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Finance, Action, and Rising Tensions: Highlights from Day Four at COP29 in Baku
November 14, 2024
Day Four at COP29 in Baku, Azerbaijan, centred on climate finance and was marked by sharp diplomatic exchanges, underscoring the complex relationship between geopolitics and climate action. The primary focus was establishing a concrete climate finance goal, the New Collective Quantified Goal (NCQG). Tensions rose as Azerbaijan’s President Ilham Aliyev criticised French and Dutch policies, leading to the withdrawal of France’s climate envoy Agnès Pannier-Runacher, who labelled Aliyev’s comments “unacceptable and unjustifiable.” Yet, negotiations proceeded, demonstrating the delegates’ resilience in navigating diplomatic frictions and pressing climate goals.
Finance as a Climate Imperative
Climate finance discussions gained momentum despite the diplomatic tension, particularly around “solidarity levies.” These proposed levies aim to tax high-carbon sectors like cryptocurrency and aviation, with advocates suggesting they could yield billions. French President Emmanuel Macron, Barbadian Prime Minister Mia Mottley, and Kenyan President William Ruto championed these levies, presenting them as essential for ensuring vulnerable nations receive the financial support they need. “It’s not charity; it’s justice,” Mottley asserted, calling for the international community to embrace financial innovation as a tool for climate equity.
Stories from the Frontlines: Developing Nations Demand Justice
Representatives from developing nations presented powerful testimonies of climate devastation. Grenada’s Prime Minister, Dickon Mitchell, spoke on the impact of flash floods on his island, warning that the effects seen in small island states today could be a global reality tomorrow. Mitchell implored delegates to recognise the urgency: “It’s one planet – and it’s not just about us; it’s about future generations.”
Youth activists from South Sudan gave moving accounts of coping with extreme weather. Naomi, a 14-year-old, highlighted the irony that South Sudan contributes minimally to the climate crisis yet suffers disproportionately. “We need leaders to be accountable,” she emphasised, capturing the frustration of climate-vulnerable nations and amplifying their calls for justice and action.
Progress and Accountability: China and Russia Engage
While financial discussions were spotlighted, China and Russia showcased their climate efforts. Russia presented its carbon credit trading system and highlighted emission reductions from industrial projects. SIBUR, Russia’s largest polymer producer, has already cut emissions by over 10 million tonnes. Yet, despite these accomplishments, climate advocates called for more ambitious, immediate commitments.
China, enduring its hottest summer on record, committed to increasing climate finance contributions to other nations, albeit with calls for greater transparency. Germany’s climate envoy, Jennifer Morgan, praised China’s efforts but stressed the importance of clarity in financial pledges, underscoring a shared sentiment that transparency must accompany financial commitments to ensure credibility.
Confronting Reality: 2.7°C Warming Warning
A report from the Climate Action Network underlined the urgency of COP29. It projected a disastrous 2.7°C rise under current policies, raising serious concerns among delegates who recognised the need to strive for more than the 1.5°C target. Activists displayed a “Make Polluters Pay” banner, calling for accountability from wealthier nations with significant emissions histories. The report was a stark reminder of the consequences of inaction and the collective responsibility to reverse the current trajectory.
Can Consensus Be Reached?
Azerbaijani officials struck a hopeful tone amid these challenges. Yalchin Rafiyev, COP29’s lead negotiator, acknowledged the complexity of the issues but called for collaboration. “Of course, there are diverging views,” he noted, adding that the current framework represented years of negotiation. However, challenges to consensus persisted. Argentina’s new President, Javier Milei, withdrew the national delegation over ideological opposition to climate agreements, which drew criticism from other leaders. Still, the idea of solidarity levies and innovative financing provided hope for a breakthrough in redefining climate action and ensuring developing nations receive support.
Optimism Amid Complex Challenges
As Day Four closed, COP29 highlighted the inherent challenges of global climate negotiations and the power of collaborative solutions. Despite sharp diplomatic exchanges, delegates pursued actionable outcomes, underscoring the critical financial gap between aspirational climate goals and the commitments needed to achieve them. The solidarity levy concept emerged as a practical path to unlock essential funding, while testimonies from climate-affected nations reinforced the moral imperative for urgent action.
As COP29 advances, optimism lingers. The world faces a steep challenge, but the shared stories and innovative ideas presented in Baku inspire a sense of unity and purpose. This year’s COP may be remembered as the moment the international community embraced the urgency of the climate crisis with a renewed commitment to innovation and solidarity.
POSTED BY: Christopher Nial
