Little Optimism as COP29 in Baku Enters Crucial Week
The 2024 United Nations Climate Change Conference (COP29) is entering its decisive week with little optimism for meaningful breakthroughs in addressing climate funding. While political negotiations are set to begin on Monday, there remains skepticism over achieving significant commitments to enhance financial support for climate action.
COP29, the 29th follow-up conference to the 1992 Earth Summit’s United Nations Framework Convention on Climate Change, is facing political turbulence. Tensions flared at the opening ceremony when Azerbaijan’s President Ilham Aliyev called fossil fuels a “gift from God,” drawing sharp criticism from global leaders.
Brazilian Environment Minister Marina Silva countered, cautioning that reliance on such “gifts” could be harmful, likening it to a diet leading to health problems.
The primary focus of the conference has been on securing additional funding commitments from wealthy nations beyond the already promised $100 billion per year by 2025, with proposals including new taxes on high-emission industries like shipping, aviation, and oil extraction. However, much of the early discussions have centered on reducing emissions and stabilizing an international carbon market.
Despite the urgency of the situation—2024 is on track to be the hottest year on record, with global temperatures rising 1.3ºC above pre-industrial levels—only a few countries, including Brazil, the UAE, and the UK, have committed to aligning with the Paris Agreement’s ambitious climate goals.
The World Meteorological Organization reported that global temperatures surpassed pre-industrial levels by 1.54ºC between January and September, highlighting the increasing climate risks.
Political dynamics also marred the summit, with notable absentees, including US leaders Joe Biden and Donald Trump, as well as other global leaders like Russian President Vladimir Putin and Chinese President Xi Jinping.
This lack of high-level participation, coupled with recent setbacks, including Argentina’s sudden withdrawal from the summit, has left many questioning whether COP29 will live up to expectations.
