This year's COP seems to be the most crucial yet, as global leaders emphasize the urgent need for action to address the hardships faced by vulnerable communities. COP29 president Mukhtar Babayev stresses that these individuals require more than just compassion, prayers, and paperwork.

“They are crying out for leadership and action. COP29 is an unmissable moment that can chart a new path forward for everyone. We are on a road to ruin,” Mr. Babayev told delegates.

Mr. Babayev highlighted reaching a fair and ambitious New Collective Quantified Goal (NCQG) on climate finance as the main priority for COP29 to drive action. He pointed out progress in areas such as structure, access, transparency, and timelines, while also recognizing ongoing disagreements over the contributors and the overall size of the final goal.

"We know the needs are in the trillions," Mr. Babayev stated while acknowledging differing views on how to reach that target. He also mentioned that a more realistic figure for what the public sector can directly provide and mobilize is likely in the "hundreds of billions."

While these numbers may seem large, he emphasized that they pale in comparison to the cost of inaction and that these investments will ultimately yield significant returns.

"These numbers may sound big, but they are nothing compared to the cost of inaction. These investments pay off."

The COP29 President urged countries to submit their 1.5°C-aligned Nationally Determined Contributions (NDCs) to reduce emissions before next year’s deadline, as well as to present National Adaptation Plans by 2025 to prepare for a warming world.

He also called for the submission of their first Biennial Transparency Reports (BTRs) this year to raise ambition.

Mr. Babayev emphasized the urgency of emissions reductions, stating that "as the world’s highest forum on climate change, COP29 cannot and will not be silent on mitigation."

He also announced the release of a summary from the COP29-International Energy Agency high-level dialogues, which include calls to action for achieving a just and orderly energy transition.

 “We have put mitigation on the agenda at all meetings ahead of COP so that we can find a way forward,” he said. “As a Presidency, we are making every effort to attack the problem in every direction, without losing focus on our top negotiating priority – the NCQG.”

Mr. Babayev emphasized that as the first decade of the Paris Agreement comes to an end, COP29 represents a "moment of truth" that will test global commitment to the multilateral climate system. He stated, "We must now demonstrate that we are prepared to meet the goals we have set ourselves." Describing climate action as the "race of our lives," he acknowledged the immense challenge ahead but stressed that "we wouldn’t be setting these expectations unless we believed they were absolutely necessary."

While highlighting Azerbaijan's role in hosting the talks, Mr. Babayev noted that success would depend on collective effort. "Azerbaijan can build the bridge," he said, "but you all need to walk across it. In fact, you need to start running."

UN Climate Change Executive Secretary, Simon Stiell, also underscored the urgency of reaching a new global climate finance goal in Baku. He warned that if at least two-thirds of the world’s nations cannot afford to cut emissions swiftly, "every nation pays a brutal price."

 “So, let's dispense with any idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest.”

The conference, running from 11-22 November in Baku, Azerbaijan, has registered around 70,000 delegates, including heads of state and government who will take part in the leaders' segment on 12-13 November.