**COP29: A Crucial Moment for Climate Action**
As the world watches COP29, the lessons and promises from COP28 still linger. Last year’s conference in Dubai saw some positive steps towards operationalizing the Loss and Damage Fund and phasing out fossil fuels. However, the reality of the climate crisis shows how far we still have to go.
**COP28: Achievements and Shortcomings**
At COP28, negotiators set a clear benchmark for success: implementing the Loss and Damage Fund and committing to phase out fossil fuels. While both goals were technically met, they didn’t deliver the meaningful change many had hoped for. The fund will be available to developing countries “particularly vulnerable” to climate change’s impacts, but who qualifies as most climate-vulnerable is still up for debate.
The creation of the Loss and Damage Fund was a significant achievement, representing years of advocacy by leading countries and civil society groups pushing for climate justice. However, its structure and management raise serious concerns. The fund will be administered under the UNFCCC, with the World Bank hosting its secretariat. This decision sparked controversy due to the Bank’s history of financing fossil fuel projects.
**The Failure to Address Fossil Fuels**
One of the biggest disappointments from COP28 was the failure to decisively address the fossil fuel industry – the root cause of climate change. While some movement towards phasing out fossil fuels was seen, the results were less than conclusive. High-income countries continue to ramp up fossil fuel production, leaving low- and middle-income countries questioning how the transition will be financed.
**What to Expect from COP29**
COP29 presents a crucial moment to hold countries accountable and find new ways to work together on climate solutions. The conference is expected to address critical issues such as:
* The Global Stocktake: A five-year review of global progress on the Paris Agreement
* Fossil Fuel Phase-Out: Setting definitive deadlines for phasing out fossil fuels
* Climate Finance: Delivering on the $100 billion annual climate finance commitment and establishing a new finance goal post-2024
* Loss and Damage Fund: Operationalizing the fund and focusing on contributions from wealthy nations
* Adaptation and Agriculture: Calling for a global adaptation goal and stronger alignment of agricultural policies with climate targets
**The Success of COP29**
The success of COP29 will be measured by progress made on decarbonization, climate finance, and operationalizing the Loss and Damage Fund. Countries, particularly wealthier ones, must show commitment to real climate action and financing the transition to a low-carbon future for all.