Climate cooperation: Are there reasons for hope?
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You are reading a condensed version of the EB Insights newsletter, penned by Eco-Business Philippines chief correspondent Hannah Alcoseba Fernandez, who was reporting at COP29. Want the latest updates on ESG, business and policy? Subscribe to get the weekly newsletter in your inbox or explore the full selection of our newsletters here.
The complex interplay between global climate ambitions and national interests at COP summits often gives us a glimpse of how difficult it is to make multilateralism work.
At the UN climate talks in Baku, Azerbaijan that concluded over the weekend, I witnessed the deep divide between the Global North and South, marked by the walkout of the world’s poorest countries from negotiations that ran into overtime, as well as the dilemma that developing Southeast Asian nations had to grapple with when offered backdoor deals of direct aid by richer countries in return for giving up their demand for a higher climate finance goal.
There was frustration and anger from those expecting more financial support to be pledged when the gavel dropped for a US$300 billion deal – threefold the amount of an expiring funding target but short of the trillions developing states were asking for – at COP29's closing plenary just before dawn on Sunday. Yet there was also relief from many others that at least the process did not collapse. It was an imperfect outcome, and not everyone got what they wanted, though some observers noted how a consensus had still been brokered in very complicated geopolitical times and amid inflationary pressures that were straining national budgets.
COP29 is certainly not the end but the beginning of more ambitious and urgent implementation of climate policies. The incoming Brazilian presidency of COP30 has a heavy task at hand. Join us for our webinar this Friday where we discuss the developments at COP and its impact for businesses on the road ahead.
Meanwhile, the final round of UN talks to forge an unprecedented agreement to end plastic pollution has commenced this week in Busan, South Korea, with a record number of participants. Eco-Business founder and managing director Jessica Cheam is in Busan, reporting on the negotiations which face deep divisions on issues such as the regulation of chemicals of concern, and if the world should adopt production cuts. Look out for our coverage through the week.
Top stories
The promised funding falls short of the trillions of dollars developing countries say they need and was criticised by developing nations as woefully insufficient.
INC chair expresses confidence a deal will be reached. Negotiators now need to focus on unresolved issues including the regulation of harmful chemicals, production of plastics and financing.
National oil and gas companies from Southeast Asia issued a statement saying they can play a leading role in decarbonisation by focusing on curbing methane emissions.
The updated standards aim to improve smallholder inclusion as the EU Deforestation-Free Regulation kicks in. But decline in credit prices sparks fears of financial strain.
The COP29 finance talks in Baku had looked like they were about to fall apart running into overtime after last Friday. Philippines, Malaysia stand ground against accepting bilateral loan offers from rich countries; insist on climate financing
Eco-Business understands from civil society organisations at COP that the Philippines and Malaysia held out against offers of direct aid made by developed countries, meant as an alternative to negotiating for a higher climate finance goal.