The 29th United Nations Climate Change Conference (COP29) was held in Baku, Azerbaijan, from November 11 to 22, 2024. This marked the first time a post-Soviet country hosted the conference.
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Key Outcomes
Climate Finance Agreement: A significant outcome of COP29 was the agreement to raise $300 billion annually by 2035 to assist developing nations in mitigating and adapting to climate change. This figure, while an increase from the previous $100 billion commitment, was deemed insufficient by many developing countries, which had advocated for $1.3 trillion.
Carbon Credit Trading Framework: Delegates established rules and a UN registry to facilitate and record international trading of carbon credits, aiming to create a transparent and standardized global carbon market.
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Challenges and Criticisms
Despite these agreements, COP29 faced criticism for not achieving consensus on phasing down fossil fuels or expanding renewable energy initiatives. Nations such as Saudi Arabia were perceived as obstacles to these efforts.
The selection of Azerbaijan, an oil-rich nation, as the host country also drew scrutiny, with some questioning the appropriateness of holding a climate conference in a nation heavily reliant on fossil fuels.
Geopolitical Dynamics
The conference highlighted shifting geopolitical dynamics in climate leadership. With the United States focusing more on domestic clean energy investments and potentially retreating from international climate commitments following the 2024 presidential election, China appeared poised to take on a more prominent role in global climate initiatives.
Looking Ahead
The outcomes of COP29 set the stage for the next climate summit, scheduled to be held in Brazil in 2025. Nations are expected to present more ambitious goals for reducing greenhouse gas emissions and to build upon the frameworks established in Baku.
