The climate summit in Baku appears to be heading for an anticlimactic conclusion, with negotiators struggling to deliver meaningful outcomes. Disappointment among developing nations is palpable, while uncertainty clouds the final text, and criticism of Azerbaijan, the host nation, grows louder.
Dwindling Hopes for a Comprehensive Agreement
European Commissioner for Climate Action Wopke Hoekstra described the prospects for a conclusive agreement as “uncertain.” Speaking on behalf of the EU, Hoekstra committed to building bridges to ensure the summit’s success, but optimism has waned. Although the final session began slightly later than planned, it remains unclear whether discussions will result in an agreement or end inconclusively. Originally scheduled to conclude at 3 p.m. local time on Friday, the talks have extended with little indication of resolution.
Few expect a robust, universally embraced deal, though some hope remains for a basic agreement.
Carbon Markets: A Rare Success
One notable achievement emerged in the form of a partial agreement on carbon markets, a secondary yet significant agenda item. Delegates operationalised Article 6 of the Paris Agreement, enabling countries to trade carbon credits tied to reducing greenhouse gas emissions or avoiding their release. While such mechanisms are already in place on a limited scale, new rules aim to enhance transparency and expand the system’s impact.
These credits, which countries and businesses can purchase, are intended to incentivise global emissions reductions. Provisions under Articles 6.2 and 6.4 seek to establish robust frameworks for such trades. However, environmental groups have criticised the mechanism. An Lambrechts of Greenpeace International dismissed it as “climate fraud,” arguing it allows polluters to bypass accountability for their environmental impact.
Contentious Issues Remain Unresolved
Key issues, including the contentious matter of international climate financing, remain deadlocked. The focus is on the New Collective Quantified Goal (NCQG), a framework for funding to assist less-developed nations with climate adaptation and mitigation. Activists have been vocal about their discontent, with protests in Baku and demonstrations by Brussels-based groups like Rise for Climate decrying the summit as a “failure.”
Disputes centre on the financial contributions from wealthy nations to support climate transitions in vulnerable regions. The debate includes whether funds should be disbursed as grants or low-interest loans, given concerns about worsening debt burdens in developing countries.
The Alliance of Small Island States (AOSIS) and other vulnerable nations walked out of negotiations earlier, expressing dissatisfaction with their input being inadequately reflected in draft texts. Proposals of €250 billion, later adjusted to €300 billion, have been dismissed as insufficient, with many calling for at least €500 billion to meet global needs.
Criticism of Host Nation
The role of Azerbaijan as host has come under fire from delegations, including those of Canada and Germany, for its perceived lack of ambition. As a nation heavily reliant on oil and gas production and exports, Azerbaijan has faced scrutiny for its limited efforts to transition away from fossil fuels.
Concerns have also been raised about the fairness of the negotiation process. Reports from The Guardian allege that Saudi Arabia was granted early access to draft texts, potentially influencing the summit’s outcomes. Catherine Abreu, director of the International Climate Politics Hub, warned that such practices could undermine the credibility of the negotiations.
Activists Denounce Missed Opportunities
Greta Thunberg demonstrating against the #COP29 summit in Baku with Azerbaijani, Armenian, and Georgian activists
Prominent climate activists have criticised the summit’s draft agreements as inadequate. Greta Thunberg took to social media to condemn the proposals as a “catastrophe,” lamenting the lack of ambition. “Our leaders are signing off on agreements that amount to a death sentence for countless people whose lives are or will be destroyed by the climate crisis,” she said.
As the COP29 climate meeting is reaching its end, it should not come as a surprise that yet another COP is failing. The current draft is a complete disaster. But even if our expectations are close to non-existent, we must never ever find ourselves reacting to these continuous…
— Greta Thunberg (@GretaThunberg) November 22, 2024
As the summit nears its conclusion, the absence of a clear and ambitious outcome threatens to overshadow the incremental progress made on carbon markets.
