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COP29 in Baku, Azerbaijan, faced significant challenges as negotiations over climate finance extended beyond the scheduled end, with developing nations seeking $1 trillion annually by 2030. A draft deal proposed $250 billion from wealthy countries, far below the requested amount, amid notable absences of key world leaders. The conference highlighted frustrations over the lack of commitment from major polluters and the urgent need for a new approach to climate action, especially for vulnerable nations like those in the Pacific.
At COP29 in Baku, Azerbaijan, delegates faced stark realities as discussions on climate finance highlighted a significant gap between the needs of developing nations and the commitments of wealthier countries. Despite a draft agreement proposing $250 billion annually by 2035, many expressed skepticism about the feasibility of such funding, especially with the looming influence of U.S. politics under a potential Trump re-election. The conference underscored the urgent need for effective international cooperation to address climate change, as developing countries continue to bear the brunt of its impacts.
The G20"s omission of a direct reference to transitioning away from fossil fuels in its leaders" statement has raised concerns among negotiators at COP29 in Baku, especially following Donald Trump"s election victory. This absence complicates efforts to advance last year"s fossil fuel agreement, with key figures expressing that the lack of clarity makes negotiations more challenging. While the G20 reinforced climate finance discussions, the failure to address fossil fuel transition leaves the world on a precarious path.
Negotiators at COP29 are grappling with a financial target for global climate aid, aiming for a range between $200 billion and $300 billion. Tensions rise as Belgian Energy Minister Tinne Van der Straeten criticizes Azerbaijani President Ilham Aliyev"s fossil fuel comments as inappropriate, undermining the summit"s goals. Meanwhile, the UN climate chief emphasizes the need for China to take a leading role in combating global warming, especially with uncertainties surrounding U.S. leadership.
At a press conference in Baku, House Republicans, led by Texas representative August Pfluger, expressed strong support for fossil fuels and criticized Biden"s climate policies, suggesting a potential repeal of the Inflation Reduction Act. They argued that the act"s renewable energy provisions contributed to rising inflation, while also hinting at a desire to maintain beneficial aspects of the law for energy costs. The GOP"s stance reflects a broader commitment to fossil fuel dominance, echoing sentiments from Azerbaijani leadership at COP 29.
Tensions are rising at COP29 as Saudi Arabia resists reaffirming last year's fossil fuel transition pledge, crucial for global climate efforts. While the US and Europe push for stronger commitments, Saudi Arabia argues the agreement is just one of many options to address emissions. The negotiations aim to replace the $100 billion climate finance pledge with a more substantial commitment to support poorer nations in building green economies.
M.O., a Swiss-French lawyer, has been pivotal in establishing offshore companies for Azerbaijan's ruling elite, particularly the Aliyev family. Despite being linked to corruption and embezzlement, he remains uncharged in Switzerland, where he operates two companies and has altered his identity to evade scrutiny. His connections to the regime and involvement in shadow companies highlight the challenges of prosecuting financial enablers in Switzerland's complex wealth management landscape.
Pressure mounts for reform in COP processes as climate experts call for countries expanding fossil fuels to be excluded from COP presidencies. Despite urgent calls for adaptation funding, the Adaptation Fund secured only $61 million against a $300 million goal, highlighting a stark funding gap. Azerbaijan's COP29 presidency faces criticism for its fossil fuel stance and the presence of numerous lobbyists, raising concerns about conflicts of interest in climate negotiations.
Azerbaijan's President Ilham Aliyev defended fossil fuels at COP29, asserting they are a "gift of the god" and criticizing foreign media for labeling his country a "petrostate." He highlighted Azerbaijan's role in supplying gas to the EU amid the Ukraine crisis, while US climate envoy John Podesta announced a new methane fee for oil and gas companies. Meanwhile, Sweden pledged $18.4 million to the Loss and Damage Fund, and Shell successfully appealed a ruling to cut emissions by 45% by 2030.
COP29 commenced in Baku with the adoption of carbon market rules, despite concerns over transparency and potential human rights violations. President Babayev emphasized the urgent need for climate finance, while the US envoy expressed confidence in ongoing emissions reductions despite political shifts. The agenda was finalized after intense negotiations, focusing on implementing outcomes from last year's Global Stocktake.
Ilham Aliyev
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