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Another United Nations climate conference is done, and from a distance I think #COP29 in Baku, Azerbaijan may have set the stage for a new geo-politics for climate. Among the key themes of the two-week jamboree were a greater say from China and Saudi Arabia, and a greater voice from developing nations. Here’s what else I noted, including from the final agreement reached early Sunday morning: 1. This was designed to be the “finance COP” but ended up more like the money COP, as it’s unclear how some big pledges will be financed. Developing countries wanted $1.3 trillion a year but had to go to the wall for just a quarter of that — $300 billion— for their efforts to avoid emissions growth. In this economic and political climate, it was an impressive get. 2. More pressure is now on multilateral institutions like the World Bank. A lot of the new climate finance will flow through those agencies, which will themselves be under the microscope with populist governments in Europe and North America. Another tension for those agencies: to direct more capital to climate rather than, say, child poverty. 3. Carbon markets are ready for lift off. A detailed framework for global carbon markets may be Baku’s biggest achievement. After years of haggling over what’s called Article 6, it’s an important break but will require more detailed work before the big money flows. 4. China’s back. When Donald Trump pulled out of Paris in 2017, Beijing stepped up to help lead the world, especially developing countries with new technologies like EVs. China used Baku to reaffirm (and perhaps reassert) its climate leadership, as did Saudi Arabia which continues to push for an energy-rich transition. 5. 1.5 is not back. The clarion call of every COP this decade has been a commitment to keeping global warming to no more than 1.5 degrees above pre-industrial levels. We’re likely already there, or very soon will be. The pressure will now be on COP30, in Brazil, to reaffirm that ambition in what may be a very different geopolitical climate. https://lnkd.in/gqQHni3K

As we watch the COP29 Azerbaijan climate summit unfold in Baku, Azerbaijan, it’s clear that this year’s talks are more critical than ever. From November 11 to 22, delegates from nearly 200 countries have gathered to tackle the climate funding gap—a challenge we can no longer afford to ignore. With climate records shattering yet again this year, COP29 emphasizes what’s at stake if we fail to secure substantial climate funding for developing nations. The mission? Establish a new global finance goal to replace the $100 billion-a-year target expiring this year. The call is for increased ambition and investment to bring us closer to the Sustainable Development Goals and the Paris Agreement's goal of limiting warming to 1.5°C. Highlights from COP29 so far: - UN climate chief Simon Stiell’s opening call to action: “If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, every nation pays a brutal price.” - Discussions to finalize a new funding target that addresses the realities of a warming world and offers greater financial support to nations bearing the brunt of climate impacts. - Acknowledgment of 2024’s record-breaking heat, which adds urgency to these talks as countries reaffirm their climate pledges. - Despite political complexities, diplomats are pushing forward, undeterred, to ensure COP29 drives meaningful progress. As nations chart a path forward, COP29 reminds us that climate finance isn’t just about aid—it’s a necessary investment in a shared future. This summit has the potential to set a new course for genuine, sustainable climate action that benefits everyone. #COP29 #ClimateFinance #SustainableFuture #ClimateAction #ClimateSummit

Climate Crisis Takes Centre Stage at COP29 in Baku, Azerbaijan - https://lnkd.in/e9eUDJak 65,000 world leaders, decision-makers, and civil society members converged in Baku for COP29, confronting the stark reality of a planet on the brink of unprecedented environmental challenges. Against a backdrop of alarming predictions that 2024 could be the hottest year on record and extreme weather events poised to cause billions in damages, the summit emerged as a critical platform for addressing the world’s most pressing climate concerns. Finance emerged as the conference’s central theme, with negotiations focusing on mobilising and allocating crucial funds to combat climate change. Head of Climate Ambition Initiatives at the World Economic Forum, Pim Valdre, […]Onyekachi EkeAkweyaTV

