Key facts about COP29
Event dates: November 11-22, 2024.
Main topics: Climate finance and carbon markets. These focused on available funds and creating effective mechanisms for carbon markets.
Location: Baku, Azerbaijan.
President of COP29: Muxtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources
President of Azerbaijan: Ilham Aliyev.
Azerbaijan’s economy: The country is a major producer of crude oil and natural gas. Oil and gas account for two-thirds of its GDP. The hydrocarbon sector represents more than 90% of its exports.
Notable absentees: German Chancellor Olaf Scholz, Indian Prime Minister Narendra Modi, US President Joe Biden, Chinese President Xi Jinping, French President Emmanuel Macron, and Brazilian President Lula da Silva, among others.
Theme: Investing in a habitable planet for all.
COP29 Summary
COP29, focused on climate finance and carbon markets, began with an ominous start, a consequence of what happened at COP-16 Biodiversity in Cali, Colombia, held just ten days before COP29.
On the final night of COP16 Biodiversity, no agreement could be reached with the most polluting and deforesting countries regarding financing for nature conservation. After lengthy sessions, delegates began to leave without waiting for the end. One might say they came to the theater, saw the play, ate, and then left without paying. But this is no joke; rather, it’s a great sword of Damocles hanging over the planet, threatening its biodiversity like never before.
At SGK-PLANET, we warned a week before COP29 began that something similar could happen, especially since COP29 is the so-called finance summit.
Unfortunately, our prediction came true. But this is more serious in the context of COP29 than at COP26-Biodiversity, because these summits address the planet’s climate change, which threatens all living beings on Earth.
An inexcusable declaration
COP29 was chaired by Muxtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources, who was a member of the National Assembly of the Republic of Azerbaijan (2010-2018).
If Sultan Al Jaber’s words at COP28 seemed unusual, consider these: Azerbaijani President Ilham Aliyev, in his opening address, declared
“Oil and gas are a gift from God, just like the sun, the wind, and minerals… All natural resources, whether oil, gas, wind, sun, gold, silver, copper, are all natural resources. Countries should not be blamed for having them, nor for bringing them to market, because the market needs them.”
Criticism of this statement was swift. Among them was the opinion of Romain Loualalen, global policy leader of the campaign group Oil Change International, reported by Agence France-Presse.
“Using a climate conference to promote the continued production and use of fossil fuels is… provocative and deeply disrespectful to the countries on the front lines of climate impacts,” he stated. At SGK-PLANET, we believe:
This is unbelievable. Instead of inspiring the parties to accelerate the fight against climate change, largely caused by fossil fuel emissions, the President of Azerbaijan found no better stage than COP29 to advocate for the hydrocarbon industry.
Furthermore, 2024 marked the third consecutive year that an oil-producing country hosted one of these conferences. COP27 took place in Sharm el-Sheikh, Egypt. COP28 was held in Dubai, United Arab Emirates. COP29, as we know, was organized in Azerbaijan.
Given these inconsistencies, we shouldn’t be surprised that 2024 set a new record for global warming.
The absence of major countries at COP29 was also criticized.
“Those responsible for this are not here”, commented Belarusian President Alexander Lukashenko. “What effectiveness do our actions at this meeting have when the President of France, the country responsible for the Paris Agreement, isn’t even here and considers COP29 irrelevant? There’s nothing to be proud of,” Lukashenko claimed.
And we come to the controversial issue of financing
The World Economic Forum, in its article “Climate Finance, Carbon Markets and More: 4 Key Takeaways from COP29” (WFC, Dec. 2024), notes that a “New Collective Quantified Target for Climate Finance to Support Developing Countries” was agreed upon.
This agreement envisions resources to be implemented in two parts:
- $1.3 trillion annually to be “enabled” by all actors
- $300 billion earmarked for developed countries to lead the delivery of financing.
Although both goals contemplate a figure “significantly higher than previous goals,” it does not cover the financial needs of the most vulnerable countries.
Furthermore, the agreement creates a commitment to reduce fossil fuels, “it is only a basis, not a solution,” which is why its approval has faced many obstacles.
We also invite you to see the Frequently Asked Questions about Carbon Markets on SGK-PLANET.
Media Opinions on COP29
COP29 is deadlocked and some developing countries leave the negotiating room. “There is an agreement to be finalized, and we are not being consulted. We are here to negotiate, but we are leaving because at this moment we feel that we are not being heard,” said the head of the negotiating group for island nations.
Island and African countries abandon negotiations at COP29. The dispute revolves around the figures that developed countries must contribute to mitigate the effects of climate change.
Environmentalists protest in Barcelona against the conclusions of COP29 and demand “real action.” They call for the organization of citizen assemblies.
Due to a lack of transparency and dialogue, COP29 failed; some developing countries leave the negotiating room. Representatives of developing countries claimed they came to the Baku climate summit to reach “a fair agreement” on climate finance but feel “hurt” at not being consulted.
COP29: Environmental failure or hope in the face of global climate change?
COP29 in Azerbaijan exposed the lack of agreements against climate change. Between lobbyists and empty promises, the environmental future is darkening.
Euronews: Strong presence at COP29 of fossil fuel lobby groups from across the EU.
Mongabay: The COP29 Climate Change Conference came to an end with an “insufficient agreement.”
Sandor Alejandro Gerendas-Kiss
SGK-PLANET Editor
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