The COP29 summit commenced in Baku, Azerbaijan, with an intense first day marked by high-profile speeches and resolved tensions over the summit's agenda. UAE’s COP28 President Sultan Al-Jaber highlighted record growth in renewable energy investments and the UAE’s commitment of $6.5 billion through its Alterra green fund. However, some funds are directed to gas infrastructure, sparking mixed reactions.
Landscape view of the Flame Towers in Baku, Azerbaijan, seen behind lush bushes. AI generated picture.
Newly appointed COP29 President Mukhtar Babayev warned of a grim future if swift action isn’t taken, stressing that ‘people are suffering in the shadows; they are dying in the dark’. He urged countries to increase finance for developing nations, though he acknowledged that public funding alone could only meet a portion of the estimated trillion-dollar need.
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After intense off-camera negotiations, countries settled an agenda dispute over how to address last year’s Global Stocktake, which committed nations to transition from fossil fuels. The agreed approach places these discussions in the finance track, where developing nations want them, with the flexibility to revisit the topic in future sessions. A separate proposal by the BASIC countries (Brazil, South Africa, India, and China) on restrictive trade measures was withdrawn after receiving assurances it would remain under presidential review.
In a significant move, COP29 saw the approval of rules for a new global carbon market under Article 6 of the Paris Agreement. Azerbaijan's presidency celebrated the approval as a ‘game-changing tool’ for channelling resources to developing nations. However, concerns arose over transparency, with representatives from Tuvalu and several NGOs voicing worries that the rapid adoption bypassed sufficient scrutiny.
Meanwhile, the World Meteorological Organization (WMO) released a report forecasting that 2024 is on track to be the hottest year on record, driven by environmental instability and an intense El Niño. While short-term temperature spikes don’t indicate a breach of the Paris Agreement’s 1.5°C limit, the WMO cautioned that every fraction of warming exacerbates extreme weather risks.
US envoy John Podesta reassured attendees that the United States would continue reducing emissions, citing the enduring impact of the Inflation Reduction Act despite political headwinds. Podesta emphasised that the US private sector’s commitment to clean energy would persist, regardless of the recent election results. He also urged China, as the world’s largest emitter, to adopt a more ambitious target aligned with the 1.5°C goal, a move he believes would send a powerful message globally.
Podesta also expressed optimism about achieving a new environmental finance goal at COP29, advocating for an expanded donor base to include wealthy developing nations like China. He underscored that ‘this is not 1992’ and that current realities call for broader funding contributions.
Adding a dramatic note, COP29’s updated speaker list revealed significant last-minute cancellations from high-profile leaders, including Saudi Arabia’s Mohammed Bin Salman, European Commission President Ursula von der Leyen, and Ukraine’s Volodymyr Zelenskyy. Their absence, alongside leaders from the US, Germany, France, Canada, and India, left some questioning the summit’s impact.
This year’s COP29 summit in Baku has opened with optimism but faces ongoing challenges. Delegates remain focused on finance, operationalising a global carbon market, and urging nations to intensify efforts against rising global temperatures, now expected to hit record highs in 2024. As negotiations progress, the world’s gaze remains on COP29 and the promises it holds for meaningful environmental action.
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