🌍 COP29 Kicks Off in Baku with Breakthrough on Global Carbon Markets 🌍 The UN Climate Change Conference (COP29) in Baku, Azerbaijan, is off to a strong start: • Article 6.4 Milestone: Consensus reached on standards for carbon credits under the Paris Agreement, paving the way for a transparent and efficient global carbon market. • Ambition for Action: COP29 President Mukhtar Babayev calls for enhanced global commitments to tackle the climate crisis, warning of a catastrophic 3°C warming trajectory without immediate action. • Climate Finance in Focus: The top priority is achieving a New Collective Quantified Goal (NCQG) to mobilize “hundreds of billions” annually, ensuring critical investments to combat climate change. With over 70,000 delegates attending, including global leaders, this summit is a pivotal moment as we approach the end of the first Paris Agreement decade. COP29 is not just about negotiations—it’s about demonstrating leadership, solidarity, and decisive action to secure a sustainable future for all. The world is watching. Let’s lead the way. 🌱 #COP29 #ClimateAction #Sustainability #GlobalLeadership

For the next two weeks, I'm in Baku, Azerbaijan, covering the annual #COP29 climate summit as one of the only New Zealand journalists on the ground. To bring you up to speed, I've got three preview articles. First, a quick explainer on four key things to look out for at COP. (https://lnkd.in/gigPFFrf) Then an interview with New Zealand Climate Change Minister Hon. Simon Watts about his expectations and priorities for #COP29, covering climate finance, carbon trading and the reputational effects of repealing the oil and gas ban (he says the Pacific is understanding). (https://lnkd.in/g3KsmW3C) And finally, a deep dive on the big issue of this year's COP: Climate finance. Nine years ago in Paris, a grand bargain was struck between developed and developing countries – cash for emissions cuts. Now we have to settle the bill. (https://lnkd.in/gECADiHX) To keep up to date with my reporting, you can check out our dedicated COP29 section here: https://lnkd.in/g-hpgxSq

🌍 COP29 in Baku: Key Highlights and Takeaways Hey friends, this year’s crucial climate conference held in Baku, Azerbaijan. It brought together world leaders, climate experts, and activists to tackle one big question: How can we limit global warming to 1.5°C and secure a sustainable future? Here’s a friendly breakdown of what went down: Major Wins: 1. Loss and Damage Fund Activation: Remember the fund created at COP27? This year, it’s finally up and running! It’s designed to support vulnerable nations facing the harshest climate impacts, like floods and hurricanes, with a special focus on small islands and developing countries. 2. Fresh Climate Commitments: Countries were urged to submit updated climate goals (NDCs) by 2025. The focus? Phasing out fossil fuels and doubling down on renewable energy. A clear push toward a greener, cleaner energy future! 3. New Climate Finance Goal: Azerbaijan launched a bold initiative—the Climate Finance Action Fund—aiming to collect $1 billion annually from fossil fuel-producing nations. Half of this will be reinvested in renewable energy projects and climate resilience programs. 4. Tackling #Carbon Markets: Progress on carbon credit systems (from Article 6 of the Paris Agreement) remains tricky, but efforts are ongoing to finalize rules that will make carbon trading fair and effective. 5. Reducing Methane and Expanding Renewables: Alongside reducing CO2, leaders discussed scaling up renewable energy while addressing non-CO2 emissions like methane—a key greenhouse gas. Challenges Ahead: While the outcomes are promising, #UN data warns that current commitments might lead to a 2.9°C rise in global temperatures—far from the 1.5°C target. The pressure is on governments, industries, and communities to accelerate action. Why This Matters: COP29 wasn’t just another meeting; it’s a wake-up call. From activating crucial funds to setting new goals, it showed how collaboration can turn ambition into action. But there’s still so much to do, and every voice matters in the journey toward a sustainable future.🌱 #COP29 #ClimateAction #RenewableEnergy #Sustainability #ParisAgreement

