As nations continue to struggle with how to boost goals for a new finance target, the Azerbaijani leadership outlined its objectives for what it planned to accomplish on Tuesday, with under two months left before the start of the COP29 United Nations Climate Summit.

The primary objective of the November summit is for governments to reach a consensus on a new yearly spending target that affluent countries will provide to assist developing countries in adapting to climate change. Many developing nations claim that they need additional financial support to invest in cutting emissions faster before they can raise their targets.

The COP29 chair this week presented more than a dozen side ideas that could enhance objectives but do not involve party negotiation and consensus building, which can impede progress since nations are still far apart on the finance goal. These can be adopted by national governments in the form of fresh funding, promises, and proclamations.

Notably, this include monies that can be distributed to assist developing countries affected by climate-related natural disasters, as well as a fund with voluntary contributions from countries and companies that produce fossil fuels for the public and private sectors tackling climate concerns.

Mukhtar Babayev, the rotating president of the COP, wrote a letter to all parties and stakeholders stating that such side agendas exploit the COP's convening ability and the hosts' various national competencies to establish coalitions and achieve action.

For instance, during the COP28 conference in Dubai last year, more than 120 nations committed to tripling their renewable energy capacity by 2030.

In addition, the COP29 president seeks to forge support for a commitment to raise global energy storage capacity to 1,500 gigawatts by 2030—six times higher than levels recorded in 2022. One aspect of this would be a pledge to increase energy grid investments, adding to or renovating over 80 million kilometers (50 million miles) by 2040.