Lhe 29th Climate Conference of the Parties (COP29) opened in Baku, Azerbaijan, in an atmosphere combining distrust and climate emergencies. This crucial meeting, awaited by more than 80,000 participants and around a hundred countries, suggests prospects for action, but also strong divisions and a questioning of collective commitment. After a COP28 which concluded on the gradual exit from fossil fuels, for this time, the question of financing this ecological transition is at the center of the debates.
Since the 2009 agreement in Copenhagen, the 39 richest countries have committed to paying US$100 billion annually to countries in the South to help them in their adaptation and climate resilience efforts. This objective, which was only achieved in 2022, has however become insufficient. Today, studies estimate the needs at 1,000 billion dollars per year to effectively support less polluting southern countries hard hit by the effects of climate change. The challenges of this conference are part of an alarming climate context, marked by a spectacular rise in temperatures, causing deadly natural disasters. The scenario of the recent floods in Valencia in Spain, or the forest fires in Australia, to name a few, demonstrate that no nation is spared.
«We are on the road to ruin, and it is not about future problems. Climate change is already here. COP29 is a moment of truth for the Paris Agreement. It will test our commitment to the multilateral climate system,” said Mukhtar Babayev, President of COP29. Morocco, a non-polluting country, is one of the signatory countries of the Paris Agreement. It has invested massively in renewable energies and is gradually working to reduce the use of fossil fuels in its economy. Although there is still a way to go, the Kingdom is cited as an example, through its continually increased commitments in its nationally determined contributions (NDC). Represented in Baku by the head of government, Aziz Akhannouch, accompanied by the Minister of Energy Transition and Sustainable Development, Leila Benali, and the Moroccan ambassador to Azerbaijan, Mohamed Adil Embarch, Morocco intends to raise the voice of emerging countries for climate justice, supposed to emphasize the polluter pays principle.
Concerns for this COP29
While we are talking about financing for an ecological transition, certain aspects challenge public opinion regarding the impact of this conference. Firstly, the choice of Azerbaijan as host of this COP29. This country, 98% of whose energy mix is based on fossil fuels, derives almost 70% of its GDP from oil and gas production. In such a context, Baku’s legitimacy in leading discussions on the ecological transition is, for many, questionable and fuels doubts about the sincerity of the negotiations. Secondly, the observed absence of many world leaders, including Joe Biden, Emmanuel Macron, Ursula Von der Lehen, and other senior European officials, is of concern.
Their non-participation is interpreted as a worrying sign of the lack of commitment of several major powers, in particular the members of the G20, who alone represent nearly 80% of global CO2 emissions. Finally, the shadow of the United States’ withdrawal from the Paris Agreement, even though it is the second largest emitter of CO2 in the world, worries many political leaders, fearing a spiral of disengagement which would seriously harm the objectives of the said agreement. agreement. Despite these concerns, the climate emergency remains a clear priority. For the Northern countries present at COP29, the call is to double funding for climate adaptation to reach at least $40 billion per year by 2025.
The gap between adaptation needs and financing could reach $359 billion per year by 2030. “These missing dollars are not abstractions on a balance sheet, but rather lost lives and crops and lost development. rejected,” alerted UN Secretary General Antonio Guterres in Baku. Note that, as a first decision, the countries present have by consensus opted for better supervision of the carbon market, which, through the purchase of carbon credits between countries, will make it possible to finance CO2 reduction or capture projects.
