The 29th UN Climate Conference, COP29, in Baku unfolded with notable absences from key global leaders, raising concerns about commitment to climate goals. Despite the absence of prominent figures like German Chancellor Olaf Scholz and outgoing US President Joe Biden, the conference marked a significant achievement. Participants reached a consensus on uniform standards for the global trade of emissions credits, a milestone since the Paris Agreement.
The absence of major G20 leaders, responsible for nearly 80% of greenhouse gas emissions, was conspicuous. British Prime Minister Keir Starmer attended, emphasizing the UK's commitment to linking climate security with national security. Meanwhile, the discussions highlighted the urgent need for enhanced climate financing. Current pledges from industrialized nations amount to $100 billion annually, yet experts argue that at least $1 trillion is necessary to support developing countries in combating climate change.
The conference's start was delayed by agenda disputes, but eventually, 200 nations agreed on fundamental rules for emissions credit trade. COP29 President Mukhtar Babayev heralded this as a breakthrough while acknowledging further efforts are needed. The event was overshadowed by Donald Trump's re-election in the US, threatening previous climate agreements. Nevertheless, US Climate Envoy John Podesta reassured that efforts to combat climate change would persist, emphasizing contributions from states, cities, and private sectors.
Climate financing and emissions reduction remain at the conference's core. With expert warnings of potentially exceeding the 1.5-degree Celsius target, the urgency for global cooperative action is paramount. As the conference progresses, the challenge is to forge a cohesive strategy that involves all nations, including emerging economies, to sustain momentum in addressing the climate crisis.
