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COP29 Underway In Baku – Highlights From Day 1
COP29 began yesterday, 11th November, with a stark warning from UN Secretary General António Guterres: “Climate calamity is the new reality and we’re not keeping up. The climate crisis is here. We can’t postpone protection. We must adapt – now.” As news also emerged yesterday that 2024 is likely to become the hottest year on record, there is even more pressure on the conference to deliver action on climate change over the next 2 weeks.
The lead up to, and the first day of the conference have already been negatively affected by several factors. Firstly, the non-attendance of several key states, including the United States, China, India, Germany, France and the EU. Overall attendance at the conference is down by 17,000 compared to last year’s COP28, although levels are still much higher than previous years.
Azerbaijan’s recent actions to increase oil and gas deals in the months and weeks leading up to the conference are also fuelling criticism of the COP Presidency. Since being named host, the country has secured $8 billion in oil deals. Critics therefore argue that effective change cannot be achieved at the conference, as it is not in the interest of the host country.
Disagreements on day 1 derailed the discussions for several hours, meaning that talks had to carry on well into the night. Nevertheless, progress was made on one item on the agenda, with an agreement reached on Article 6.4 of the Paris Agreement. This sets out a new framework for a UN-led global carbon market, where countries can trade carbon emission reductions. In the long term, this is expected to help countries reach their Nationally Determined Contributions (NDCs) and create funds for developing countries.
Today, 12th November, sees the beginning of the World Leaders Climate Action Summit, where several countries are expected to unveil their new NDCs. Check back tomorrow for a round up of the key points of day 2 and if you haven’t already, make sure to secure your free place on our upcoming COP29 roundtable discussion, taking place on Monday 25th November.
Sources:
https://carbonherald.com/cop29-un-approves-article-6-4-launches-global-carbon-market/
https://www.bbc.co.uk/news/live/cly0gzxgzrmt