“Less is nothing.” “At least it’s something, and we need that something.” “It could be worse.” These were the reactions of delegates in Baku after two weeks of intense negotiations, long sleepless nights and an agreement that satisfied no one. The 29th United Nations Conference of the Parties (COP29) on climate change ended as it began: without big ambitions and with the focus on next year’s event in the Brazilian city of Belén.
Of course, after a Saturday (November 23) full of frustration and anger, the COP presidency managed to restore order in Baku and reach a minimum agreement. to the extreme. It wasn’t It was only after midnight local time that the plenary session of the climate summit was able to convene to put an end toonce and for all, to the climatic event.
And in the end, the Baku agreement materialized exactly as planned: without consensus, without great ambitions and without a final text before the start of the plenary session. As we had discussed all day, an increase in contributions from developed countries of the 250 billion dollars of the project to 300 billion per year until 2035. And so it was.
However, this figure is still far from what the most vulnerable countries would need to mitigate and adapt to climate change. The mechanisms for achieving 1.3 trillion dollars per year requested by small island states and least developed countriesaccording to the final text, will be debated during the remaining year until the next COP.
This timid victory was obtained after, on Saturday afternoon, two groups of countries decided leave the negotiating table: Small island states and less developed nations have refused to accept conditions imposed by the richest.
From their point of view and their particular vulnerability, these countries pretended to live a kind of joke. Of course, in a statement, they insisted that their poor performance did not mean they were stopping negotiations. They were simply tired of hearing proposals that did not advance the new contribution goal. And its removal, it seems, would have been of little use.
Funding keys
300 billion dollars per year by 2035. The benchmark climate finance target was raised to this figure to help developing countries tackle the environmental crisis. Although far from ideal, the text makes more reference to least developed countries and small island states, even mentioning “considering measures to increase financing” for the latter.
Developed countries will “take the initiative”. Others will see their volunteer efforts recognized.
$1.3 trillion. This goal is still alive. The text calls on “all actors” to work together in order to increase to at least $1.3 trillion in funding from public and private sources by 2035.
China, India, Saudi Arabia and Gulf countries. The role of these economies, the major emerging economies that were not considered overwhelmed at the start of climate summits in the 1990s, is controversial. The text “encourages developing countries to make voluntary contributions.”
Multilateral development banks. The text indicates that the parties can count on “climate-related losses” and on “climate financing” mobilized by these banks to achieve the investment objective of 300 billion dollars.
Mitigation + financing. The text recommends that funding be accompanied by “significant and ambitious” emissions reduction and adaptation measures.
And fossil fuels?
The approved text ignores one of the most discussed topics during the two weeks of negotiations: phase out fossil fuels and shift to clean energy. Most countries have requested this clarification, although it appears that Saudi Arabia and the petrostates – contrary to this specification – have won the battle.
While it is true that it reaffirms the commitment acquired with the Paris Agreement to reduce greenhouse gas emissions, mainly from energy dirty—, gives a special status to gas. The text describes this type of fossil energy as a “transition fuel”, necessary to “ensure energy security”.
A (mini) victory
What was experienced this evening at COP29 is only a small success: an agreement on carbon markets this is not enough, but it was ingrained for almost five years
The details and specifications of this first step towards a multilateral pact will be negotiated next year in Brazil. Although at least, like This has already been explained in ENCLAVE ODS, for the first time in years the melon of article 6 of the Paris Agreement opened in Baku.
Article 6 plays a key role in marking Nationally Determined Contributions (NDC). That is to say the roadmaps for each country to decarbonize, which will be the key point of the COP30 negotiations.
Thus, the first steps are being taken to establish an important mechanism that provides climate finance to developing countries and a carbon market that, if launched, could continue to operate even if the United States withdraws its support for Paris Agreement.
Outrage at the COP
All these small victories took place during a climate summit in which petrostates were accused of manipulating the rules of the game. For example, as EFE reports, German Foreign Minister Annalena Baerbock, accused this Saturday the oil states of “geopolitical games” and “deceptive” maneuvers. The game boards in these states, Baerbock adds, are “Unfortunately, these are the poorest and most vulnerable countries.”
On Saturday afternoon, Tutor also warned that a delegate from Saudi Arabia had manipulated the text being negotiated at COP29. More specifically, he had modified the paragraphs referring to the transition to clean energy. Fortunately, the presidency was able to quickly correct this manipulation and continue the negotiations.
