Relevant data on COP29
Event duration : November 11-22, 2024
Name : COP29 or 29th Conference of the Parties.
This year’s main themes: Climate finance and carbon markets. These focused on the funding available and creating effective mechanisms for carbon markets.
The 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.
Location: Baku, Azerbaijan
President from Azerbaijan : Ilham Aliyev
Economy of Azerbaijan. The country It is a major producer of crude oil and natural gas. Oil and gas account for two-thirds of its GDP. The hydrocarbon sector accounts for more than 90% of its exports. It has one of the highest energy self-sufficiency rates in the world.
Population : 10.11 million inhabitants (2023). World Bank
Motto: “In solidarity for a green world”
Logo:
COP29 Summary
COP29, which is focused on climate finance and carbon markets, started with a bad omen, a consequence of what happened at COP-16 Biodiversity, Cali, Colombia, held just ten days before the start of COP29.
On the last night of COP16 Biodiversity, an agreement could not be reached with the most polluting and deforesting countries regarding funding for nature conservation. After long sessions, the delegates began to leave without waiting for the end. You could say that they came to the theatre, saw the play, ate and left without paying . But this is no joke, but rather a great sword of Damocles that threatens the biological diversity of the planet like never before.
At SGK-PLANET we already warned a week before the start of COP29 that something similar could happen, especially since COP29 is the so-called financing summit.
As expected, our prediction came true, although in the COP29 scenario this is more serious than in COP26-Biodiversity, because these summits are about climate change on the planet , which threatens all living and non-living beings on Earth. (in Venezuela the last glacier, located in the Andes, melted during this year 2024).
An inexcusable statement
COP29 was chaired by Muxtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources, who has held that position since 2018. Babayev studied at Moscow State University and was a member of the National Assembly of the Republic of Azerbaijan (2010-2018).
Azerbaijani President Ilham Aliyev in his opening speech stated:
“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, they are all natural resources. Countries should not be blamed for having them, or for bringing them to market, because the market needs them.”
Criticism of this statement was not long in coming
Among them we highlight the opinion of Romain Loualalen, global policy leader of the campaign group Oil Change International, reproduced by France Press :
“Using a climate conference to promote continued production and use of fossil fuels is… provocative and deeply disrespectful to countries on the front lines of climate impacts , ” express.
At SGK-PLANET, we believe:
This is something to behold, because instead of inspiring the parties to accelerate the fight against climate change, mainly caused by fossil fuel emissions, the president of Azerbaijan found nothing better to do than to praise the hydrocarbon business.
In addition, he put on the same scale: oil, gas, wind, sun, gold, silver, copper.
Moreover, 2024 was the third consecutive year in which an oil-producing country hosted one of these conferences. COP27 took place in Sharm el-Sheikh, Egypt. COP28 in Dubai, United Arab Emirates. COP29 , as we know, was organized in Azerbaijan.
Given these inconsistencies, we should not be surprised that 2024 once again marked a record for global warming, as we pointed out in the SGK-PLANET Climate Critique section.
The absence of large countries at COP29 was also criticized .
“Those responsible for this are not here,” Belarusian President Aleksandr Lukashenko said. “How effective are our actions at this meeting when the President of France, which was the country responsible for Paris, is not even here and considers it irrelevant? There is nothing to be proud of,” he claimed.
The controversial issue of financing
What is climate finance?
“According to the United Nations Framework Convention on Climate Change (UNFCCC), climate finance is local, national or transnational financing from public, private and alternative sources that seeks to support climate change mitigation and adaptation actions.
Another definition is that of the UNFCCC’s Standing Committee on Climate Finance (CPF), according to which climate finance aims to reduce emissions and improve greenhouse gas sinks, as well as reduce vulnerability and maintain and increase the resilience of human and ecological systems to the negative impacts of climate change.” Iberdrola
“The parties agreed on a “New Collective Quantified Goal” for climate finance to support developing countries in two parts:
- $1.3 trillion annually to be “enabled” by all actors.
- $300 billion for developed countries to lead the delivery of this financing.
Both targets can be met through public and private sources, but, although they represent a significantly higher figure than the previous targets, they still fall short of the financial needs of vulnerable countries.
Furthermore, the goal is not based on commitments to reduce fossil fuels. To be clear: this agreement is only a foundation, not a solution, and many obstacles have been encountered along the way.” WFC
See also: Carbon Markets FAQ . SGK-PLANET .
Closing of COP29. Opinions of some media at the conclusion of the COP 2024
For SGK-PLANET, COP29 ends up among the climate conferences with the greatest failures. The expectations with which this conference was reached, to take decisions that would allow limiting the increase in temperature as mandated by the Paris Agreement , and mitigate the advance of the climate crisis through Climate Finance , were nullified by several elements that we highlight below:
- Absence of the major countries , responsible for the largest fossil fuel emissions and for making the largest contributions to the Climate Fund, which should have committed themselves without delay to both issues.
- Presence of lobbying groups in favour of fossil fuels, in more than significant numbers and representing the interests of almost all countries and NGOs.
- Lack of commitment from participants who, given the evidence of the progress of the effects of the climate crisis, do not decide to assume it and act accordingly.
Here are the opinions of some important media outlets as a sample of the bad taste with which the Azerbaijan meeting ended.
COP29 is blocked and some developing countries are leaving the negotiating room. “There is an agreement to be concluded and we are not being consulted. We are here to negotiate, but we are leaving because at this moment we do not feel that we are being listened to,” said the head of the negotiating group of island countries.
“Island and African countries walk away from COP29 negotiations.” 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 ask for the organisation of citizen assemblies.
“ COP29 failed due to a lack of transparency and dialogue, and some developing countries are leaving the negotiating room .” Representatives of developing countries claimed that they had come to the Baku climate summit to conclude “a fair agreement” on climate finance, but they 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 .
Fossil fuel lobby groups from across the EU are heavily represented at COP29.
COP29 on Climate Change came to an end with an “insufficient agreement”.
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