Farah Anzum’s Post

Yet another example of the world leaders failure. The COP29 by many experts has put a permenant dent to the climate change mitigation efforts. The developed world turning away from their obligation of $1.3 trillion/ year till 2035 to just $300 billions / year has made the developing world ferious and has caused severe trust issues. Many experts believe COP29 is the start of the demise of hard earn sucess of Paris aggrement. COP29 and COP28 being held at fossil fuel exporting countries who shadowed over the progress of climate change were already being criticized.

WHERE WILL COP GO NOW? Club of Rome wants a New Approach CNN -- "Amid the chaos, prominent global climate leaders on Friday issued an open letter calling for a “fundamental overhaul” of the entire UN climate process. It was originally published saying the annual talks, known as Conferences of the Parties (COPs), were “no longer fit for purpose,” but that language was quickly removed." COP29 marks the third year in a row that the climate talks have been held in either a petrostate, or economy that relies heavily on oil and gas. The previous two were held in the United Arab Emirates and Egypt, and all three were criticized for alleged human rights abuses in the run-up to their events. Among the open letter’s recommendations is to implement a “strict eligibility criteria to exclude countries who do not support the phase out/transition away from fossil energy” from holding COP presidencies. Increasingly, the annual conferences have welcomed fossil fuel interests into the fold. This year, more than 1,700 fossil fuel lobbyists or industry players had been registered to attend the talks, according to an analysis by a coalition of groups called Kick Big Polluters Out..." But that would defeat the purpose if Big Emitters were kicked out... Non? Where is money for energy transition going to come from? The UN wants to "Tax the Rich". The COP Organizers are Ideological Purists... they want to avoid sullied sleeves mixing with Fossil Users. Better to stay in the Temple of Green and conduct Virtue Signalling Seminars. FAIL. They saw oodles of cash piling up from "carbon trading". It crashed like ENRON. The UN is not credible as a Fund Manager, nor as a Project Manager. COP needs a Reboot. #CarbonFinance G20 is a more reasonable forum: 75% of GDP and 75% of Emissions. Credit worthy. https://lnkd.in/geY_-PDp

COP29 Halfway Update The Stakes, the Players, and the Path Ahead As we enter week two of COP29 in Baku, the clock is ticking with just over 100 hours left. Here’s what’s making headlines 🔑 Guterres’ Rallying Cry UN Secretary-General Antonio Guterres delivered a sharp message at the G20, calling out disinformation campaigns and urging unwavering global climate action. His words echo through Baku as negotiators face growing pressure to deliver tangible outcomes. 💸 Finance: The Make-or-Break Issue Developing countries are pushing for a meaningful climate finance deal, but progress has been slow. Without movement here, other negotiation streams risk stalling. Activists are targeting major OECD holdouts—US, South Korea, Japan, and Turkey—over export credits for fossil fuel projects, with $40 billion at stake. Mitigation Freeze Debated Late Saturday saw heated discussions on suspending Mitigation Work Programme talks until next year. Saudi Arabia, India, and others clashed with climate-forward nations like Colombia and small island states, exposing a deep rift in ambition. 📋 Ministers Step In Leadership across key negotiation tracks now rests with high-profile figures: Finance: Yasmine Fouad (Egypt) & Chris Bowen (Australia) Mitigation: Tore Sandvik (Norway) & Dion George (South Africa) Their ability to find common ground will define this week’s progress. ⚖️ CBAM Controversy The EU’s Carbon Border Adjustment Mechanism is under fire from Africa, China, and others, who argue it unfairly penalizes their economies. This debate could escalate as pressure mounts for the EU to provide a substantive response. 🗓️ Today’s Highlights Ministerial Round Table on Pre-2030 Ambition (10:00, Area C) High-Level Dialogue on National Adaptation Plans (11:30, Area B) Youth Action Against Fossil Fuel Export Credits (10:45, Zone B) 💬 What’s Next? The stakes couldn’t be higher: 1️⃣ A global finance deal for vulnerable nations 2️⃣ Stronger climate targets for 2035 3️⃣ A clear signal that the world is serious about tackling climate change, despite geopolitical turbulence With solidarity and compromise as the rallying cries, can COP29 deliver? The world is watching. #COP29 #ClimateAction #ClimateFinance #NetZero #GlobalStocktake

