The major climate change conference, taking place in Azerbaijan’s capital Baku, has begun – COP29 (29th meeting of the Conference of the Parties). World leaders from around 200 nations are attending this year’s summit to discuss climate change and how to fight it. At the same time, the World Meteorological Organisation has declared 2024 to be the hottest on record.
Many scientists are seeking to persuade the governments of high income countries to raise over a trillion dollars in finance for the developing world to prepare and mitigate climate crisis.
Azerbaijan is a controversial choice for the 29th United Nations event, due to the country being heavily reliant on oil.
Opening the conference, UN Climate Change Executive Secretary Simon Stiell made a passionate plea for urgent, global cooperation on climate change:
“We mustn’t let 1.5 slip out of reach. Even as temperatures rise, the implementation of our agreements must claw them back. Clean energy and infrastructure investment will reach two trillion dollars in 2024. Almost twice that of fossil fuels. The shift to clean-energy and climate-resilience will not be stopped. Our job is to accelerate this and make sure its huge benefits are shared by all countries and all people.”
How successful will COP29 be? For many it is simply a bridging conference until COP30, when greater action against climate change is expected.
As COP29 kicks off, Digital Journal has heard from environmental and economic experts from the University of Oxford.
Sam Fankhauser, Professor of Climate Economics, Smith School of Enterprise and the Environment explains that while COP29 is a smaller event that some previous climate conferences it remains essential that advancements are made: “It is important that we make progress on issues such as a new climate finance goal, the rules on global carbon trading and the next round of national commitments to keep global warming well below 2oC. I hope our research can give parties the confidence to sign up to meaningful new commitments and maintain the integrity of the Paris process.”
As to what these actions could be, Injy Johnstone, Research Associate in Net Zero Aligned Offsetting, Smith School of Enterprise and the Environment, outlines areas that need to be addressed: “During COP29, my focus will be on improving the net zero alignment of carbon markets. This includes active engagement in the Article 6 negotiations, major elements of which are set to be finalised this COP29, as well as mapping gaps and opportunities to scale durable carbon removal to address the growing ‘CDR gap’, including by implementing the Oxford Offsetting Principles.”
As to what could be delivered, Johnstone states: ” My hope at COP29 is that negotiators will see environmental integrity as central to rather than a barrier to establishing the international carbon market under Article 6 and that, ultimately, it sets a new global baseline from which we can go further and faster on climate mitigation.”
Professor Thomas Hale, Professor of Global Public Policy, Blavatnik School of Government expresses the view that improved political commitment and governmental action is needed: “I hope COP29 will send countries a clear signal that they need to upgrade their pledges under the Paris Agreement, due next year, and match top-level targets with concrete rules and regulations that drive implementation. A trust-building deal on the new finance goal can give countries confidence to reach their maximum ambition.”
Addressing issues with economics, including climate funding remains important. Here, Dr Brian O’Callaghan, Lead Researcher, Smith School of Enterprise and the Environment says: “I’m advocating for a climate finance solution that makes economic sense—one that accounts for needs as well as technical factors like financial discounting.”
In particular, O’Callaghan urges: “Developing countries need a fighting chance to tackle climate change alongside development; their success is the world’s success. In most cases, this requires a target well over $1 trillion per year, clawback mechanisms for missed payments, and a public finance backstop on private finance commitments.”
Further with the economic aspects, Dr Nicola Ranger, Director, Global Finance and Economy Group & Resilient Planet Finance Lab, indicates: “COP29 has been billed as the finance COP. We need to see agreement on a new, ambitious climate finance goal for developing economies to support them to build resilience to climate change and transition toward low-carbon and nature-positive growth paths. The world cannot achieve its climate goals if we do not bring all countries with us.”
Debt remains an obstacle to joined-up economic planning. Ranger hopes: “As part of this, we need to see meaningful steps toward addressing the debt challenge – developing countries face a triple whammy of rising climate impacts, debt, and transition risks which amplify and reinforce each other. If we don’t address this directly and support countries to build both fiscal and climate resilience, the spiralling debt and setbacks to development in the poorest countries will have massive implications for all.”
