COP29 ended on November 22, with wealthy countries pledging $300 billion of annual financing to developing countries by 2035. That is far short of the $1.3 trillion that developing countries and experts say is needed. However, it significantly increased from the previous goal of $100 billion annually. Countries aim to increase financial support for developing countries to $1.3 trillion through private investment.
COP29 proved to be just like the other climate conferences. The keyword is compromise, and every conference includes a boatload of compromises. The wealthy countries responsible for most greenhouse gas emissions never take full responsibility. Manish Bapna, president of the Natural Resources Defense Council, called the shirking of duty of wealthy countries the “greatest injustice of the climate crisis.”
The Executive Secretary of UN Climate Change, Simon Stiell, spun the finance goal as an “insurance policy for humanity.” He admitted that the “insurance policy” will only work if wealthy countries keep their promises. Considering how close the world keeps creeping to 1.5 degrees Celsius, that seems like an overly optimistic wish.
Last year in Dubai, COP 28 called for nations to transition away from fossil fuels. This year, countries couldn’t reach a consensus on that issue. Instead, it will be taken up again next year and, likely, again and again. The reason why is simple. Wealthy countries are in the pockets of fossil fuel companies.
UN Secretary-General Antonio Guterres expressed disappointment with the agreement at COP29. “I had hoped for a more ambitious outcome–on both finance and mitigation–to meet the great challenge we face.”
Didn’t we all, Mr. Secretary-General?
Dirty Climate Conferences
Held in Baku, Azerbaijan, COP29 marked the second consecutive year that a climate conference occurred in a petro-state. COP28 last year was in Dubai, United Arab Emirates (UAE). The UAE produced 206 million metric tons of carbon dioxide emissions in 2023, a decrease of 0.4 percent from 2022. The UAE has some of the highest carbon emissions per capita, over 25 metric tons per person. Most of the energy the UAE produces is from oil and natural gas, and it is a major exporter of both.
In 2014, the UAE started developing its solar PV potential. The Al Dhafra Solar PV plant in Abu Dhabi is the world’s largest single-site solar plant, with a two gigawatts (GW) capacity. It can power more than 200,000 homes. The country aims to increase renewable energy to 44 percent of its energy mix by 2050. However, solar energy’s share of electricity generation in the UAE only increased from 0.3 percent in 2014 to 4.5 percent in 2022.
Experts project Azerbaijan’s greenhouse gas emissions will increase by around 20 percent through 2030. The petrostate lacks a commitment to a net-zero target. Azerbaijan continues expanding its production of oil and gas. Its gas output will increase by over 30 percent in the next 10 years. The Climate Action Tracker found that the country’s climate target and current policies are “far from consistent with the Paris Agreement’s 1.5 degrees C temperature limit.”
COP30: An Improvement?
COP30 will take place in Belem, Brazil. In Central and South America, Brazil ranks first in carbon emissions from fossil fuel combustion and 11th in carbon emissions per capita. However, 80 percent of its electricity comes from hydropower, and the International Energy Agency calls its electricity mix “one of the cleanest in the world.”
Hold up your excitement for Brazil hosting a climate conference. It is also a major exporter of oil and gas. In August 2024, the South American country set a record for new oil production. Oil is Brazil’s second biggest export.
At COP29, Ilham Aliyev, Azerbaijan’s hereditary dictator, proclaimed oil and gas “a gift of the God.” He added that nations shouldn’t be blamed for developing fossil fuels because “the people need them.”
It seems the UN thinks fossil fuels are necessary and gifts. Until the powers that be become serious about getting the world off its fossil fuel addiction, we will creep closer to 1.5 C.
