Photo Source: Dean Calma / IAEA
COP29’s opening week in Baku, Azerbaijan, concluded on November 16, 2024, with no breakthrough on critical issues like emissions cuts and climate finance.
Delegates failed to resolve the core disputes despite intense discussions, leaving key decisions to be handled by ministers next week. The hope now rests on the ministers to overcome the deadlock that has stalled the talks, with tensions running high.
A Week of Gridlock
The first week of COP29, held at Baku’s Olympic Stadium, quickly ran into obstacles despite initial hopes of advancing global climate agreements. Negotiations on finance, carbon trading, and fossil fuel phase-outs stagnated, with even the summit’s agenda delayed due to protracted discussions.
The tensions came to a head on Saturday evening when the closing plenary was postponed for hours.
After numerous revisions, the draft global finance text was still far from consensus, with over 400 disputed sections by the end of the week. The G77+China bloc rejected earlier drafts, demanding stronger provisions for developing nations.
Anne Rasmussen of Samoa, speaking for AOSIS, expressed her group’s dissatisfaction: “We are being invited to engage in a collective amnesia when what we need is to strengthen individual and collective action.”
Finance and Fossil Fuels at the Forefront
Finance remains one of the most divisive topics at COP29, with significant disagreements over who should contribute to the climate fund, which countries should be eligible for support, and whether the funding should be grants-based or involve private investment.
The draft negotiating text introduces the possibility of excluding fossil fuel investments from the definition of climate finance, a proposal that has sparked support from environmentalists but drawn criticism from some countries.
The issue of phasing out fossil fuels has returned to the forefront of COP29, with sharply divided views on how to proceed. While last year’s Dubai summit urged a “transition away” from fossil fuels, the conversation in Baku has splintered.
Developing nations are focused on securing the financial backing needed to make the transition, while developed nations and island states argue that addressing the phase-out must remain a primary agenda item.
The Ongoing Standoff on Emissions Cuts
The Mitigation Work Programme, designed to ramp up emissions reductions, sparked heated debate at COP29. Accusations of obstruction were raised as COP29’s first week drew to a close.
Sally Box, speaking for Australia, denounced the delays as “entirely unreasonable,” echoing the frustration of developed nations and vulnerable countries. At the same time, some developing nations stood resolute, further complicating efforts to break the deadlock.
Meanwhile, the Like-Minded Developing Countries (LMDC) bloc and African delegates argued that the programme’s approach violated the Paris Agreement’s emphasis on fairness and equity.
Diego Balanza of Bolivia pointed out the lack of progress from developed nations: “Mitigation action by developed countries has not been forthcoming… This is a finance COP, and we expect developed countries to deliver.”
The Road Ahead
Ministers will take over negotiations at COP29 in the coming week, aiming to break the deadlock that has hindered progress so far.
Nabeel Munir, outgoing chair of the Subsidiary Body for Implementation, called for greater compromise, saying, “Only through the spirit of collaboration and trust can we chart the course for a cooler, safer future.”
Baku’s announcement of a 600 percent increase in global energy storage capacity by 2030 cut through the week’s tension like a breath of fresh air. Climate activists immediately praised the ambitious target, while energy sector leaders pointed to it as a long-awaited breakthrough for both the environment and the industry.