10 Years to the Paris Agreement: Highlights of COP29 Summit Held in Baku, Azerbaijan, COP29 showcased both progress and limitations in global climate efforts. Key takeaways include: 1. Climate Finance Stalemate: Developed nations pledged $300 billion annually by 2035, yet criticism persists over its adequacy. Reliance on private investment and untested mechanisms limits effectiveness, while calls for equitable contributions went unfulfilled. 2. Fossil Fuels Debate: Efforts to phase down fossil fuels stagnated, hindered by resistance from oil-rich nations. Commitments to triple renewable energy lacked actionable plans. 3. Carbon Credit Advances: Article 6 rules for carbon credit trading aim to channel funds to developing nations but face challenges in transparency and domestic accountability. 4. Resilient Multilateralism: Despite geopolitical strains, nearly 200 nations reached a consensus, but fractures in financial commitments remain. 5. Systemic Finance Reforms: Innovative debt mechanisms and solidarity levies were proposed, reframing climate finance as global security investment. 6. Path to COP30: The next conference in Brazil marks the Paris Agreement's 10th anniversary. Nations must advance deforestation pledges, mobilize $1.3 trillion, and strengthen governance structures. 7. Escalating Climate Crisis: With 2024 projected as the warmest year, disasters underline the urgency for transformative action. Key Lessons: Finance and systemic reforms are critical. Multilateralism needs fortification. Private sector engagement is indispensable. #COP29 #ClimateAction #Sustainability #GlobalWarming #ClimateFinance

A dramatic finale and mixed feelings: curtains on COP29 Early on Sunday morning in Baku, Azerbaijan, marathon talks on finance were brought to an end. Negotiations, which as is par for the course for COPs were often contentious and frequently on the verge of collapse, concluded with an agreement asking governments to deliver $1.3 trillion per year in climate finance to developing economies by 2035. The commitment is designed to ask a lot of the private sector, with the goal of unlocking climate finance from private institutions, development banks, and the use of carbon markets to support financial flows. Much greater investment will be required into clean energy and climate resilience projects. While the core funding commitment of $300bn from richer nations triples the previous $100bn goal, the final figure was slammed as far too low by many in developing economies. Some also argued that the final text also doesn’t do enough to specify that funding should be grants, rather than loans, increasing the risk of burdensome debt. Indian delegation member Chandi Raina criticised the agreement as a “paltry sum” and “nothing more than an optical illusion”. The UK’s own Ed Miliband, Department for Energy Security and Net Zero Secretary, described it as a “critical eleventh-hour deal”, and highlighted the potential “opportunities for business and jobs” – although details on what new responsibilities this might create for the UK were understandably slim at this stage. We’ll be rounding up other outcomes from COP29 Azerbaijan in our fortnightly Sillion Briefing, with the next one out this Friday morning – sign up here: https://lnkd.in/dVYs6spM #COP29 #COP29Azerbaijan #Climate

