COP29 Climate Summit Concludes with Key Decisions on Climate Finance, Fossil Fuels, and Emissions
COP29 has now concluded after two weeks of intense negotiations in Baku, Azerbaijan. Compared to the Glasgow climate summit, better progress has been made despite challenges remaining that world leaders must contain for rising emissions and global temperatures.
Climate Finance Deadlock
Climate finance was one of the most contentious issues this year at the summit, where developed nations committed to a provision of $300 billion annually by 2035 to spur climate action in developing countries. But many developing nations argue that this is a small amount and it will be too late by the time the provisions are made by 2035 to address the pressing issues of the climate crisis. They also were opposed to the demand that they should participate in this fund, a provision which India and a host of other countries was totally opposed to.
It talked much about the climate finance discussion and how the presentation between the strong, industrialized countries and the expectations of the poorer nations, which bear all the brunt of climate impacts while accounting for the lowest percentage in global emissions. The on-going financial wranglings continue to form a critical barrier to meaningful global action on climate change.
Impact of U.S. Politics on Global Climate Efforts
The other crucial event at COP29 was political context concerning the United States. Since the former president of the United States, Donald Trump, is probably going to seek election again in 2024, it is widely feared that the U.S. will withdraw from the global efforts on climate issues if Trump comes to power again. The uncertainty has derailed the success of the summit, as the U.S. did not contribute much to the negotiations this year, leaving a gap in leadership at the global climate table.
While the climate policy is a challenge to the U.S., it has agreed upon some domestic climate measures, although its commitment in international negotiations is quite volatile, especially on financial contributions and climate targets.
Carbon Credits Development
Another area where progress was made at COP29 was the carbon credits issue. Countries have agreed upon a set of rules to regulate the carbon credit market and enable relatively easy trading of credits to offset emissions. Hopefully, the system will provide a financial mechanism whereby countries and companies can invest in projects, such as reforestation or renewable energy installations, that reduce carbon emissions.
For instance, despite promising developments, carbon credits face challenges even now-such as transparency and the credible development of a registry system. According to some experts, carbon credits could fund some climate projects, yet much work needs to be done to enhance the integrity and accountability of these credits.
Worries About Slow Pace
The efforts during COP29 notwithstanding, there is still an apprehension regarding the pace at which the process is moving. Emissions continue increasing; global temperatures are at their all-time high; and numerous extreme weather events have ravaged communities and economies. Many delegates also expressed frustration at how slow change is occurring and how little action was taken to end the use of fossil fuels and accelerate the transition to renewables.
Climate disasters have already racked up billions of dollars this year, pointing out to a need for more urgent action. The risk of irreparable injury to ecosystems and human societies is increasing with every rise in global warming.
Trade Barriers and Climate Targets
Trade policies also dominated the talks, particularly Europe’s carbon border tax. These policies also restrict developing countries from investing in clean energy solutions because they are levied with taxes on carbon-intensive imports. The affected nations argue that costs associated with trade barriers like the carbon border tax might put them at a disadvantage in achieving their climate targets as they seek cleaner energy sources.
This issue will be discussed further in future climate conferences, as developing nations push for more equitable trade policies that do not disproportionately impact their ability to address both poverty and climate change.
Fossil Fuels and Renewable Energy
Azerbaijan, being one of the world’s largest fossil-fuel-producing countries, played an unusually important role in the COP 29 summit. To local traders in Azerbaijan, oil and gas are considered basic resources, almost as “gifts from God.” It’s quite understandable why it’s hard for countries where oil and gas will continue to be closely related to their economies. Those who attended the summit were disappointed that no concrete steps were taken that would lead to the phasing out of fossil fuels or to a significant step up in the use of renewable energy sources.
While most countries are still making steps forward in clean energy development, dependent nations on fossil fuel stood as a bulwark of resistance to the call for any rapid decarbonization. No breakthrough on the issue of phasing out fossil fuel was addressed during the convention, as most acknowledged that it was one of the causative agents of climate change.
Conclusion
COP29 has again gone into history, indicating the great gap between developed and developing nations in the scenes of climate finance, emissions reduction, and a fossil fuel future. While the regulators succeeded in clarifying carbon credits and setting financial expectations for climate action, disagreement on crucial issues such as a phase-out of fossil fuels and equal financial contributions seems to leave all participants worrying about the speed of international climate action.
It is going to be a crucial couple of years as countries work toward the targets set in Paris and try to speed up the transition into a low-carbon future. Climate impacts intensify and the window for effective action tightens. Much more needs to be done in addressing the global climate crisis.
Source: COP29 Climate Summit, 2024.