The COP29 climate summit commenced on Monday in Baku, Azerbaijan, amid concerns over the re-election of Donald Trump, who has pledged to reverse the United States’ commitments to reducing carbon emissions. This development casts uncertainty over the United States’ future participation in the Paris Agreement, potentially diminishing global ambition in climate negotiations.
Delegates gather in Baku following reports that 2024 is on track to set new temperature records, underscoring the urgency of discussions on climate funding. Ralph Regenvanu, Vanuatu’s special envoy for climate change and environment, emphasized the necessity of sustained international cooperation, stating, “We cannot afford to let the momentum for global action on climate change be derailed.”
Notably, several key leaders, including outgoing President Joe Biden, are absent from the summit. Only a few leaders from the Group of 20, whose nations contribute nearly 80% of global emissions, are in attendance. However, Afghanistan is participating for the first time since the Taliban’s return to power, albeit with observer status.
Adonia Ayebare, chair of a bloc representing over 100 developing countries and China, acknowledged the challenges in securing climate finance, remarking, “It’s hard. It involves money. When it comes to money, everybody shows their true colours.” Despite concerns over a potential U.S. withdrawal from the Paris Agreement, Ayebare expressed confidence in the international community’s ability to adapt, noting, “This has happened before; we will find a way of realigning.”
Developing nations are advocating for substantial financial support, emphasizing the need for grants over loans to effectively address climate challenges. Evans Njewa, chair of the LDC Climate Group, which represents countries home to 1.1 billion people, urged developed nations to demonstrate leadership by contributing financially.
Conversely, some developed countries are calling for an expanded donor base to include other affluent nations and major emitters, such as China and Gulf states. In a closed-door session, Liang Pei, an official from China’s Ministry of Ecology and Environment, cautioned against renegotiating existing agreements and advocated for a collective approach to addressing the climate crisis.
The summit occurs against a backdrop of warnings that current efforts are insufficient to meet the Paris Agreement’s goals of limiting global warming to below 2°C, preferably 1.5°C, above pre-industrial levels. The European Union’s climate monitor indicates that 2024 may exceed these thresholds, highlighting the need for intensified climate action.
Germany’s Foreign Minister, Annalena Baerbock, acknowledged the complexities of the negotiations but stressed their importance, stating, “Each tenth of a degree of warming avoided means fewer crises, less suffering, less displacement.”
The COP29 talks, running from November 11 to 22, are expected to draw over 51,000 participants, all aiming to forge a path forward in the global fight against climate change.
Recent Developments in Climate Finance Commitments:
In recent months, there have been significant developments in climate finance aimed at supporting developing and emerging nations:
- World Bank Pledges: In April 2024, the World Bank secured over $11 billion in pledges from 11 countries to enhance its financing capacity for addressing climate change and other global challenges. These contributions are expected to leverage $70 billion in financing over the next decade.
- Green Climate Fund Replenishment: In October 2023, 25 nations announced $9.3 billion in new contributions to the Green Climate Fund’s second replenishment, underscoring a commitment to support climate mitigation and adaptation efforts in developing countries.
- Emerging Market Fund: In August 2024, an Anglo-South African asset manager launched a $400 million emerging market fund focused on green investments. While this initiative has been praised, critics argue that it falls short of the trillions needed for climate finance in poorer countries.
These initiatives reflect ongoing efforts by wealthier nations and financial institutions to mobilize resources for climate action in developing regions. However, the scale of funding remains a point of contention, with developing countries advocating for more substantial and accessible financial support to effectively combat climate change.