COP29 leaders are pushing for $1 trillion in climate finance and claimed that ‘worsening climate impacts will put inflation on steroids.’
The U.N.’s annual agenda-setting climate talks got underway this week.
COP, or the “Conference of the Parties,” serves as the central platform under the UN Framework Convention on Climate Change (UNFCCC), where world leaders, scientists, and negotiators convene annually to drive “global climate action,” often culminating in pledges of vast financial commitments.
The summit lasts for two weeks, but already this year’s talks have revealed new shifts in thinking, some unusually early pledges, new controversies, and a shift in attitude towards the talks themselves by global leaders.
Here are some of the key takeaways from week one of COP29.
Controversial Host Azerbaijan
The conference opened under a cloud of controversy after its host, Azerbaijan, an oil-rich country, faced scrutiny over its continued dependence on oil and natural gas.
According to the International Energy Agency, oil and natural gas bring in around 90 percent of Azerbaijan’s export revenues, financing around 60 percent of the government budget.
President Ilham Aliyev defended his country in his keynote address at the climate summit claiming that Azerbaijan is the target of a “well-orchestrated campaign of slander and blackmail.”
“As president of COP29, we will be strong advocates for green transition, and we are doing it,” Aliyev said.
“But at the same time, we must be realistic. Countries should not be blamed for having these resources, nor for bringing them to the market, because the market needs them,” he added.
No-Shows
The recent victory of President-elect Donald Trump raised questions over the future direction of climate talks.
The United States is expected to renew its focus on fossil fuel expansion under the incoming Trump administration.
Trump has promised to reduce electricity and natural gas prices through increased production and the dismantling of the Green New Deal, which he has characterized as “socialist.”
Several prominent leaders opted not to attend this year’s COP.
U.S. President Joe Biden is being represented by climate adviser John Podesta, while Chinese President Xi Jinping has sent a deputy.
By Owen Evans
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