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COP29 Will Test the Future of Climate Diplomacy

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This year's COP29 climate talks have failed to generate the same level of buzz as previous editions of the annual UN gathering. Scheduled for late November in Baku, Azerbaijan, COP29 falls between two summits — last year in the United Arab Emirates and next year in Brazil — that are seen by some as more consequential in their objectives. This year's event will focus on the critical topic of climate finance, and answering the key question: How much will rich nations contribute to helping poorer economies decarbonize? The question has vexed climate discussions for years, and hopes of reaching any grand accord this time are low. But what happens this year in November — likely beyond the goings on in Baku — could have dramatic impacts on the future of climate diplomacy. The controversial selection of oil-rich Dubai as the talks' president for COP28 imbued that event with a sense of significance from the start. And indeed, it did yield some promising results. While the "global stocktake" of progress on climate targets agreed in Paris in 2015 was unsurprising in its conclusion that the world is "significantly off track" in meeting its targets, the 2023 talks did produce some landmarks, including a pledge, for the first time, to transition away from fossil fuels and to triple global renewable power capacity by 2030. This set the stage for all countries to submit new "nationally determined contributions," which are due in 2025 ahead of COP30 in Brazil, where they will be assessed against Paris goals. Baku is seen by some as an "in-between" COP, focusing on a topic that has shown very little global consensus.

Topics:
Low-Carbon Policy, Policy and Regulation, COP28, Carbon Markets , Elections
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