The COP29 Climate Summit, currently underway in Baku, Azerbaijan, is set against some of the most pressing global crises of our time, including significant trade tensions and intense disputes over climate finance. With 2024 poised to be the year when global temperatures exceed the pivotal 1.5-degree Celsius mark above pre-industrial levels, the stakes have never been higher for international cooperation on climate action.
This year’s summit opens as countries grapple with multiple rising issues. Not only has the geopolitical climate changed considerably due to Donald Trump's recent electoral victory, but conflicts raging across the globe, particularly in Ukraine and Gaza, have added layers of complexity to negotiations. The urgency of the climate situation is echoed by scientists who warn of the severe consequences of exceeding this temperature threshold, which may signal irreversible damage to ecosystems and communities around the world.
India’s experience, having witnessed one of its harshest years for climate events, serves as stark evidence of these global challenges. Over 3,200 lives were lost, and economic damage soared as extreme weather events affected 93% of days so far this year. Such statistics underline the urgent need for international support to combat climate impacts.
Adding to the tension are recent trade disputes, highlighted by the BASIC group (Brazil, China, India, and South Africa), which has called for discussions on unilateral trade restrictions. Their concerns revolve around measures like the European Union’s Carbon Border Adjustment Mechanism (CBAM), scheduled to be enforced by 2026, which they argue complicates efforts to achieve climate targets through cooperation instead of conflicts.
Climate finance or the lack thereof, remains at the heart of the negotiations. Developing countries are calling for substantial financial strides starting at trillions annually from 2025, contending this is necessary for climate adaptation and mitigation. On the other hand, nations like the United States and EU member states argue for broader responsibility among nations, implicative of the growing emissions from the Global South.
The U.S. has outlined its visions for funding as ‘voluntary,’ emphasizing the notion of shared responsibility rather than unilateral mandates. The EU stands firm, insisting on widening the contributor base to make the climate financing more inclusive and impactful, citing changes in countries’ economic abilities over the years.
Meanwhile, the Centre for Science and Environment has reported startling estimates, indicating less than 1% of global GDP—around $1 trillion—could potentially cover the immediate climate finance needs of the developing world. This puts the pressure on developed economies to take bold steps toward meeting climate goals, especially as discussions heat up around topics of accountability and leadership.
But here’s the kicker: the implications of this summit extend far beyond financial issues. Should countries fail to rise to the occasion, they risk not only ecological devastation but also geopolitical instability as climate-induced crises exacerbate existing socio-political tensions. Observers are acutely aware of Trump's potential withdrawal from the Paris Agreement and how this could complicate or limit U.S. commitments on the international stage.
During the summit, diplomats and representatives must navigate these troublesome waters precariously, balancing their nations' priorities against the urgency of coherent global climate action. Avantika Goswami from the Centre for Science and Environment succinctly put it: “This is the last window of opportunity for the Global North to course correct. Failure is not an option.”
Local and global forecasts for 2024 show increasingly severe weather events, with the possibility of greater humanitarian crises on the horizon. Ensuring climate resilience through both immediate and long-term investments is not just prudent; it is imperative for sustainable development globally.
For countries such as India, COP29 is particularly consequential. The country has proactively updated its climate commitments, aiming to reduce the emissions intensity of its GDP by 45% from 2005 levels by 2030 and targeting substantial non-fossil fuel-based power installations. India's experiences during recent climatic upheavals and political posturing surrounding the meeting only heighten the stakes.
Climate experts across the board agree on one core issue: global coordination and collaboration envision the best path forward to combat climate change. The technology, expertise, and, most significantly, financial backing must flow to the areas most affected to forge the way toward resilience and sustainability. How nations approach their interactions at COP29 may set the precedent for future climate diplomacy, and the world is watching closely.
