Displaying items by tag: COP29

Developed nations at the COP29 summit in Baku committed to mobilising at least $300 billion annually for developing countries by 2035 to address climate change. However, this figure fell far short of the $1.3 trillion per year which had been demanded, leaving many deeply dissatisfied. The agreed amount includes contributions from private investment, but critics argue it lacks ambition and clarity. Tensions flared during chaotic negotiations, with India and Nigeria accusing the presidency of forcing the deal without proper consensus. Decisions on transitioning away from fossil fuels, highlighted in last year’s ‘global stocktake’, were deferred to COP30, but a milestone was achieved with the completion of Article 6 on carbon markets, finalising the Paris Agreement framework nearly a decade after its inception. The summit's outcomes were overshadowed by Donald Trump’s reelection and his pledge to withdraw the USA from the Paris Agreement. Also, host Azerbaijan, which sources two-thirds of its revenue from fossil fuels, faced accusations of conflict of interest and malpractice during the conference. For in-depth analysis of what happened, see the weblink.

Keir Starmer's arrival at COP29, with a bold promise to cut the UK’s carbon emissions by 81% by 2035, stands out as a beacon of hope amid an otherwise bleak start to the climate talks. Despite the absence of many key leaders, including Joe Biden, Starmer's commitment aims to demonstrate the UK's determination to transition away from fossil fuels and lead the way toward a net-zero economy. However, achieving this ambitious goal will require significant effort and expense, particularly in overhauling energy systems and enhancing energy efficiency at home.While the 81% emissions target is aligned with the Climate Change Act, which was supported across parties, the scale of the challenge presents a political risk. The focus at COP29 is primarily on financial mechanisms for supporting poorer nations in their climate transitions, but the UK, like many other wealthy nations, is hesitant to increase financial contributions. See also World article, ‘COP29: more finance needed’.

On the second day of COP29 in Baku, UN secretary-general Antonio Guterres called on industrialised nations to fulfil their commitments in financing climate adaptation, emphasising the importance of doubling funds to $40 billion annually by 2025 and contributing meaningfully to the new Loss and Damage fund. Highlighting the gap between pledges and actual needs, he warned that unfulfilled promises equate to lost lives and hindered development. Although international adaptation finance to developing nations rose to $28 billion in 2022, the Glasgow Climate Pact target will only marginally reduce a $187 to 359 billion yearly adaptation gap. Africa, particularly vulnerable to climate impacts, sees minimal benefit from renewable energy growth, representing only 0.5% of global deployment last year. African leaders have stressed the urgent need for innovative funding to drive green industries, create jobs, and bolster resilience. With climate impacts consuming up to 9% of African budgets, equitable financing is critical to building sustainable economies and empowering youth.