• The Climate Conference 2024 was held in the German city of Bonn from June 3 to June 13.
• This conference was the first opportunity for the parties to discuss how to implement the elements of the first Global Stocktake (GST) decision adopted at the 2023 Dubai Climate Change Conference. This decision calls on the parties to contribute to global efforts to move away from fossil fuels in energy systems this decade.

Key points of the conference

• In this conference, the issues that remained unresolved in COP 28 remained at the center of discussion.
• The objective of the Bonn Climate Change Conference is to pave the way for COP29 by dealing with important issues related to climate action. These issues included setting guidelines for carbon markets under Articles 6.2 and 6.4 of the Paris Agreement.
• Apart from this, setting a new collective quantitative target on climate finance for developing countries was also included.

About Articles 6.2 and 6.4 of the Paris Agreement

• Article 6.2: Allows countries to bilaterally exchange mitigation results and report their trade and use them for their Nationally Determined Contributions (NDCs).
• Article 6.4: Establishes a new UNFCCC mechanism for verification, validation and issuance of high-quality carbon credits.

Challenges of COP 29

1. Russia Ukraine War: The war-like situation between Ukraine and Russia has hampered the urgency of addressing climate action.
2. Neglect of financing for developing countries: Limited progress has been made on critical issues for developing countries such as climate adaptation and financing.
3. Limited progress on key issues: Minimal progress was made in crucial discussions on the Global Stocktake and the Warsaw International Mechanism for Loss and Damage.
4. Lack of climate finance: Developed nations have failed to mobilize $100 billion annually by 2020 to support climate action in developing countries.

India's View

• India has called for a balanced approach that addresses both mitigation and adaptation needs.
• India emphasizes technology transfer and financial support from developed countries for developing countries to implement ambitious climate action plans.

About COP29

• This conference is proposed to be held on November 11-22, 2024 in Baku, Azerbaijan.

Key Objectives

• Progress on the COP28 agenda to achieve net-zero emissions by 2050 and transition away from fossil fuels.
• Achieve consensus on limiting global warming to 1.5 degrees Celsius above pre-industrial levels.
• Address the unfulfilled $100 billion annual climate finance commitment from developed countries, etc.

Important Facts For Exam

Azerbaijan 

• Prime Minister:Ali Asadov 
• Capital: Baku
•  Currency: Manat