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COP29 Day 4 Summary: 14th November 2024

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Day four of COP29 in Baku brought critical discussions to the forefront, focusing on two pressing issues: the urgent need to scale up climate finance and the global effort to phase out coal. Despite widespread acknowledgment of the importance of these areas, progress remained limited, highlighting the challenges involved in aligning global priorities and resources.

COP29 Summary

Escalating Climate Finance

A report presented by the Independent High-Level Expert Group on Climate Finance stressed that developing countries will need at least $1 trillion annually by 2030 to meet climate goals effectively. This financial requirement is anticipated to rise to $1.3 trillion per year by 2035 if action is delayed, representing the critical need for immediate and sustained investment. However, early negotiations at COP29 revealed significant divisions among nations, particularly around who should bear the financial burden. Developing countries voiced their frustration, emphasising that delayed action will not only increase costs but also amplify the impacts of climate change on their populations.

Advancing the Global Coal Phaseout

Phasing out coal, a significant contributor to greenhouse gas emissions, was another key focus of the day. Experts emphasised the necessity of clear timelines and targeted financial support to enable a transition away from coal-dependent economies. This transition requires a delicate balance: maintaining energy security while reducing reliance on fossil fuels. Discussions highlighted that regions heavily dependent on coal, such as parts of Asia and Eastern Europe, would need substantial international support to mitigate the social and economic impacts of a phaseout. Additionally, there was recognition of the importance of incentivising private sector investments in renewable energy to replace coal.

Forest Carbon Finance Talks

Another important topic on Day 4 was forest carbon finance. Forests are essential for absorbing carbon dioxide from the atmosphere, making them a key part of fighting climate change. Using financial tools to protect and grow forests is seen as a promising solution. Delegates talked about linking forest protection to climate finance, such as through carbon credits. These credits can encourage governments and companies to invest in keeping forests healthy. However, there are concerns about making sure these systems are fair and effective. Without proper rules, forest carbon finance could lead to problems like misuse of funds or failure to protect important areas. Despite these challenges, many see it as a valuable way to combine economic incentives with environmental goals, helping to cut emissions on a larger scale.

These developments highlight the urgency of addressing financial barriers and implementing coordinated strategies to combat climate change. However, the limited progress in negotiations and the complexity of aligning global efforts suggest that significant challenges remain on the path to a sustainable future.

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