🌍 Reflections on COP29 Outcomes 🌍 A few hours ago, COP29 concluded in Baku, leaving us with much to reflect upon. While the presidency celebrated an agreement on finance as a "success," the process raises serious concerns about transparency and fairness in multilateral negotiations. The agreement on finance was ambiguous—failing to clearly define responsibilities or the scope of funding. It was adopted despite clear opposition from both developed and developing nations, setting a dangerous precedent. As a result, while climate finance will continue yo grow as it makes more economic scence, there is no guarantee it will “trickle” down to the global south This COP also highlighted the challenging geopolitical environment surrounding climate finance. Securing legally binding commitments from developed countries remains nearly impossible due to domestic political resistance. Simultaneously, emerging economies with significant present emissions—and oil-producing nations—must step up to share responsibility for climate action. Financial responsibilities should not lag in a single group of countries. Past and present considerations must be taken into account. Additionally, a COP presidency should not cherry-pick topics for outcomes or manipulate procedural rules for convenience. Yet, this is exactly what happened. Critical issues like the global stocktake, loss and damage, and just transition were delayed or inadequately addressed, weakening the overall mitigation work program. On the brighter side, progress was made on gender issues, which I followed closely. Yet, it's disappointing to see continued resistance to a human rights-based, intersectional approach to climate action—despite its proven effectiveness in promoting equity and inclusivity. Multilateralism remains vital in the fight against climate change. While forums like the G20 have been even less ambitious, COP still holds the potential to drive progress. However, the flaws in its process cannot be ignored. We must continue questioning and improving the system to ensure it effectively supports the urgent climate action the world needs. 💡 The fight continues, both in negotiations and on the ground. Let’s keep pushing for frameworks that truly enable transformative action. #COP29 #ClimateAction #Multilateralism #Sustainability #JustTransition #ClimateFinance

After two weeks, the COP29 UN summit around climate came to an end in Baku, Azerbaijan, a few hours ago. The article enclosed tries to summarize the point of view of IIASA, the International Institute for Applied Systems Analysis, regarding the results of the meeting. Negotiations agreed that wealthy nations will triple support to reach 300 billion Dollars per year by 2035 using a wide range of sources, including private investments. Developing countries said they needed 1.3 trillion Dollars. IIASA researchers also estimate the needs to reach trillions, not billions. The involvement of entities such as multilateral development banks is possible and would raise the financing flow, but the more resources arrive in the form of loans, the more the recipient countries will be with the burden of repaying them. And since many of these countries already have high levels of external debt, they asked that at least 30% of those loans be guaranteed by public finances. Hence, a disappointing outcome, overshadowed by geopolitical tensions, according to IIASA’s experts.  On the other hand, as BBC well underlines, the promise of more money is a recognition that developing nations bear a disproportionate burden from climate change, but also have historically contributed the least to climate change. The funds pledged are expected to help poorer countries move away from fossil fuels and invest in renewable energy such as wind and solar power. It is also true anyway that, historically, only 40% of the funding available for climate change has gone towards the commitment to tripling the money going towards preparing countries for climate change. Countries even failed to reach an agreement on how the outcomes of last year’s “global stocktake”, including a key pledge to transition away from fossil fuels, should be taken forward – instead shunting the decision to COP30 next year in Brazil. In the end, the Baku COP29 international talks, following the Dubai COP28, result in a sort of compromise that dissatisfies everyone and highlights the limits of the multilateral system, leaving us with a lot of question marks on climate finance overall and a lot of work to do. Let's read!

🌍 Reflections on COP29: Progress Amidst Challenges 🌍 As COP29 wrapped up in Baku, Azerbaijan, it left us with a mixed bag of outcomes, hard-fought compromises, and stark reminders of the challenges ahead. The summit teetered on the edge of collapse, with key negotiations over climate finance nearly breaking down in the final hours. Despite tensions, a historic $300 billion annual climate finance commitment for developing countries was secured — tripling the previous $100 billion pledge. While this marks progress, it falls short of the trillions needed to effectively combat the impacts of climate change and accelerate the global energy transition. Notably, the path to this agreement was far from smooth. A dramatic walkout by vulnerable nations, growing geopolitical strains, and concerns over the adequacy of financial support threatened to derail talks. Yet, in the early hours of Sunday, negotiators reached a compromise, underscoring the resilience of climate diplomacy even in challenging times. This COP highlighted critical gaps: 1️⃣ The $300 billion pledge, though significant, is undermined by inflation and reliance on loans rather than grants. 2️⃣ Broader questions about what constitutes “climate finance” remain unresolved. 3️⃣ The demand for equity in contributions from wealthy nations remains unmet. While COP29 didn’t deliver the transformational leap many hoped for, it reaffirmed the global commitment to addressing the climate crisis. As we look to COP30 in Brazil, the focus must shift to translating pledges into action and scaling up ambition. It’s a reminder that progress, even incremental, is still progress — but the urgency of the climate crisis demands so much more. #COP29 #ClimateFinance #ClimateAction #Sustainability #GlobalCooperation

