The Outcome of COP29 in Baku

The COP29 in Baku, Azerbaijan, has just concluded, sparking a period of reflection on its achievements and challenges.

Pessimism and skepticism largely overshadowed the event. The choice of the host city—one of the world’s leading exporters of oil and natural gas—posed significant challenges from the outset. To make matters worse, the absence of leaders from the world’s largest polluting nations further dampened expectations.

Although the general mood surrounding COP29 in Baku was marked by doubts about its potential impact, one of the most significant breakthroughs came on the very first day, Monday, November 11. This concerned the carbon market, a key issue outlined in Article 6 of the 2015 Paris Agreement, which has long been a subject of debate and controversy.

The carbon market refers to the voluntary trading of emissions offset credits, with investments aimed at reducing greenhouse gases. This mechanism has often faced criticism, particularly with wealthy countries accused of using it to compensate for their historical environmental impact by purchasing credits from poorer nations. However, at COP29, a significant step forward was taken: it was agreed to place the carbon market under the oversight of the United Nations, aiming to ensure greater accountability and fairness, and to prevent exploitation.

In Baku, much of the conversation also focused on global finance, specifically on how to assist poorer countries in addressing the impacts of climate change. At this point, the discussion became more technical, finally shifting the focus away from the influencers and various celebrities roaming the halls of the conference. The funds needed to combat climate change are vast, and their allocation is far from straightforward — deciding who should bear the financial burden is no easy task. Furthermore, the financial support provided to poorer nations should not merely be loans, which could exacerbate their public debt and prevent them from achieving the development necessary to mitigate their position in the climate crisis.

Italian Environment Minister Gilberto Pichetto Fratin stated, "COP29 will be one of the many stages of an ongoing, irreversible process. This time, the focus is on climate finance. Let's see what we can achieve." There's still a monumental task ahead if we are to save our planet.

But in the end, can we truly take stock of the outcomes? Do we really know how COP29 went?

What is certain is that 2024 has been the hottest year on record, with more extreme weather events than ever before. This serves as a stark reminder that time is running out, and immediate action is essential to preserve our planet.

In this context, the absence of the United States and other major polluters has raised significant concern among countries most vulnerable to climate change, especially island nations. "I believe that the United States' withdrawal from the Paris Agreement is a step backwards. The United States has a duty, a moral duty—perhaps more than any other—to provide leadership and funding for climate action due to their historical emissions," said Antigua and Barbuda's Prime Minister Gaston Browne, highlighting the challenges faced by poorer countries in their pursuit of sustainability.

Achieving consensus is never easy, and this COP was no exception. Every country wants to carve out its own space and be heard. Naturally, priorities differ, and not all are reconcilable, but reaching a shared agreement can no longer be postponed.

Al Gore argues that the format of climate conferences needs to change. According to the former Vice President of the United States, all participants in these conferences must genuinely believe in and commit to the cause. Discussions about finance and environmental damage mitigation are closely linked, and it is no longer possible to treat these issues as separate topics.

Nevertheless, COP29 has succeeded in bringing attention to the urgency of allocating significant financial resources to combat climate change. The debate is now focused on how to mobilize the necessary funds to support the ecological transition, reduce greenhouse gas emissions, and help the most vulnerable countries address the impacts of a changing climate.

In conclusion, this COP was the most economically focused, with an emphasis on channeling funds to developing nations. However, it's important to remember that behind these financial needs are real people, whose lives are directly impacted by the consequences of climate change.

Translated by Iuliana Cindrea

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