Factbox-Takeaways from the COP29 local weather summit in Azerbaijan

By Katy Daigle

BAKU, Azerbaijan (Reuters) – This yr’s U.N. local weather summit delivered a deal on local weather finance two days previous deadline, after two weeks of tense negotiations.

Listed here are among the takeaways from the COP29 summit held in Azerbaijan’s capital of Baku:

CASH (TSX:CASH) FOR CLIMATE REMAINS TIGHT

The summit’s important agenda merchandise – setting a brand new annual goal for world local weather finance – had nations wrangling for 2 weeks. Even after reaching a deal for $300 billion a yr by 2035, many growing international locations stated the quantity was far too low.

Additionally they warned that the deadline for a decade away in 2035 would maintain again the world’s transition to wash vitality.

Some together with India additionally lambasted rich nations for in search of to incorporate contributions by growing international locations within the annual goal.

TRUMP TAMPS THE MOOD

Although he has but to take workplace, local weather denier Donald Trump’s victory within the Nov. 5 presidential election soured the temper at COP29.

Trump has vowed to take away the USA from world local weather efforts, and has appointed one other local weather skeptic as his vitality secretary.

Trump’s election meant the U.S. might provide little at COP29, regardless of being the world’s largest historic polluter and most accountable for local weather change. It additionally curtailed ambitions on the finance goal, with the world’s largest economic system unlikely to contribute.

GREEN LIGHT FOR CARBON CREDITS

After almost a decade of efforts to determine a rulebook for carbon credit, COP29 reached a deal to permit international locations to start establishing these credit to herald funding and offset their emissions, or to commerce them on a market trade.

There are nonetheless some smaller particulars to be labored out, such because the registry’s construction and transparency obligations. However proponents hoped the enhance to carbon offsetting will assist draw billions of {dollars} into new tasks to assist the local weather battle.

COP PROCESS IN DOUBT

Regardless of years of ballyhooed local weather agreements, international locations raised alarms about the truth that each greenhouse gasoline emissions and world temperatures are nonetheless rising.

International locations have been hit by more and more excessive climate, making clear that the tempo of progress hasn’t been quick sufficient to stop a local weather disaster.

This yr is on observe to be the warmest ever on file, with proof of local weather impacts spiraling sooner than anticipated.

Widespread flooding has killed 1000’s and left thousands and thousands hungry throughout Africa; lethal landslides have buried villages in Asia. Drought in South America has shrunk rivers – important transport corridors – and livelihoods. And rain-triggered floods in each Spain and the USA have killed a whole bunch of individuals whereas wiping out billions in financial worth.

TRADE TENSIONS TO THE FORE

Growing international locations pushed exhausting at COP29 to open discussions about climate-related commerce boundaries, arguing that that their capacity to spend money on greening their economic system was undermined by expensive commerce insurance policies imposed by the world’s wealthiest economies.

In focus was Europe’s deliberate carbon border tax (CBAM). However equally worrying is the prospect of Trump introducing broad tariffs on all imports.

The the U.N. local weather physique agreed so as to add the difficulty to future summit agendas.

FOSSIL FUEL INTERESTS

This yr’s COP was the third in a row to be held in a fossil gasoline producing nation, with each the OPEC secretary common and the president of host nation Azerbaijan telling the summit that oil and gasoline assets have been “a present from God.”

Ultimately, the summit didn’t set steps for international locations to construct on final yr’s COP28 pledge to transition away from fossil fuels and triple renewable vitality capability this decade.

Many negotiators noticed that as a failure – and an indication that fossil gasoline pursuits have been overpowering local weather talks.