COP29 wrapped up with a contentious $300 billion climate deal that left both developed and developing nations dissatisfied. Key discussions highlighted the logistical challenges and authoritarian measures overshadowing the summit. The fate of the 1.5°C target drew skepticism, especially regarding its impact on vulnerable island nations. Geopolitical tensions emerged post-election, complicating global collaboration. Amidst these challenges, there was a push for transparency and ambition looking ahead to COP30 in Brazil.
The COP29 deal was met with disappointment as it failed to satisfy both developed and developing nations amid logistical challenges.
Concerns over the viability of the 1.5 degrees Celsius warming limit were raised, highlighting the tension between political will and scientific necessity.
Deep dives
COP29: A Deal with Challenges
COP29 concluded with a deal that fell short of many expectations, primarily due to logistical and leadership issues. Azerbaijan, though praised for its smooth organization of the conference, relied on its authoritarian government to minimize typical urban challenges, making it appear seamless for attendees. However, criticisms arose regarding the presidency and its preparation, particularly from Mokhtar Babaev, who struggled to navigate the delicate negotiations among 200 parties, which became evident as deadlines loomed. Although an agreement was reached, the process was fraught with difficulties, highlighting the complexities inherent in climate negotiations.
Financing Climate Action
At COP29, a significant focus was on the new collective quantified goal (NCQG) for climate finance, which aims to ramp up contributions from developed countries to $300 billion annually by 2035. The Minister of Energy and Oil for Mauritania pointed out the urgent need for this financing to tackle severe climate impacts currently faced by African nations. Although Denmark's Prime Minister expressed commitment to climate funding, concerns lingered about how countries like China and Gulf states would also have to contribute. Ultimately, while the increased target appears substantial, many developing nations feel it inadequately addresses their climate needs, casting doubt on its effectiveness.
The Future of 1.5 Degrees Celsius
The target of limiting global warming to 1.5 degrees Celsius was a contentious issue at COP29, with some experts declaring it effectively 'dead' given the likelihood of surpassing this threshold. Island states emphasized the existential threat posed by climate change, insisting that maintaining focus on this target remains critical for future generations. Despite recognizing the challenge of achieving this goal, they argued that every fraction of a degree in warming should still be avoided. The dynamics at COP29 illuminated a pressing struggle between political will and scientific imperatives, indicating an ongoing push for global cooperation amidst significant geopolitical tensions.
It went well past the official deadline, late into the night – but finally, COP29 ended with a deal. Hardly anyone felt victorious. Back from Baku, reporter Akshat Rathi tells producer Mythili Rao why the agreed on New Climate Quantified Goal of $300 billion made both developed and developing countries unhappy, and he shares what heads of state and ministers from Denmark to Mauritania and Indonesia to Israel had to tell Zero about this year’s conference.
Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks to Siobhan Wagner, Sharon Chen, Jen Dlouhy, Alfred Cang, John Ainger, Natasha White, Will Kennedy, Rakteem Katakey, and Aaron Rutkoff. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.