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.
Saudi Aramco faces a critical decision regarding its $31 billion quarterly dividend as its debt increases. The company must choose between cutting the dividend, which could exacerbate the kingdom's budget deficit, or continuing to borrow to sustain the payout. This dilemma arises as oil prices remain low and production is at a three-year low, impacting the financial support for Crown Prince Mohammed Bin Salman’s ambitious spending plans.
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