Today in Focus Finding one trillion dollars at Cop29
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Nov 11, 2024 
Damian Carrington, Environment editor at The Guardian, offers sharp insights on COP29's climate finance obstacles. He discusses Azerbaijan's paradox as a fossil-fuel-rich nation hosting the summit, raising questions about its commitment to sustainability. The conversation highlights the urgent need for financial backing for developing countries and critiques secretive deals that undermine climate goals. Carrington also addresses global political shifts that could endanger climate agreements, urging collective action to combat greenwashing and promote innovative funding solutions.
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Azerbaijan's Fossil Fuel Dependence
- Azerbaijan's economy heavily relies on fossil fuels, comprising 90% of exports and 60% of government revenue.
- Baku, its capital, is historically the world's first oil town, with wells dug in the 1840s.
Increased Gas Production
- Azerbaijan has increased gas production following Russia's invasion of Ukraine.
- They signed a deal with the EU to increase gas exports by 17%, partially replacing Russian supplies.
COP29 Focus: Climate Finance
- COP29 focuses on climate finance for developing countries to transition away from fossil fuels.
- A key goal is securing a trillion dollars in funding, considered a bargain given the potential costs of climate inaction.