COP29 day 1 focuses on climate finance and global cooperation

The 29th Conference of the Parties (COP29) kicked off in Baku on 11 November, with global figures outlining their climate priorities as negotiations began. Amid rising global temperatures and severe weather, discussions on urgent climate action and finance are intensifying. Several critical issues are center stage, including climate finance, carbon markets, and international cooperation.

COP29 opens with urgent climate discussions

COP29 President Mukhtar Babayev opened the event with a clear message on the cost of inaction. “The climate numbers might sound big, but they are nothing compared to the cost of inaction,” Babayev said, stressing that investing today is crucial for future benefits. “Public sector contributions need to be estimated realistically in hundreds of billions,” he added, underscoring the need for global fund mobilization.

Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), called for a fundamental shift in how climate finance is perceived. “Let’s dispense with any idea that climate finance is charity. An ambitious new climate finance goal is in the self-interest of every nation, including the largest and wealthiest,” Stiell said. He also emphasized finalizing Article 6, which aims to establish international carbon markets.

U.S. Climate Envoy John Podesta addressed concerns about the country’s climate policy after the recent U.S. election. “Are we facing new headwinds? Absolutely. But will we revert to the 1950s energy system? No way,” he affirmed. Podesta emphasized the significance of the Inflation Reduction Act (IRA) in the U.S. transition to clean energy. “It’s because the IRA has staying power that I’m confident the United States will continue to reduce emissions,” he stated, highlighting the growing economic support for clean energy initiatives.

China must align emissions with 1.5C target

Podesta urged China to take a stronger leadership role in global emissions reduction. “China is now 30% of global emissions. They’re the largest emitter, and they must present a 1.5C-aligned greenhouse gas economy-wide Nationally Determined Contribution (NDC),” Podesta said. He stressed that China’s success in renewable energy deployment is a promising sign for greater climate ambition.

The BASIC group (Brazil, South Africa, India, and China) raised concerns about “unilateral restrictive trade measures” at the conference. In a letter to the UNFCCC, they questioned the impact of such measures on global cooperation and climate action. “COP29 should push all parties to abandon unilateral measures, including those from the United States and Europe,” said Xia Yingxian, China’s climate negotiator. He also pointed out the need to distinguish between mandatory financing by developed countries and voluntary financing from others.

Xia noted that the global South should promote cooperation through multilateral institutions, especially regarding climate finance. “We should first answer the mandatory questions well, and then make the funding cake bigger,” he said, referring to the importance of financial institutions like multilateral development banks in scaling up funding.

Article 6 key to carbon markets

A major topic at COP29 is Article 6 of the Paris Agreement, which deals with carbon markets and international cooperation to meet climate goals. Delegates hope agreement on Article 6 could lead to a breakthrough in global emissions reduction efforts. However, talks on Article 6.4, concerning carbon credits, may be delayed if countries don’t reach a consensus quickly.

As COP29 continues, many advocates are calling for more concrete commitments on climate finance. “This COP is very important. We need a finance package that delivers for communities losing their lives, livelihoods, and homes due to climate impacts,” said Joab Okanda, a climate policy expert. The conference’s outcome could significantly impact how developed countries meet their climate finance pledges and assist developing nations.

Aarti Khosla, Director at Climate Trends, emphasized the need for action. “The clean revolution is underway in China, the U.S., and India. Multilateralism must deliver the complex solution to whether developed countries keep their promises,” she said.

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