The opening of COP29 Azerbaijan has achieved a key milestone: consensus on carbon credit standards under Article 6.4 of the Paris Agreement. This historic agreement strengthens the integrity of international carbon markets and unlocks vital resources for developing nations. COP29 President Mukhtar Babayev stated, "The breakthroughs in Baku have now begun. But there is much more to deliver." With climate finance and emissions reductions at the forefront, Babayev urged global leaders to act decisively, warning that current policies risk catastrophic warming. Read the full article to uncover the critical negotiations, bold calls to action, and the path forward for a sustainable future. #EnergyConnects #COP29 #energynews #energyindustry #news #oott #sustainability

COP29 Climate Crisis and the Risk of Negotiation Failure The 29th Conference of the Parties (#COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) is currently underway in Baku, Azerbaijan. This year's conference is particularly crucial as it focuses on #climatefinance, aiming to secure trillions of dollars in funding to help vulnerable countries mitigate and adapt to climate impacts. #Developingcountries, especially small island nations and least developed countries, are disproportionately affected by climate impacts such as sea-level rise, extreme weather events, and droughts. However, the negotiations at COP29 are reportedly moving slowly. Delegates from developing nations are calling for more and #faster progress on new funding for loss and damage and accelerated #cleanenergygoals. The #risk of negotiation failure is high, and the stakes are enormous.Without a global climate finance goal, billions of people will be left vulnerable to the worsening impacts of #climatechange. UN Secretary-General António Guterres has emphasized the critical role of climate finance in addressing the crisis. He has urged countries to step up contributions to a financial mechanism to assist developing countries affected by climate change. The #G20 summit, which follows COP29, is seen as a crucial moment for #leaders to send clear signals about their #commitment to climate finance.

🌍 COP29: Another Missed Opportunity for Global Climate Action? Last Saturday, COP29 concluded a day late after intense negotiations over climate finance. Developed nations agreed to increase annual funding for developing countries to $300 billion by 2035—up from the long-delayed $100 billion target set for 2020. However, an ambitious new goal of $1.3 trillion in annual contributions (from public and private sources) has raised more questions than confidence. For many developing nations, this outcome was far from satisfactory. The funding commitments fall short of what’s needed for effective climate action, and there’s widespread scepticism about whether even the agreed amounts will be delivered. 🔍 Meanwhile, discussions on fossil fuel reduction remained limited. Azerbaijan's president controversially referred to oil and gas as a "gift from God," emphasising the country’s dependence on these exports. At the same time, concerns are mounting about the impact of U.S. President-elect Trump, whose nomination of oil industry CEO Chris Wright as Energy Secretary signals a troubling shift away from climate priorities. With the world currently on track for a devastating 3.1°C warming by 2100, the urgency for collective action has never been greater. Yet, the developed world seems to be placing climate issues on the back burner, leaving us to wonder: how do we turn promises into progress? #ClimateAction #COP29 #Sustainability #ClimateFinance #NetZero #GlobalWarming

🌍 COP29 Commences Today in Baku, Azerbaijan! 🌍 Today marks the beginning of the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. Leaders and delegates from around the world are gathering to address the urgent climate crisis and push for more ambitious actions to curb global warming. This year’s conference is crucial as it sets the stage for updated Nationally Determined Contributions (NDCs) under the Paris Agreement, with a focus on reducing emissions and increasing climate resilience. Key topics include new climate finance targets, innovative solutions for renewable energy, and strategies to enhance global collaboration. The United States holds the record for the largest contribution to historical emissions and currently ranks as the second-largest emitter of greenhouse gases, following China. Additionally, the financial markets in the US play a crucial role in fulfilling the United Nations' commitment to mobilize $100 billion annually for climate finance. The extent to which the European Union and China will increase their efforts to bridge the shortfall left by the US is yet to be determined. (BloombergNEF) As these vital discussions kick off, let’s remain focused on how the transportation industry can continue to make an impact on a sustainable future for ALL.🌱💚 #COP29 #ClimateAction #Sustainability #GlobalCollaboration #ClimateChange