Progress and Frustration: Key Takeaways from COP29
Local traders in Azerbaijan believe that oil and gas are gifts from God.
The contribution from rich nations is not enough to mitigate climate change, and they want developing nations to contribute to the fund.
This year's climate discussions have concluded in Baku, Azerbaijan, after two weeks of dramatic events; the following are some key points from the COP29 climate summit.
Climate Finance Deadlock
The developed nations have finally agreed to provide their developing counterparts with $300 billion annually by 2035 for climate action, which the latter say is not enough and too low and that the 2035 timeline would hold back the world's transition to clean energy. Also, the rich countries want developing nations to contribute to this fund, with countries like India reprimanding these decisions.
Trump's Election
The US elections dampened the climate conference. Trump is very likely to withdraw the US from global climate efforts and very unlikely to support the finance target. The US contributed nothing to this year's talks.
Carbon Credit Progress
There is some progress in carbon-capturing, with countries finally agreeing on rules to regulate carbon credits, allowing them to easily trade credits to offset emissions. However, some fields must be revamped further, particularly transparency and registry setup. Climate experts and supporters think that carbon credits can bring in funding for climate projects.
Slow Progress Worries
Even though climate talks take place annually in different cities, emissions and global temperatures continue to rise. This year has been the hottest on record, with extreme weather events such as wildfires, landslides, storms, droughts, floods, and earthquakes damaging local economies and threatening human existence.
Read more: Concerns Rise as Fossil Fuel Lobbyists Outnumber COP29 Talks
Trade Barriers and Climate Targets
Developing nations say that expensive trade policies like Europe’s carbon border tax will forestall their ability to invest in clean energy. This issue will be discussed in future climate conferences.
Fossil Fuels
Azerbaijan, interestingly, is a fossil-fuel-producing country where local traders believe oil and gas are gifts from God. Participants are deeply disappointed that no concrete steps have been taken to phase out fossil fuels or expand renewable energy.
Follow KnowESG's Sustainable Finance News for regular news and views.
Discover an extensive network of ESG providers here
Check out KnowESG's latest ESG Course updates
Source: Reuters
