COP29 President Mukhtar Babayev delivering a speech

At the opening ceremony, COP29 President Mukhtar Babayev and representatives of international organizations emphasized the pressing need to ramp up climate action, with climate finance as a central focus. Developed countries initially committed to providing $100 billion annually to developing nations, but this amount has fallen short given current needs. Developing nations are now calling for support to be raised to $1 trillion, prioritizing grants over loans. However, reaching an agreement on climate finance is challenging. Major contributors like the United States and Germany face political uncertainties, raising concerns about the sustainability of their funding commitments.

German Foreign Minister Annalena Baerbock highlighted the importance of reducing global temperatures, stating, “Every fraction of a degree we prevent is one less crisis, one less disaster, and one less forced migration.” Meanwhile, Chukwumerije Okereke, Director of the Center for Climate and Development in Nigeria, warned that failing to meet financial targets is akin to “signing a death sentence” for the most climate-vulnerable countries.

Key themes of COP29: Adaptation and just transition

COP29, held from November 11 to 22, focuses on seven priority areas, building on agreements reached at COP28 and previous meetings. A primary focus is on advancing climate adaptation efforts, including implementing the Global Goal on Adaptation (GGA) and enhancing National Adaptation Plans (NAPs). Countries are also discussing the Loss and Damage Fund—a significant outcome from COP28 aimed at supporting countries severely impacted by climate change. However, despite an initial pledge of $700 million, many nations have yet to meet their financial commitments.

COP29, held from November 11 to 22, focuses on seven priority areas

Reducing greenhouse gas emissions and promoting energy transition are also key priorities at COP29. Delegates are discussing ways to finalize rules for carbon credits and emissions offsets under Article 6 of the Paris Agreement, aimed at promoting sustainable development and helping countries meet their Nationally Determined Contributions (NDCs) for 2025 to 2035. Additionally, the conference underscores the importance of the Just Transition initiative—ensuring equitable support for industries and communities affected by the move away from fossil fuels.

Vietnam’s role and commitment at COP29

The Vietnamese delegation at COP29 includes representatives from various ministries and major businesses, demonstrating a strong commitment to climate action. Prime Minister Pham Minh Chinh has emphasized the importance of “following through on commitments,” demonstrating Vietnam’s determination to turn international promises into concrete actions. Vietnam strongly supports the call for developed countries to ensure transparency in climate finance and to increase support for both adaptation and mitigation.

Mr. Pham Van Tan, Deputy Director of the Department of Climate Change under the Ministry of Natural Resources and Environment

Mr. Pham Van Tan, Deputy Director of the Department of Climate Change under the Ministry of Natural Resources and Environment, mentioned that Vietnam attends COP29 under the banners of “In solidarity for a green world” and “Raise ambitions, activate actions.” Vietnam advocates for balanced climate finance between adaptation and mitigation, especially given that 90% of global resources currently go toward emissions reductions. The Vietnamese delegation calls on the international community for closer cooperation and fulfillment of climate finance commitments to help vulnerable countries enhance resilience and reduce impacts.

In addition to participating in main sessions, Vietnam’s delegation will engage in numerous side discussions on finance, renewable energy, technology, and sustainable development. These discussions not only offer an opportunity for countries to share experiences and explore cooperation but also enable Vietnam to showcase its active role in the fight against climate change, aiming to achieve net-zero emissions by 2050.

Ngoc Huyen