Paris, 28/11/2024
COP29, held in Baku, Azerbaijan, was a key moment for the planet. But victory or disappointment? We’ll tell you all you need to know! 👇
A financial agreement... but not enough
The key announcement at COP29? A commitment by developed countries to contribute $300 billion a year by 2035 to help developing countries adapt to climate change and finance their energy transition.
Sounds like a lot? In reality, this amount is far from sufficient to meet the climate challenges facing these countries. Some experts even denounce it as a simple “recycling” of old financial pledges dating back more than 10 years, without any real new effort.
The countries of the South were hoping for more, and this amount may not be enough to help them move away from fossil fuels while supporting their local economies 🌐.
Progress on carbon credits
On a positive note: after 9 years of discussions, COP29 validated the rules of the carbon credit market. This market will enable countries and companies tobuy credits to offset their CO2 emissions by financing ecological projects.
But beware: several experts are pointing the finger at the lack of integrity of these credits. In other words, we need to be vigilant to ensure that these offsets have a real positive impact on the planet and don’t just become a marketing tool 🚨.
1.5°C target at risk
While the issue of financing has moved forward (somewhat), that of emissions reduction has remained blocked. Some countries, notably petro-states like Saudi Arabia, have refused to talk about a gradual phase-out of fossil fuels.
Worse still, the final text did not even mention the crucial objective of limiting global warming to 1.5°C!
This is alarming, because every fraction of a degree counts. If emissions do not fall rapidly, the impacts of climate change will become even more serious for everyone: floods, droughts, heat waves… 🌪️
Human rights: stagnating
COP29 was also expected to strengthen the work program on gender and inclusion, but here again, progress has been limited. The program was renewed for a further 10 years, but with no real changes.
More worryingly, some countries tried to remove any reference to human rights from the final texts, regarding this as a “red line”. Fortunately, the reference was retained, but this shows just how fragile these issues remain in international negotiations 😟.
What's next? Looking ahead to COP30
The next meeting will take place in Belém, Brazil, for COP30. This summit will be crucial, not only because it will mark the 10th anniversary of the Paris Agreement, but also because it will have to correct the shortcomings of Baku.
This COP30, dubbed ” the COP of the turning point ” by Brazilian President Lula, will be a real test for the future of global climate governance 🌍. Countries will not only have to strengthen their commitments, but also rebuild trust between North and South.
The stakes are simple: it’s no longer just a question of discussing, but of taking action to limit global warming and ensure a livable future for all.
Conclusion
At Moovance, we continue to believe that every gesture counts. While major decisions are slow to materialize, we can all do our bit to reduce our carbon footprint, by giving priority to soft mobility, consuming responsibly and supporting local climate initiatives 🌱.
So, are you ready to do your bit? 🚲 🌍 ✨
