The 29th United Nations Climate Change Conference (COP29) opened in Baku with urgency and optimism as nations convened to confront escalating climate crises.
Against a backdrop of unprecedented worldwide heatwaves, deadly floods, and economic upheavals induced by climate change, the summit’s dominant issue quickly became clear: money. The emphasis is on how the world’s wealthiest countries can and must step up to pay mitigation, adaptation, and restitution for those most vulnerable to climate change.
The “Climate Finance COP”
This year’s conference dubbed the « climate finance COP, » will set a new global financial objective to replace the $100 billion yearly climate finance pledge announced in 2009. That sum, which was eventually met in 2022, is now widely seen as insufficient to confront the magnitude of the current issue. Developing countries are pressing for a more ambitious financial commitment, perhaps in the trillions of dollars per year, to transition to a low-carbon economy and adapt to rising climate consequences.
In his inaugural remarks, UN Secretary-General António Guterres provided a gloomy assessment: « 2024 has been a masterclass in climate destruction. » The world must pay up, or mankind will bear the cost. Climate finance is not a charity; it is an investment in our shared future. »
Simon Stiell, the UN’s climate chief, shared this stance, encouraging negotiators to make significant progress. « Billions of people simply cannot afford for their governments to leave COP29 without a global climate finance goal. »
The call, delivered in a letter to G20 leaders by top U.N. climate official Simon Stiell, comes as negotiators at the COP29 meeting in Baku struggle to reach an agreement to increase funding to confront the growing effects of global warming.
Stalled Negotiations and Rising Tensions
Despite the urgency, the first week of negotiations progressed slowly. Disagreements about the size and structure of a new climate finance system have widened the gap between industrialised and developing countries. Delegates from vulnerable countries, especially small island states and least-developed economies, urged fast and significant action. Wealthier countries, on the other hand, have been hesitant to commit to the lofty figures recommended, citing economic problems and the need for more transparent funding sources.
As the week ended, the frustration was evident. Activists and officials alike cautioned that unless meaningful progress is made, the summit risks becoming yet another exercise in political stagnation.
A Breakthrough on Carbon Markets
The implementation of regulations for Article 6 of the Paris Agreement, which established a worldwide carbon market, was one positive development early in the week. This long-awaited change enables nations and businesses to exchange carbon credits under UN oversight, potentially opening up billions of dollars for global emissions reduction initiatives.
The UN’s mitigation division chief, James Grabert, praised the deal as a « valuable tool » for achieving climate targets. Critics cautioned, however, that the hasty acceptance, carried out without meaningful discussion, could have improved the process’s credibility. « A bad precedent for transparency is set by starting COP29 with a backdoor deal, » said Isa Mulder of Carbon Market Watch.
Climate Finance Goals Remain Elusive
Midway through the meetings, negotiators produced a draft of the New Collective Quantified Goal (NCQG), a framework for future climate finance. The agreement emphasised the importance of linking climate finance to biodiversity and sustainable development and recognising Indigenous groups’ leadership.
However, significant questions still need to be answered, including the total amount of cash necessary, the frequency of reviews, and whether the aim should emphasise grants over loans. Developing countries claim that loans worsen debt loads, especially for those already battling to recover from climate calamities.
The stakes could not be higher, » stated Yvonne Aki-Sawyer, Mayor of Freetown, Sierra Leone. « This is about survival, not charity. « The developed world must accept responsibility. »
The G20 Connection
As negotiations continued into the weekend, focus switched to the impending G20 summit in Brazil, where climate finance will once again take centre stage. UN officials urged G20 leaders to take aggressive action, highlighting the importance of reforming multilateral development banks and increasing concessional finance.
Before leaving for Rio de Janeiro, Simon Stiell offered a stark message to G20 leaders: « In a fracturing world, international cooperation remains humanity’s best chance to survive global heating. »
The Human Cost
The consequences of climate change were never far from the agenda in Baku. Delegates heard terrible testimonies from Pacific Island states on the verge of submergence and African countries dealing with chronic drought. President Hilda Heine of the Marshall Islands warned the world that her country’s survival depended on swift and decisive action.
Youth activists also spoke up, demanding more urgency from negotiations. « We are angry because we are running out of time, » stated Basmallah Rawash, a climate activist. « Those who created this crisis must take responsibility. »
The discussions on essential minerals needed for renewable energy systems added another degree of intricacy to the proceedings. Secretary-General Guterres warned against a « stampede of greed » in exploiting natural resources, urging more equitable methods that benefit local populations rather than international firms.
Africa, which has enormous amounts of these minerals, stands to benefit monetarily but faces what economists refer to as the « resource curse. » The UN has set up a high-level council to ensure that nations rich in essential minerals reap demonstrable advantages while limiting environmental and social harm.
The difficulties in cutting methane emissions, a powerful greenhouse gas, were highlighted in two publications published this week. Less than 2% of governments and businesses reacted to warnings about methane leaks, according to the UN’s « Eye on Methane » report. A different research also showed that major agricultural nations had yet to make any significant pledges to cut livestock-related emissions.
Another urgent concern was agricultural finance; according to a report, smallholder farmers around the world need $153 billion a year to increase their climate resilience. Only $2 billion currently reaches them, indicating a significant financing shortfall.
Lobbyists and Controversies
The meeting was criticized for permitting more than 1,700 lobbyists for fossil fuels to attend, a significant increase over the previous year. While advocating carbon capture technology that could postpone the shift away from fossil fuels, activists charged that these legislators were undermining efforts to combat climate change.
Azerbaijan, the host country and a significant gas and oil producer, also came under fire. Conflicts of interest were raised when leaked recordings revealed that the nation’s COP29 chief executive used the gathering to broker deals for fossil fuels.
Looking Ahead
As the first week came to an end, the pressure on negotiators to deliver meaningful results only increased. With important problems such as climate finance, adaptation, and energy transitions still needing to be solved, the road ahead is laden with difficulties.
« This summit cannot end in failure, » declared UN Secretary-General Antonio Guterres. « The decisions made here will shape the future of our planet and determine the fate of billions. »
The globe watches week two unfold with equal parts optimism and mistrust.
Written by Olivier Noudjalbaye Dedingar, USA/UN Correspondent.
