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Climate Change Resilience | Energy Transition | Adaptation Research | Transdisciplinary Research

As of November 13, 2024, the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, has seen several significant developments: 1. Establishment of a Global Carbon Market Framework: Negotiators have ratified a framework for trading U.N.-backed carbon credits among countries, marking a pivotal step in global carbon markets. This agreement pertains to Article 6.4 of the Paris Agreement, enabling the assessment and utilization of carbon-credit programs, potentially unlocking substantial climate finance. (The Wall Street Journal) 2. Enhanced Climate Finance Commitments: Multilateral development banks, including the World Bank and European Investment Bank, have pledged to increase climate-related lending to $120 billion annually for developing nations. Additionally, the Asian Development Bank plans to allocate an extra $7.2 billion for climate projects, supported by the U.S. and Japan. (Reuters) 3. Ongoing Climate Finance Negotiations: Delegates are negotiating a new climate finance deal to support global climate initiatives, with the previous $100 billion annual pledge expiring this year. Key discussions focus on determining the size of the new target and identifying contributing countries. Developing nations advocate for a larger, specific amount to meet their significant climate needs, estimated at over $1 trillion per year. (Reuters) 4. Proposals for Innovative Funding Mechanisms: To meet new global funding targets, proposals include taxes on oil companies, flights, and shipping. These measures aim to assist poorer countries in addressing climate change, with estimates suggesting that carbon taxes on aviation and shipping could raise $200 billion annually by 2035. (The Times) 5. Host Nation’s Defense of Fossil Fuel Industry: Azerbaijan’s President Ilham Aliyev has defended the country’s oil and gas industry against Western criticism, asserting that Azerbaijan is the victim of a slander campaign. This stance highlights ongoing tensions between fossil fuel-dependent nations and global climate objectives. (Reuters) These developments underscore the complexities and challenges in advancing global climate action, particularly concerning finance and equitable responsibility among nations.

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