Optimism at COP29 is in short supply as the world’s largest economies have shown little appetite to increase their financial contributions to support green transitions for developing countries and to mitigate the effects of climate change for those most...
For the second year in a row, diplomats and heads of state from around the world will meet in an oil-rich country to discuss the future of the climate.
“It’s going to be quite a difficult COP,” said Richard Kinley, who served as deputy secretary of the body overseeing the conference from 1992 to 2017. At the talks, Canada and allied donors will seek to scale up the contributions and call on other high-emitting countries to join in the climate finance effort, known as the New Collective Quantified Goal, or NCQG. They will also push for more policy tools and private-sector contributions to help increase funds for this effort.
Host country Azerbaijan, which relies on fossil fuels for more than 90 per cent of its exports, is doing little to inspire confidence in this year’s conference. Instead, the country is using the conference to secure new fossil-fuel investments. The chief executive of COP29, who also serves as Azerbaijan’s deputy energy minister, was caught using his position to promote deals with the country’s state-run oil and gas company in an investigation first reported by the BBC.Prime Minister James Marape of the Pacific island country of Papua New Guinea announced in August that he would not be participating.
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