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Global renewable energy capacity surged by 585 GW in 2024, marking a record growth rate of 15.1%, yet still falling short of the 11.2 terawatts needed by 2030. Solar and wind dominated the expansion, with solar capacity alone increasing by 32.2%, driven primarily by China and India.IRENA emphasized the urgency for annual additions exceeding 1,120 GW to meet climate goals, while UN Secretary-General Antonio Guterres highlighted the economic and environmental benefits of this transition.
India's delegation expressed outrage at COP29 over the swift adoption of a USD 300 billion climate-finance package, which they deemed "unfair" and "stage-managed." Adviser Chandni Raina criticized the amount as "abysmally poor" compared to the USD 1 trillion needed annually by developing countries, highlighting concerns over the sources of funding and the voluntary nature of contributions.
At COP29 in Baku, tensions escalated as negotiators from vulnerable nations, including the Alliance of Small Island States and Least Developed Countries, stormed out over a draft finance agreement they felt excluded their input. Despite objections from India and Nigeria regarding the rushed adoption of a $300 billion annual climate finance goal by 2035, the deal was finalized in the early hours, highlighting ongoing frustrations over inclusivity in climate negotiations.
At COP29 in Baku, countries made progress on carbon market rules under the Paris Agreement, particularly Article 6, but concerns remain over the quality of credits and transparency in emissions trading. The global goal on adaptation faced delays due to financial disagreements and a lack of consensus on implementation indicators. Meanwhile, the Lima Work Programme was renewed for another decade, focusing on gender-responsive climate policies despite pushback on human rights language from some nations.
A hard-fought climate finance deal emerged from the latest COP, marked by significant drama, particularly India's strong objections to how contributions were counted. Article 6 on carbon markets was finally agreed upon after years of discussion, but concerns about credit integrity remain. Brazil is set to lead efforts to increase climate finance from $300 billion to $1.3 trillion ahead of the upcoming Belem COP.
COP29 concluded in Baku with an agreement requiring developed countries to provide $300 billion annually for climate finance to developing nations by 2035, falling short of the hoped-for $1.3 trillion. The agreement leaves unclear who will fund this commitment, with China making a voluntary contribution without obligation. While some view the agreement as a step forward, many climate-vulnerable nations express disappointment, deeming the outcome inadequate for their needs.
India is urged to take the lead in realizing the Baku Finance Goal, which aims to channel $1.3 trillion in climate finance to developing countries by 2035, including an annual target of $300 billion. Despite the deal being less than ideal for developing nations, it represents the best achievable outcome, emphasizing the need for action rather than dwelling on unmet expectations. The urgency of the global climate crisis necessitates a focus on securing the promised funds from developed countries, which may be reluctant to fulfill their commitments.
Nearly 200 nations at the COP29 summit in Azerbaijan are struggling to agree on a climate finance deal for developing economies, with proposed annual goals ranging from $200 billion to $1.3 trillion. As negotiations intensify, concerns grow over the reliance on loans rather than grants, potentially exacerbating debt burdens for cash-strapped nations. The outcome hinges on innovative financing mechanisms and the willingness of developed countries to meet ambitious funding commitments.
G20 leaders in Rio issued a brief statement supporting the COP29 finance goal but provided no concrete guidance, disappointing climate advocates. While some analysts saw potential in the leaders" backing for taxing the ultra-rich to fund climate action, the lack of commitment to shift from fossil fuels was noted as a setback. COP29 President Mukhtar Babayev urged for clearer mandates to unlock finance negotiations, emphasizing the urgency of decisive progress to avoid catastrophic climate outcomes.
COP29 talks on fossil fuel transition faced near collapse due to opposition from Saudi Arabia and some developing nations, prompting the presidency to intervene. Despite setbacks, countries emphasized the need for strong emission-cutting measures and financing for energy transitions, with consultations led by Norway and South Africa set to conclude soon.
Mukhtar Babayev
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