At the UN-led COP29 climate summit taking place in Azerbaijan, global leaders are presenting contrasting visions to confront climate change, while a new report emphasizes the urgent need for the world to achieve carbon neutrality sooner than anticipated.
As delegates convene to negotiate vital agreements for climate funding, the focus is on supporting developing nations in their efforts to adapt to climate-related challenges. This pivotal conference aims to secure an extensive climate financing framework to unlock trillions of dollars for essential climate initiatives. Countries with fewer resources are looking for significant commitments from wealthier, industrialized nations—those historically responsible for the largest share of global emissions and frequently large fossil fuel producers.
Yalchin Rafiyev, Azerbaijan’s chief negotiator for COP29, urged immediate action, stating, “Our time to act is dwindling, and we must respond with urgency,” as reported by AFP.
Participants were heartened by a commitment from leading development banks to increase funding for vulnerable nations grappling with the effects of climate change. A coalition of financial institutions, including the World Bank, announced their goal of raising this financial support to $120 billion by 2030—a staggering 60 percent leap from 2023 levels.
“This is a promising development,” said Minister Eamon Ryan, speaking to Reuters. He continued, “However, this alone isn’t sufficient. Countries and corporations must step up their contributions.”
Praising the funding pledge as a significant boost for climate finance discussions, Patrick Verkooijen, CEO of the Global Center on Adaptation, stated, “This is a kick in the pants for the climate finance conversation.” But he noted, “We have a mountain of work still to climb.”
However, optimism has wavered this week following Donald Trump’s presidential victory, as he has shown intentions to withdraw the United States from international climate agreements. The U.S. currently leads the world as the largest producer of oil and gas, and Trump has pledged to ramp up production.
Officials from President Joe Biden’s outgoing administration have indicated that if leadership from the U.S. dissipates, China and the European Union may need to fill the void.
“We see that developed nations have not only failed to honor their historical responsibility to cut emissions but are doubling down on fossil fuel expansion,” lamented climate activist Harjeet Singh.
Wealthy countries had made a commitment in 2009 to contribute $100 billion annually to aid developing nations in transitioning to cleaner energy sources. However, as of 2022, this promise was only fulfilled, and the commitment is set to expire this year.
The dire warning comes alongside the release of the Global Carbon Budget report during COP29, which projected global CO2 emissions will hit 41.6 billion metric tons in 2024, a rise from 40.6 billion tons in 2023. The report attributes most emissions to the burning of fossil fuels—coal, oil, and gas—which are projected to reach 37.4 billion tons, a 0.8% increase compared to this year.
According to the report led by the University of Exeter, emissions from land use, encompassing deforestation and wildfires, add to this alarming development. “There’s no indication we’ll see fossil fuel emissions peak by 2024,” remarked Pierre Friedlingstein, the report’s lead author. He further stated, “If we don’t implement drastic cuts immediately, we’re barreling toward surpassing the 1.5°C target.”
At the heart of the 2015 Paris Agreement is a commitment to cap global temperature increases at no more than 1.5°C (2.7°F) to avoid the most catastrophic effects of climate change. Achieving this goal necessitates significant emission reductions annually from now until at least 2030.
Regrettably, fossil fuel emissions experienced a decade-long climb, with land use emissions having only recently declined. This year, however, has seen a resurgence due to catastrophic droughts in the Amazon, which resulted in a 13.5% surge in annual land use emissions, reaching 4.2 billion tons.
While a few nations exhibit rapid adoption of renewable energy technologies and electric vehicles, overall progress is uneven. Developed countries are managing to decrease their emissions, while emissions in emerging economies continue to rise.
Discontent brewed at COP29 as tensions flared over leadership in the global transition from fossil fuels, which provide approximately 80% of the world’s energy. President Ilham Aliyev of Azerbaijan pointed out the hypocrisy of Western nations lecturing others while still consuming and producing fossil fuels.
In the U.S., projected emissions would decrease by just 0.6% this year, while those in the EU are expected to fall by 3.8%. In stark contrast, India’s emissions are set to soar by 4.6%, driven by its booming energy needs linked to rapid economic growth. Meanwhile, emissions from China, the largest global emitter, are expected to rise slightly but show signs of peaking in oil consumption as electric vehicles gain traction.
The recovery in air travel post-Covid-19 is also anticipated to spike international aviation and shipping emissions by 7.8% this year.
Italian Prime Minister Giorgia Meloni emphasized to COP29 delegates that climate action must prioritize the human aspect, ensuring the sustainability of both production and social infrastructures. “An overly ideological and impractical approach risks backfiring. We must remember that human welfare is paramount in protecting our environment,” she asserted.
She poignantly added, “I’m a mother. My greatest joy comes from crafting policies that ensure a better future for my daughter and her generation.”
Conversely, French ecology minister Agnes Pannier-Runacher announced her absence from COP29 due to President Aliyev’s “unacceptable” remarks toward France. “His comments regarding France and Europe are beyond the pale,” she stated emphatically in response to Aliyev’s criticism of France’s actions in its overseas territories.
Greek Prime Minister Kyriakos Mitsotakis stated that while Europe leads in the transition toward sustainability, more resources are essential to address the unprecedented impacts of climate disruption. “We must not lose sight of 2024 while fixating on 2050,” he told the assembly.
Greece’s journey toward renewable energy has been impressive, with production more than doubling since 2014, now accounting for roughly half of the nation’s energy supply. However, the country is facing severe consequences from climate change, grappling with significant rehabilitation efforts after catastrophic floods and wildfires. Just last summer was recorded as the hottest one in history following a rain-deprived winter.
With Europe’s declining share of global emissions, Mitsotakis insisted that the continent must also consider the trade-offs attached to a rapid shift that jeopardizes economic competitiveness. “It is our duty to scrutinize paths that lead to hasty decisions that may harm our industries,” he affirmed.
In a different vein, the Biden administration has urged the EU to align liquefied natural gas imports with U.S. methane regulations. This measure is critical to maintaining the U.S.’s burgeoning LNG export market with Europe amid the latter’s efforts to find alternatives post-Russia’s invasion of Ukraine.
Methane is a potent greenhouse gas that necessitates immediate action, with over 150 countries pledging to cut its emissions by 30% during this decade.
Lastly, Indigenous leaders from Brazil, Australia, Pacific nations, and Eastern Europe have come together in a commitment to champion greater representation in climate decisions moving forward, pushing for an indigenous presidency at future COPs, particularly next year’s event in Brazil’s Amazon basin.
Albania’s Prime Minister Edi Rama expressed urgency, declaring that decades of discussions around global warming haven’t yielded the necessary momentum. “Life continues as usual, and our speeches, full of promise, fail to create tangible change,” he lamented.
In summary, COP29 serves as a crucial arena where the stakes connected to climate change—economic, humanitarian, and ecological—intersect dramatically, calling for urgent, united action from all nations.
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
