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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Can COP29 live up to expectations?
13/11/2024
10 min read
Feature
Given this year’s extreme weather, volatile geopolitics, and continuing global conflicts and economic challenges, can COP29 in Baku, Azerbaijan, deliver on its ambitions? This is the key question, given the main theme of the ‘Finance COP’, focused on securing increasing contributions from wealthier nations to mitigate climate change and balance the global north-south divide. And the shadow of President-Elect Trump hangs over the summit. New Energy World Features Editor Brian Davis reports.
The UN climate summit got off to a good start when the parties assembled reached consensus on standards for the creation of carbon credits under Article 6 of the Paris Agreement. This is likely to enable climate action by increasing demand for carbon credits and ensure that the international carbon market operates with integrity under UN supervision. ‘This will be a game-changing tool to direct resources to the developing world. Following years of stalemate, the breakthroughs in Baku have now begun,’ remarked COP29 President Mukhtar Babayev.
In a notable move, UK Prime Minister Keir Starmer flew into Baku to announce a stringent new climate goal. He said the UK will pledge to cut emissions by 81% compared with 1990 levels by 2035 – a target that is in line with the Climate Change Committee recommendation. This goal will be one of the first Nationally Determined Contributions (NDCs) to be unveiled at COP29.
There was a mood of ‘controlled anticipation’ when COP29 started on 11 November for scheduled finish on 22 November, hopefully encouraging growing climate-related ambitions among the 200 or so countries participating.