The opening day of COP29 in Baku, Azerbaijan, saw significant developments in the global carbon market and climate finance.
Key figures, including Sultan Al-Jaber and Mukhtar Babayev, delivered speeches emphasizing the need for substantial commitments from all nations and innovative financing solutions.
Delegates successfully resolved contentious issues surrounding the COP29 agenda, with negotiations focusing on the follow-up to last year's Global Stocktake.
The adoption of rules governing the UN's new global carbon market under Article 6 of the Paris Agreement was a major achievement, although it drew criticism for the lack of thorough scrutiny.
The World Meteorological Organization released an update indicating that 2024 is on track to be the warmest year on record, underscoring the urgency of the discussions at COP29.
John Podesta, the U.S. senior presidential advisor for international climate policy, expressed confidence in the Inflation Reduction Act's ability to drive down greenhouse gas emissions.