December 11, 2024 COP29
Like COP28, COP29 was a controversial edition of the conference, held in a prolific fossil-fuel exporting country, and this year’s COP presidency was even more reluctant than its predecessor to commit to a reduction in oil and gas. Lessons and takeaways from COP29 highlight the ongoing challenges and controversies faced by global climate summits.
The hosts attracted and rejected a great deal of criticism, and throughout the event, delegates from wealthy nations were attacked for their reluctance to commit USD1tn to finance climate change protections for developing economies. These financial disputes were among the key lessons from COP29, emphasising the ongoing divide between developed and developing nations.
Here are some of the resolutions and takeaways from COP29.
90% of the host nation’s exports are fossil fuels
Lessons and takeaways from COP29 start with its controversial location: Azerbaijan, a country whose economy is dependent on oil and gas, and whose president, Ilham Aliyev, called fossil fuels ‘a gift from god’, and called criticism of the country’s emissions ‘Western fake news’. Meanwhile, the COP29 chief executive, Elnur Soltanov, had been filmed offering to arrange ‘investment opportunities’, with people he believed to be Hong Kong financiers.
This is the second COP in a row whose host nation has an overwhelming financial interest in protecting fossil fuel demand, after COP28 was held in the United Arab Emirates.
That pattern has led signatories of a letter to the UN to call COP ‘no longer fit for purpose’.
Saudi involvement raises questions and accusations
Typically, the COP presidency circulates negotiating documents as an uneditable PDF file, but the Saudi delegation at COP29 appears to have been granted an editable document, on which tracked changes had been made directly by Basel Alsubaity of the Saudi Ministry of Energy.
One chance included a deletion of text reading: “encourages parties to consider just transition pathways in developing and implementing NDCs [nationally determined contributions], NAPs [national adaptation plans] and LT-LEDSs [long-term low emission development strategies] that are aligned with the outcome of the first global stock take and relevant provisions of the Paris agreement”.
The revelation raised questions as to whether the Saudi delegation had made any edits that were not tracked.
Director of the International Climate Politics Hub, Catherine Abreu, expressed deep concern about the process: “Giving one party editing access to these documents, and a party known for its objective of rolling back the historic global agreement made last year to transition away from fossil fuels to renewable energy and energy efficiency, suggests a worrying lack of independence and objectivity, and clearly contravenes both the spirit and the rules of this process.”
The money question — ‘Too little, too late?’
This year’s official COP theme was ‘finance’, and that topic certainly dominated proceedings. The conference overran as delegates argued and negotiated over the amount of money that developed nations should commit to mitigating the effects of climate change on the developing world.
At one point, the conference was on the verge of collapse as representatives from developing nations staged a walk-out in protest at the proposed measures. In the end, the USD1.3tn package (of which around $300bn will be grants and loans) was approved, albeit having been branded a ‘betrayal’ by Power Shift Africa director Mohamed Adow.
The world’s top three polluters are not bound by COP29 resolutions
Questions about the efficacy and legitimacy of COP29 also applied to the attendance, status, and contributions of certain delegations.
The world’s largest and third largest emitters of carbon, China and India, are both classed as developing nations by the UN, and as such are not bound by any legal obligations to reduce emissions or contribute to financial pledges.
Delegates from the world’s second most polluting economy, the USA, were hamstrung by domestic politics. The incumbent administration had two months remaining in office at the time of the conference, and the incoming president is an outspoken critic of the climate science consensus, who withdrew the US from the Paris Climate Agreement during his first term. US delegates at COP29 had no way to ensure the incoming administration would honour any commitments from the conference.
What does COP29 mean for your business?
The lessons and takeaways from COP29 also apply to businesses navigating the global push toward net zero. As with last year, the global commitments are vague, but the UK’s legal obligation for net zero by 2050 still stands, though the new government’s policies still do not include any assistance for businesses transitioning to green power.
In a quote given to the Daily Mail about the ministers’ and civil servants’ attendance at COP, a UK government spokesperson said: “Through our mission to become a clean energy superpower, we will protect bill payers and boost the UK’s energy independence.”
There is a lot missing from the picture of the UK’s net zero strategy, especially given the deadline is now barely over 25 years away. So, to help you strategise, here is a guide to green business energy.
If you would like expert help on the practicalities of your net zero transition, contact Innasol on 01621 892613. Our nationwide network of fully trained and accredited renewable energy experts is on hand to offer no-obligation guidance on your business’s Net Zero transition.
