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Climate & Environment
13 November 2024

Climate Funding Takes Center Stage At COP29

Azerbaijan's President advocates fossil fuels amid calls for urgent climate funding

The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) has kicked off in Baku, Azerbaijan, with the spotlight on climate funding amid tensions surrounding fossil fuels. Azerbaijan's President, Ilham Aliyev, made headlines during his address when he claimed oil and gas are a “gift of god.” He criticized what he dubbed “Western fake news” concerning the country’s carbon emissions, arguing nations should not be blamed for having fossil fuel reserves. Azerbaijan intends to increase its gas production by as much as one-third over the next decade, which raises concerns about the nation's role as host of this major climate conference.

Shortly after Aliyev's remarks, United Nations Secretary-General António Guterres spoke to the conference attendees, emphasizing the need to reassess the global reliance on fossil fuels, which he labeled “absurd.” Guterres highlighted the urgent need for fresh financial commitments from wealthier nations, accusing them of not only being the largest emitters but also having the greatest responsibility to assist poorer nations hit hardest by climate change impacts.

A significant theme of COP29 is the desperate call for richer countries to mobilize finances to help less developed nations implement their climate action goals. Developing nations are rallying for the establishment of a fund worth up to $1 trillion, combining public and private investments, to help combat climate-related challenges.

“We must not leave Baku empty-handed,” Guterres stressed, imploring wealthier states to commit significant resources as the 2024 climate year is projected by the UN’s World Meteorological Organization to possibly be the warmest on record, underscoring the stark reality of climate change urgency.

Among the myriad concerns expressed by attendees is the leadership of COP29 itself. The minister for ecology and natural resources from Azerbaijan, previously affiliated with the state-owned oil and gas company Socar, chairs the conference. Observers fear this could skew priorities, as Azerbaijan seeks to boost investment in its national oil and gas sector under the guise of climate discussions.

Aliyev also took offense to criticisms leveled against Azerbaijan, stating the country contributes only 0.1% of global gas emissions. He insisted natural resources, including oil and gas, should not be vilified, labeling them as necessities of the market. "Oil, gas, wind, sun, gold, silver, copper, all... are natural resources and countries should not be blamed for having them... because the market needs them," he declared.

Critics argue his statements run counter to the aims of COP29, where reducing dependency on fossil fuels is top priority. Guterres reiterated this sentiment, conveying alarm at the increasing inclination of some countries to rely on fossil fuel investments, particularly as climate change impacts become ever more dire.

The United States, too, is under scrutiny at the conference, especially following the election victory of former President Donald Trump, known for his climate skepticism. Biden's envoy to COP29, John Podesta, challenged Trump’s dismissal of climate change as merely political hype. Podesta reassured attending nations of the U.S. commitment to the agreements reached last year at COP28, which were geared toward tripling renewable energy by 2030.

While key leaders from major polluting nations, including Biden, France's Emmanuel Macron, and India's Narendra Modi, are absent from Baku, the discussions continue with diverse voices from around the world highlighting the urgency for collaborative action.

Roger Baro, Burkina Faso’s environment minister, reinforced the need for funding, citing the devastating effects of climate change his nation faces, like pervasive drought and flooding. He noted, "We need substantial financial help to combat climate change and its impacts on our communities." Across the continent, many countries share these worries, facing increasingly severe weather-related disasters with minimal resources to combat them.

The conference is set to last until November 22, and during this period, financing commitments, especially from wealthier nations, will take center stage as they aim to solidify agreements beneficial to all participating nations and to those most vulnerable to climate change repercussions.

With the stakes so high and countries like Spain echoing calls for significant climate measures after deadly floods earlier this year, COP29 faces the challenge of balancing economic interests and swift climate action. Prime Minister Pedro Sánchez of Spain drew attention to recent natural disasters exacerbated by climate change and highlighted the need for urgent adaptation strategies, stating, "We need to undergo decarbonization, adapt our towns and infrastructure." This is not just about international negotiations; it’s personal as every country grapples with its ramifications on local populations.

Aliyev’s perspective, juxtaposed with Guterres’ warnings and leaders like Sánchez advocating for drastic measures, paints a vivid picture of the conflicting priorities at play within COP29. How this tension resolves remains to be seen, but with so much on the line, delegates and leaders will need to navigate these waters carefully to reach actionable agreements for climate financing and fossil fuel reliance.

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