The 29th United Nations Climate Change Conference (COP29) in Baku, the capital of Azerbaijan, is a major step towards tackling the impacts of climate change. The conference brought together heads of state, scientists, policymakers, businesspeople and entrepreneurs. Although the heads of state of major carbon emitters such as the United States, China and France were absent, their presence was of particular importance in the discussions. According to experts, greenhouse gas emissions must be reduced by 43 percent by 2030 to keep global warming below 2 degrees Celsius. After 33 hours of talks, rich countries pledged $300 billion in aid to developing countries to combat the impacts of climate change. The head of the UN Climate Change Agency, Simon Steele, called it a "difficult journey". Affected small island states expressed disappointment at the $300 billion pledge, calling for more effective action to address climate risks. However, there was no agreement on a phase-out of fossil fuels.
On the first day of the conference, significant progress was expected in combating climate change. The Paris Agreement focuses on climate finance, adaptation, and global assessments. Leaders from nearly 200 countries discussed ways to provide more financial assistance to poor countries. A UNEP report says developing countries need $1 billion a day to address the current climate crisis, but are receiving only $75 million. UN Secretary-General Antonio Guterres called it a crisis and called for rapid adaptation. Conference President Mukhtar Babayev called COP29 "a moment of truth for the Paris Agreement." UN climate chief Simon Steele highlighted the losses of vulnerable countries in the climate crisis. COP29 agreed to set new global financial targets and finalize carbon market rules. However, the role and conflict of interest of fossil fuel companies have hampered the discussions. Experts say the prospect of Trump's re-election poses a challenge to US climate policy.
On the second day of COP29, civil society groups criticized the carbon market trading process, saying it could have a detrimental impact on poor people, indigenous peoples and small farmers in the South. According to Global Witness, the oil and gas industry made $4 trillion in profits in 2022, 10 times the annual cost of climate damage. But less than 0.2% of this was allocated to the UN’s Loss and Damage Fund. US Ambassador John Podesta claimed that Donald Trump’s climate policy, even if it slows down, cannot be stopped. Outgoing President Joe Biden’s IRA law will continue to invest in the clean energy sector. A UNHCR report revealed the plight of 120 million people displaced by the climate crisis. UK Prime Minister Keir Starmer announced an 81% reduction in carbon emissions by 2035. Kazakhstan pledged to achieve carbon neutrality by 2060. Professor Muhammad Yunus lobbied for Bangladesh's inclusion of the climate crisis in the final declaration of priorities.
Data released on the third day of the COP29 climate conference showed that fossil fuel emissions in 2024 will be 8% higher than in 2015, despite pledges to reduce emissions. Although countries decided to move towards renewable energy at COP28 in 2023, there is no sign of change in reality. There is still a chance to maintain the 1.5-degree Celsius temperature target, but urgent action is necessary. At this time, leaders of developing countries proposed to increase the climate fund to $ 1.3 trillion. Sweden pledged to provide $ 20 million to the Loss and Damage Fund. The UK Prime Minister announced a target of reducing emissions by 81% by 2035 and planned to ensure 100% clean energy supply. Professor Dr. Muhammad Yunus emphasized the importance of optimal water management in solving the climate problem. He called for the creation of a South Asian grid using hydropower in Nepal and Bhutan. He also talked about creating a new civilization through the Three Zeros policy. UN Secretary-General Guterres said 2024 could be the hottest year on record, but the clean energy revolution will not stop. Spanish Prime Minister Pedro Sanchez stressed the need to reduce the severity of disasters caused by climate change.
Although discussions on implementing the Loss and Damage Fund began at the 26th Glasgow Conference, there was no visible progress in its implementation at the 29th COP. Though this year's COP was called the "Climate Finance COP", developed countries did not agree on a trillion-dollar fund. Vulnerable countries have demanded new and additional funds, grants instead of loans, and a clear fund definition, but these have remained ignored. Argentine President Javier Miele ordered the withdrawal of his representatives from COP29, calling the climate crisis a "socialist lie" that could damage Argentina's commercial and environmental position. France's environment minister canceled his participation in the conference after the Azerbaijani president's comments with France. Bangladesh's chief adviser, Professor Dr. Muhammad Yunus, called for a new culture of reducing luxury. He noted that poor countries are being forced to ask for money, which is insulting. The leaders of Pakistan and Iran also supported his statement. Financial negotiations at COP29 have progressed slowly, failing to replace the $100 billion pledge. Fossil fuel subsidies have reached $1.7 trillion, hindering the progress of renewable energy.
The main goals of COP29 were to create a loss and damage fund, increase the use of renewable energy, and take steps to control global temperatures. However, little progress has been made in implementing these goals. Fossil fuel producing countries have had a greater influence at the conference, and the possibility of compensation for affected countries has diminished. Whether rich countries will finance the loss and damage fund at the next conference is a big question. Experts say the UN climate conference should only be held in countries that take strong action against fossil fuel lobbying. Fossil fuel lobbyists were heavily represented at COP29, with representatives from 132 fossil fuel companies invited as guests. Some 1,773 fossil fuel lobbyists attended the conference, far more than representatives from other countries.
Experts say poor countries need $1 trillion a year to address the climate crisis, a third of which should come from rich countries. Some economists have proposed new sources of climate funding, such as a plastic production tax or a wealth tax.
Professor Dr Ahmad Kamruzzaman Majumder, Dean, Faculty of Science; Professor, Department of Environmental Science, Stamford University Bangladesh; Joint Secretary, Bangladesh Poribesh Andolon (BAPA) and Chairman, Center for Atmospheric Pollution Studies (CAPS).
