- By Imran Zafar
- Tue, 12 Nov 2024 12:57 PM (IST)
- Source:JND
The United Nations' annual climate summit, COP29, began on November 11 in Azerbaijan's Baku, gathering over 32,000 representatives from across the globe. This year’s climate summit faces a shadow cast by Donald Trump’s recent re-election as the US president, rekindling fears of the US’s potential withdrawal from the Paris Agreement, which could impact global climate goals and the upcoming net-zero targets. Trump has expressed intent to walk away from the climate accord, sparking concerns among participating nations.
Several prominent leaders, including US President Joe Biden, Chinese President Xi Jinping and European Commission President Ursula von der Leyen, have opted out of attending the summit, raising concerns over the global community’s commitment.
This year's focus on financial commitments for climate action has created an intense debate, especially as delegates aim to secure a new goal of USD 1 trillion annually for developing countries. Azerbaijan, the host nation and a nation known for its fossil fuel resources, faces pressure to advance on pledges made in previous COP meetings to transition away from fossil fuels.
COP29 Summit: Key Details
When and where is COP29 being held?
The conference is scheduled from November 11 to 22 in Azerbaijan’s Baku. Hosting the summit in a country with a fossil fuel-based economy also stirred criticism from environmental activists, including Greta Thunberg, who called it a ''greenwash conference.''
What Does COP Stand For?
COP stands for "Conference of the Parties," a reference to the United Nations Framework Convention on Climate Change (UNFCCC). This body, formed in 1994, oversees major climate agreements like the Kyoto Protocol and the Paris Agreement, which aims to cap global temperature rise at 2 degrees Celsius above pre-industrial levels by 2100. The inaugural COP took place in Berlin in 1995.
Who Is Participating In COP29?
Over 32,000 people are attending COP29, including representatives from all 198 UNFCCC member countries. Notably, this year’s summit marks the Taliban’s first attendance since their control of Afghanistan. Delegates include diplomats, climate scientists, journalists and NGOs, as well as Indigenous leaders and activists.
The Biden administration has dispatched a delegation led by John Podesta, senior adviser on international climate policy. Although present, the US delegation lacks the authority to pledge new financial commitments, as Donald Trump will officially assume office in January 2025.
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COP29 Financial Goals
Dubbed the "Finance COP," this year’s summit is set to address funding for developing nations’ climate efforts. A UN report indicates that lower-income countries need over USD 2 trillion annually by 2030 to counter global warming effectively. The financing structure is anticipated to involve USD 1 trillion from wealthy nations, investors and multilateral banks, while another USD 1.4 trillion would be sourced domestically within these nations.
Efforts are underway to redefine the climate finance target to at least USD 1 trillion annually, following the missed USD 100 billion goal originally set for 2020. Calls are intensifying for emerging economies, such as China and the UAE, to contribute as they hold significant roles in emissions but retain “developing” status.
COP29 Climate Conference Agenda
Apart from climate finance, discussions include finalising Nationally Determined Contributions (NDCs), the emissions reduction commitments that each country sets per the Paris Agreement. This year’s summit provides a crucial chance to confirm targets as countries prepare for their 2025 submissions.
Impact Of Donald Trump's Election on COP29
While Trump’s election does not directly affect the COP29 agenda, it threatens the follow-through on any commitments reached, as he could withdraw the U.S. from the Paris Agreement in 2025. Such a move would likely undermine global ambitions, especially considering the U.S. is the world’s second-largest emitter of greenhouse gases. In 2023, the U.S. broke a global record, producing an average of 12.9 million barrels of crude oil daily.
The prospect of diminished U.S. commitment could prompt other countries to scale back their ambitions. "People will be saying, well, the U.S. is the second biggest emitter... If they don't set themselves an ambitious target, why would we?" former EU climate ambassador Marc Vanheukelen commented.
India's Role And BASIC Group's Proposal
India, a key member of the BASIC group (Brazil, India, South Africa and China), has joined China in proposing discussions on restrictive trade measures like the European Union’s carbon border tariffs, scheduled to start in 2026. These nations argue that such measures could adversely affect their economies. The proposal highlights tensions amid US President-elect Donald Trump’s plans to implement 20 per cent tariffs on all foreign goods, which could further impact trade dynamics within climate negotiations.
Global Warming
This year is on track to be the hottest on record, with extreme weather events such as floods in Africa, Spain and North Carolina, alongside severe droughts in South America and Mexico. These disasters underscore the urgent need for coordinated action, yet most countries remain unprepared. ''Unless the world collectively steps up its efforts, climate change will increasingly affect more people globally, including within the United States,'' warned Kaveh Guilanpour of the Center for Climate and Energy Solutions as reported by Reuters.
The overarching worry is that if the US signals a lack of commitment, other countries might weaken their pledges. Azerbaijan, meanwhile, is advocating for more nations to transition to clean energy, promoting gas as an intermediate solution. President Ilham Aliyev has proposed a Climate Finance Action Fund to mobilise up to USD 1 billion from extraction companies across 10 countries.
(With Agency Inputs)