Delegates from around the globe spent two weeks grappling with the complexities of financing mechanisms, but no agreement was reached on a comprehensive Climate Finance Bill. The impasse continues to spark debate on the efficacy of COP meetings in addressing the urgent global climate crisis.
COP29 was notable for shining a spotlight on the climate challenges faced by the Central Asia region. Alexander Kormishin, Director of the Centre for International Partnerships and coordinator of Impact Team 2050, noted that the region successfully leveraged the conference to draw attention to its pressing climate issues.
A key point of discussion was the adaptation fund and mechanisms for financing climate initiatives. However, achieving consensus proved elusive, with developed and developing nations divided on the principles of equal contributions versus historical responsibility.
“There’s a perception that financing initiatives must come predominantly from countries with the highest historical emissions—primarily Western nations,” Kormishin explained. “This has created significant friction between global North and South delegates.”
Rosatom, Russia’s state atomic energy corporation, actively participated in COP29, hosting several events centred on green technology and education. These included discussions on nuclear energy’s role in combating climate change and plans for an International Nuclear Education Centre in Obninsk, Russia.
While Rosatom found the conference to be productive, Kormishin highlighted an absence of high-profile deals, contrasting sharply with COP28’s ambitious pledges, such as transitioning from fossil fuels. “The conference was well-organised, but the lack of major agreements diminishes its impact,” he noted.
The question of defining and committing to climate financing remained a contentious issue. Developing countries, led by the Troika—comprising the UAE, Azerbaijan, and Brazil—emphasised their need for equitable representation in discussions. The outcome of COP29 leaves the global South hopeful for a stronger focus on their priorities at COP30, set to take place in Brazil under the BRICS presidency.
“We’ve seen growing representation of developing nations,” Kormishin said. “But the negotiations remain dominated by Western countries. It’s a delicate balancing act that must evolve if we are to meet the Paris Agreement goals.”
Despite the lack of global breakthroughs, Azerbaijan made strides in securing regional agreements. The country, heavily reliant on oil revenues, signed contracts aimed at boosting wind energy and green technology in the Karabakh region. These initiatives signal a shift towards sustainability in a historically fossil fuel-driven economy.
Reflecting on the ambitious goals of COP28, including tripling nuclear capacity, Kormishin noted some progress, with six more countries joining the pledge. However, he stressed the importance of addressing the skill gaps needed for such expansions.
“Tripling nuclear capacity requires not just infrastructure but also human resource development,” he said. “Many countries are still in the early stages of preparation.”
As COP29 concludes, attention turns to Brazil, the host of COP30, where expectations are high for a breakthrough in climate finance and representation for the global South. Kormishin remains cautiously optimistic, citing increased dialogue but underscoring the need for action.
While COP29 may not have delivered the sweeping agreements many had hoped for, it has set the stage for critical discussions at next year’s conference. Whether these dialogues will translate into tangible progress remains to be seen.
--ChannelAfrica--
