Why COP still counts

You are reading a condensed version of the EB Insights newsletter. 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.

We are less than a fortnight from COP29 and feelings are mixed over how much progress this round of climate talks in Baku, Azerbaijan will bring.

Singapore climate scientist Winston Chow, co-chair of the IPCC, the United Nations's global climate science body, said this week at our flagship Cities: Possibilities forum that he was "not optimistic" about COP29, because of the potential absence of key stakeholders. Many uncertainties abound – the United States, the world's biggest economy, heads to the polls next week, and the outcome of the presidential election could have a bigger impact on the global response to climate change than whatever emerges from the meetings in Baku.

If Trump wins, he will pull the US out of the Paris Agreement – again – and set about propping up the fossil fuel industry and dismantling anything that resembles climate action. Many also worry that climate action is falling off national agendas and slipping down the priority list in corporate boardrooms as climate commitments weaken.

But COP29 does matter – particularly for countries on the sharp edge of climate change. The Philippines, which is suffering from a tropical storm that made landfall last week, is directly involved in hosting the loss and damage fund talks and wants to make sure concrete outcomes are delivered.

Ahead of travelling to Baku to cover the climate talks, Philippines chief correspondent Hannah Fernandez writes in an op-ed that COP29 could settle how much vulnerable nations are compensated by rich countries like the US – the world's largest historical polluter – for climate-induced damage. Look out for our coverage of COP29 from 11 November.

Top stories

COP29 stress tests a decades-old justice principle with global climate unity at stake

Increasingly, many have misgivings about the "common but differentiated responsibilities" principle which underlie talks for climate financing for developing nations.

Viewpoint: Why COP29 should not be ignored

Observers say little should be expected from a COP host nation that has questionable environmental and human rights credentials. But the talks should not be written off as negotiators thrash out a deal to compensate vulnerable countries.

The Philippines will push to make loss and damage fund 'meaningful': climate finance rep

Mark Joven steered negotiations for the Philippines to host the loss and damage fund board. The country aims to ratchet up pledges for the climate-vulnerable.

Southeast Asia spent nearly four times more on oil imports than clean energy in 2023: IEA

The region’s oil import bill could exceed US$200 billion by 2050.

Marine conservationist 'trepidatious' over role of blue carbon credits in protecting ocean

Fabien Cousteau argues that too many actors in the blue carbon economy are focused on short-term gain and are out of sync with the way nature works.

Support #newsthatimpacts. For unlimited access to Eco-Business and our exclusive newsletters, sign up for a subscription here.