The first day of the COP29 United Nations (UN) climate change conference in Baku, Azerbaijan has highlighted that the world is heading for disaster unless it comes together to achieve a number of key objectives.

COP29 president Mukhtar Babayev told the opening session of the gathering that current policies have set the world on track for catastrophic warming of three degrees Celsius, citing the latest UNEP Emissions Gap report.

Mr Babayev said COP29 is a critical moment for global leaders to come together and demonstrate their collective commitment to climate action.

‘Road to ruin’

“We are on a road to ruin,” Mr Babayev told delegates.

“People are suffering in the shadows, they are dying in the dark and they need more than compassion, more than prayers and paperwork—they are crying out for leadership and action.”

“COP29 is the unmissable moment that can chart a new path forward for everyone.”

Climate finance

An agreement on a fair and ambitious New Collective Quantified Goal (NCQG) on climate finance is the top negotiating priority for COP29.

Mr Babayev said that, while there has been progress on structure, access features, transparency arrangements and timeframe, differences remain on contributors and the size of the final goal.

He also noted that a realistic goal for what the public sector can directly provide and mobilise seems to be in the “hundreds of billions.”

Mr Babayev said the COP29 gathering has clear expectations for how global leaders must enhance ambition and enable action during the conference.

Carbon trading success

Mr Babayev told the gathering that COP29 has achieved a critical early success by reaching consensus on standards for the creation of carbon credits.

He informed delegates that the move to standardise carbon credits will enable climate action by increasing demand for them and ensuring that the international carbon market operates with integrity under the supervision of the UN.

“This will be a game-changing tool to direct resources to the developing world. Following years of stalemate, the breakthroughs in Baku have now begun. But there is much more to deliver,” he said.

NoviqTech software

That is positive news for local company NoviqTech (ASX: NVQ), which is providing unique carbon reporting and guarantee of origin software solutions in Australia and Europe.

The company’s Carbon Central software-as-a-service platform allows companies to monitor their carbon footprint, produce evidence for claiming carbon offsets and generate guarantee of origin certificates for green fuels and resources.

It also develops NoviqAI, which utilises artificial intelligence and distributed ledger technology for supply chain management and authenticity verification.