As COP29 entered its second week in Baku, Azerbaijan, the momentum from initial discussions made way for intense negotiations and pressing deadlines. Deals on climate finance, carbon markets, and emissions reduction targets hung in the balance, and delegates were under pressure to deliver in a consensus. From the pocket to the podium, here's an account of the pivotal moments and international dynamics at the second week of the conference.
For an overview of the first week, check out this Week 1 Recap of COP29.
Progress on Climate Finance Goals
The New Collective Quantified Goal (NCQG) on Climate Finance remained contentious as the gulf between developed and developing nations could not be bridged. Developed nations pushed for accountability in the allocation of funds, while developing nations addressed the call for better funding, larger access to resources, and concessional funding to finance climate adaptation and mitigation imperatives. The estimation of the annual gap at $2.4 trillion by 2030 provided an urgency for having that agreement.
Efforts to enhance not only the volume but the quality of climate finance came to the fore, underpinning mechanisms that maximize impact for each dollar invested. However, divisions over specific targets and mechanisms risked stalling progress, heightening concerns about protracted negotiations beyond the official COP29 timeline.
Decisions on Carbon Markets
Unlike previous years, where negotiations on Article 6 of the Paris Agreement often ended in stalemates, Week 2 at COP29 began with an unprecedented early decision on carbon market rules. The adoption of guidelines for the global carbon crediting mechanism marked a turning point. Although some delegations expressed concerns about transparency, the agreement was seen as a foundation for expanding international carbon markets and enhancing trust in carbon credits. This decision might open the door to broader participation in carbon trading and support projects such as reforestation and renewable energy for developing countries.
Amplifying Climate Ambition
Building on the blueprint by the Global Stocktake from COP28, COP29 discussions focused on operationalizing these recommendations. Disputes arose over the role of developed nations in leading emissions reductions versus the responsibilities of rapidly industrializing economies.
Initiatives such as the Oil and Gas Decarbonization Charter targeting methane emissions also provided quick wins in non-CO2 greenhouse gas reductions. In IPLC representation, this seemed to be an opportunity to present their strong role in safeguarding forests and ecosystems, thus pushing for recognition and funding.
International Disputes and Collaboration
Tensions between developed and developing nations over historical emissions and financial responsibilities reached new heights during Week 2. As if demanding more significant financial commitment from industrialized nations was not enough, some Western nations wanted all high-emitting economies to have a seat at the table. Such debates threatened to scuttle some crucial agreements. Increasingly, diplomats will need to work magic in the final days of COP29.
Conclusion
Week 2 of COP29 underscored the complexity of balancing ambitious climate goals with economic realities and political constraints. As the conference ends, the success of COP29 will hinge on whether negotiators can bridge divides, particularly on finance and mitigation strategies.
For insights into the foundational discussions from Week 1, visit this COP29 Week 1 Recap.