COP29 President optimistic but realistic about conference's path to achieving climate targets Report by Euronews / VIDEO

The fifth day of COP29 featured a high-level debate on climate and peace, with discussions focusing on key global challenges.

However, according to Euronews' coverage, it was the debate on the need to reform the COP process that dominated the spotlight in Baku, Caliber.Az reports.

An open letter, released on November 15, signed by more than 20 prominent experts — including former UN Secretary-General Ban Ki-moon, former Irish President Mary Robinson, and former UN climate chief Christiana Figueres — called for significant reforms to the COP process. While acknowledging the progress made by COP, the letter emphasized that there are still major areas needing change.

The letter advocates for seven key reforms, which include improved tracking of climate finance, incorporating cutting-edge science into discussions, organizing more frequent meetings, and establishing clear criteria for selecting host countries.

As the first week of COP29 draws to a close, Euronews spoke with Mukhtar Babayev, President-designate of COP29, about the ongoing negotiations and their progress so far.

“I think this is a really very good start for COP29,” Babayev said. “Not only Article 6.4 [of the Paris Agreement on Carbon Markets], but also the agenda adopted on the first day. We are starting to work. Clause 6.4 gives us extra motivation to fulfil all the other commitments or discussion points.”

One of the central topics of discussion has been the New Collective Quantitative Goal (NCQG), which is set to replace the previous climate finance target of $100 billion a year agreed upon in 2009. As part of the Paris Agreement, governments are expected to establish a new climate finance target by 2025.

“We have a lot of meetings going on here, and the temperature of the discussions is very hot right now,” Babayev noted, underscoring the intensity of the ongoing talks.

Babayev acknowledged that while progress is being made on setting the new climate finance target, reaching an agreement remains complicated. “We already have positive signals from international financial institutions to increase their contributions for the next two years. And I think that's a good signal,” he said.

He stressed the importance of presenting a united front, particularly in Baku, to show commitment to achieving climate finance targets. "We understand how important it was to give this positive signal to the parties — that really all forces are consolidated in order to achieve this in Baku. But it's really difficult, and we're still trying to talk to the parties to guide the process,” Babayev added.

With the first week of COP29 nearing its end, all eyes are now on the upcoming days, which will be critical in shaping the success of the summit. As discussions continue, the focus will be on determining the level of commitment from all parties to fulfil the goals of the Paris Agreement.

By Tamilla Hasanova