The world is once again pinning its hopes on a new climate summit, this time in Baku, Azerbaijan, where COP29 has begun. This meeting, which runs until November 22, promises to be key to laying the foundations for a global response to climate change. However, a feeling of uncertainty permeates the first discussions, especially due to the lack of concrete commitments and the absence of important figures such as the President of the United States, Joe Biden, and other important leaders such as Xi Jinping, which has generated criticism and doubts about the effectiveness of the meeting.
Climate finance is undoubtedly the central theme of this summit. Nations most affected by climate change, especially developing countries, are hoping to secure a firm commitment from richer countries to help them combat and adapt to the devastating effects they are already beginning to see on their lands.
Financing, a necessary challenge
In Baku, the aim is to define the amount of money that will be mobilised from 2025 onwards to finance actions against climate change. The current goal, set in 2009, was to mobilize $100.000 billion annually., a figure that, although ambitious at the time, was not reached until 2022, and a significant part of these funds have been delivered in the form of loans, which has increased the debt of many developing countries.
Current demands are much higher. It is estimated that Between $1 and $2,4 trillion will be needed annually to tackle the climate crisis by 2030. Developing countries, particularly the most vulnerable, insist that the funds must come from countries that have historically contributed the most to greenhouse gas emissions.
UN climate change executive secretary Simon Stiell has been clear in pointing out that climate finance “It is not an act of charity, it is a global need”The idea that wealthier nations should help the most vulnerable is not only an act of climate justice, but also an investment in the stability of the planet. If action is not taken quickly, extreme weather events will intensify, affecting everyone, regardless of wealth or geographic location.
A summit marked by geopolitics
The choice of Azerbaijan hosting COP29 has sparked controversy, mainly because the country is a “petrostate”, with its economy based on oil and gas, which puts it in clear contradiction with efforts to transition to clean energy. More than 90% of Azerbaijan’s exports come from fossil fuels, and 64% of its GDP depends on these resources, making it one of the main gas exporters in the world.
COP29 President Mukhtar Babayev, a former executive at state oil company Socar, has also come under fire. The choice of Babayev and Azerbaijan to lead the summit has raised suspicions about the possible influence of oil and gas interests in the climate negotiations.
The danger of an unprecedented year
The latest report from the World Meteorological Organization (WMO) has added a note of urgency to the discussions. 2024 is expected to be the warmest year on recordAnd what is most worrying is that this year could be the first in which the average global temperature exceeds the critical barrier of 1,5 degrees Celsius, the threshold that the Paris Agreement seeks to avoid.
This fact has been a “red alert” for world leaders and non-governmental organizations present in Baku. The effects of global warming have already been felt with devastating natural disasters such as the recent torrential rains in Valencia and other parts of the world. Simon Stiell reminded those present that “No one is immune to this crisis”, and that extreme weather events will continue to affect both rich and poor countries if decisive action is not taken.
An uncertain future
Despite the urgency and gravity of the situation, COP29 has not been free of tensions and disagreementsGeopolitical differences remain at the negotiating table. At the international level, there is concern about the role that Donald Trump, the recently elected president of the United States, may play, given his well-known skepticism regarding climate change. During his previous term, he withdrew the United States from the Paris Agreement, leaving a significant gap in global commitments to reduce emissions.
The European Union has made it clear that this issue is expected to be central to the discussions and has called for The United States must not take a step back in its fight against climate change. Europe has also raised the need for emerging countries such as China to start getting more actively involved in climate financing, since until now they have been beneficiaries of the funds, despite being major global emitters.
These disagreements, coupled with criticism of Azerbaijan as host, have raised hopes for a solid compromise in the coming days. It remains to be seen whether World leaders will rise to the occasion and they will be able to reach agreements that really have a significant impact in the fight against climate change.
Humanity is in a race against time. COP29 in Baku is seen as a crucial opportunity to advance climate financing and redefine countries' responsibilities in the fight against global warming. However, with the shadow of political uncertainties and the influence of countries dependent on fossil fuels, the future remains uncertain.