COP29 Update: Milestones and Challenges in Baku After a long and tense session, COP29 concluded early this morning in Baku, achieving several significant outcomes but leaving critical issues unresolved. Notable decisions included: Setting a new finance goal of at least USD 300 billion per year by 2035 for developing countries, led by developed nations with voluntary contributions from others. Guidance on indicators to measure progress toward the Global Goal on Adaptation. Extending the enhanced Lima Work Programme on Gender for another decade. Future-focused guidance for dialogues and investment events under the Mitigation Work Programme. However, gaps remain. Agreement was not reached on the just transition work programme or discussions on the Global Stocktake outcomes, with talks deferred to June 2025. The new finance goal faced criticism, with India, Bolivia, and Nigeria labeling it as inadequate. Least Developed Countries (LDCs) and Small Island Developing States (SIDS) highlighted the lack of ambition and exclusion of loss and damage considerations. Despite operationalising Paris Agreement Articles 6.2 and 6.4, key to market-based cooperative approaches concerns over unresolved finance and energy transition discussions overshadowed celebrations. UNFCCC Executive Secretary Simon Stiell and COP29 President Mukhtar Babayev closed the session at 5:31 AM, emphasizing the need for renewed commitment as we look toward future negotiations. The outcomes of COP29 remind us of the complexity and urgency of addressing the climate crisis. As negotiations continue, the world watches, hoping for greater ambition and solidarity in tackling these shared challenges. #COP29 #ClimateAction #GlobalGoals #ClimateFinance

Division and discontent surfaced on Thursday at COP29 Division and discontent surfaced on Thursday at COP29, as a proposal for a new global finance deal presented two vastly different options, leaving no one satisfied as the closing deadline approached, according to Reuters.https://bit.ly/4eFnYtG The primary goal of COP29 is to determine how much financial support richer developed countries should provide to poorer developing nations to help them combat climate change, a crucial element in efforts to mitigate the damage caused by rising global temperatures. However, reaching an agreement on the financial aspect has been slow at the talks in Azerbaijan's capital. The latest draft of the negotiating text arrived several hours late as delegates entered the final 48 hours of the summit, according to Reuters. With the summit set to conclude on Friday, the new document revealed that many key questions remain unresolved, such as what counts towards the annual figure, who pays, and how much. "It is clearly unacceptable as it stands now," said European Union climate commissioner Wopke Hoekstra, according to Reuters. Economists informed the talks last week that developing countries need at least $1 trillion annually by the end of the decade to cope with climate change. https://bit.ly/4hYBFH2 G20 leaders meeting this week called for a "rapid and substantial increase in climate finance from billions to trillions from all sources." https://bit.ly/3CzOS98 Although the 10-page document was reduced to less than half the size of the previous version by removing some options, it highlighted the opposing positions of blocs of developed and developing nations established before the event. One bloc focused on ensuring the funds were in the form of grants or grant-equivalent contributions and excluded contributions from developing countries to each other, acknowledging large potential donors such as China. The other bloc, representing richer countries, aimed to broaden the types of finance that count toward the final annual goal, including contributions from various sources, not just grants from developed countries. While Donald Trump plans to withdraw the United States from the Paris Agreement once again upon his return to the White House, Europe’s nationalist prime ministers and autocratic leaders made a right-wing case for supporting (some) measures to slow global warming in the opening days of COP29. https://bit.ly/4ftGeYg Fossil fuel executives and lobbyists are not just attending COP29—they're being treated like VIPs. The Guardian has learned that at least 132 oil and gas company representatives were invited by the Azerbaijani government and given host country badges. https://bit.ly/3Ay5bTl Picture credit: trt.net #cop29 #climatechange #climatecrisis #UN #WopkeHoekstra #fossilfuel #oilandgas #finance #eu #china #G20