the Coalition for High Ambition Multi-Level Partnerships (CHAMP), which aims to enhance the role of local administrations in climate strategies.
Ultimately, however, true success at COP29 would mean substantial new emissions reduction targets from major emitters and explicit commitments to phase out fossil fuels. While these issues are not expected to dominate discussions in Baku, the longer the world delays serious action, the more difficult it will become to avoid irreversible climate impacts.
The climate crisis is already causing widespread devastation, from extreme weather events to loss of biodiversity. But the COP29 summit in Baku, Azerbaijan, offers a critical opportunity to turn the tide. With urgent action on climate finance, adaptation, and emissions reductions, the world can still make progress toward a sustainable, equitable future. However, for this to happen, countries must prioritize climate action over political divisions, and every nation—rich or poor—must do its part.
While the challenges are immense, COP29 provides a platform for leaders to come together, build momentum, and tackle the climate crisis head-on. Time is running out, but the opportunity to minimize future harm is still within our reach. The world must act now to ensure a sustainable future for generations to come.
Stay informed about the latest updates from COP29 in Baku and the global effort to combat climate change by visiting the official conference website and following the summit’s key discussions.