Day Two in Baku – World Leaders Summit and a Global Carbon Deal
As the global average temperature reaches 1.54°C in 2024, COP29 continues for its second day in Baku after success in agreeing a centralised carbon market under the UN.
State of the Climate
As COP29 started key climate negotiations yesterday, the World Meteorological Organisation (WMO) provided a stark reminder of the need for action to be delivered, and at pace. 2024 is set to be the warmest year on record, with a global average temperature in the first nine months of the year of 1.54°C. WMO Secretary-General Celeste Saulo emphasised that it does not mean failure to meet the Paris Agreement goal, but that every degree of warming matters and poses great risk.
In addition to this, a new United Nations Global Nitrous Oxide Assessment launched in Baku today warns that nitrous oxide (N₂O), a potent greenhouse gas, is rapidly accelerating climate change and damaging the ozone layer. It underscores the need for immediate and ambitious action to reduce N₂O emissions, as part of a broader strategy to tackle super pollutants, which, alongside efforts to achieve net-zero carbon emissions, can put the world on track to meet long-term climate, food security, and health goals.
Therefore, accelerated efforts are required to keep the long- term goal in reach. COP29 provides a great opportunity to catalyse global climate action and strengthen international collaboration.
A strong start to COP
Negotiations at COP29 have already borne fruit, with a deal to launch multibillion-dollar carbon markets governed by UN rules on emissions agreed.
Yalchin Rafiyev, COP29 Lead Negotiator, announced today critical progress on a key priority for the Summit as Parties reached consensus on the standards for Article 6.4 established by the Paris Agreement and a dynamic mechanism to update them.
The agreement on a UN carbon market follows ten years of negotiations and will help countries implement their climate plans faster and cheaper, driving down emissions. Essentially, they must ensure that developing countries benefit from the financial flows unlocked by the mechanism.
Day Two at COP29
Today, the World Leaders Climate Action Summit began, engaging over 100 Heads of State or Government. UN Secretary-General António Guterres gave his opening remarks to leaders gathered in Baku, saying that they must take immediate steps to cut emissions, safeguard people from climate chaos, and “tear down the walls to climate finance” in response to the “masterclass in climate destruction” that the world has witnessed in 2024. However, he also pointed to the progress made since Dubai’s COP28, with renewable energy investment overtaking spending on fossil fuels for the first time.
Mr. Guterres reiterated the priorities for immediate action: making emergency emissions reductions, increasing efforts for adaptation and closing the finance gap, and agreeing on a new finance goal.
To respond to the energy goals agreed at COP28, the COP29 Presidency has launched three initiatives as part of the COP29 Action Agenda, the COP29 Global Energy Storage and Grids Pledge, COP29 Hydrogen Declaration, and COP29 Green Energy Zones and Corridors Pledge. Over the next ten days, efforts will continue to encourage Parties and stakeholders to support these pledges and drive action to deliver them.
Throughout the day, a series of high-level meetings and dialogues took place, primarily regarding energy and climate finance. The Ministry of Energy of Azerbaijan, COP28 UAE, and EU hosted a Ministerial Dialogue Scaling up Investment for Tripling Renewables and Doubling Energy Efficiency. Investment in renewable capacity took centre stage as International Renewable Energy Agency (IRENA) Director-General Francesco La Camera stated “COP29 is giving us a key opportunity to deliver a just and equitable energy transition in line with the goals of the Paris Agreement and the outcome of the UAE Consensus”, calling “the years from 2024 to 2030 pivotal in reorienting the world towards the 1.5°C pathway.”
Additionally, the COP29 Presidency and International Energy Agency (IEA) hosted the final in a series of high-level energy transition dialogues on energy, bringing together leaders to share the actions which they are taking to align with this pathway.
Momentum on the Fund for responding to Loss and Damage (FRLD) built in previous years continued as the COP29 Presidency and Board of the FRLD convened leaders to provide an update on the latest progress and highlight the commitment from and calls for countries and various funding arrangement entities to provide support.
The FLRD is now ready to accept contributions with Sweden pledging $19mn, bringing total pledged funding to more than $720mn.
UN Secretary-General António Guterres called for countries to step up contributions during the high-level dialogue. Mr. Guterres described the creation of the FLRD as “a victory for developing countries, for multilateralism, and for justice,” but stressed that its initial capitalisation of $700 million “doesn’t come close to righting the wrong inflicted on the vulnerable.”
Tomorrow, the World Leaders Climate Action Summit will continue, including the Leaders’ Summit of the Small Islands Developing States on Climate Change, and a focus on climate adaptation.
The Climate Action Innovation Zone
The Climate Action Innovation Zone will begin tomorrow with the Sustainable Innovation Forum. Over 1000 delegates and 70 speakers from government, private sector, financial institutions, academia and civil society organisations are expected to gather at the Baku Mariott Hotel Boulevard across two days.
H.E Maria Fernanda Espinosa, Co-Chair of the COP29 International Advisory Committee, will provide the welcoming address to the Forum, prefacing a series of discussions focusing on financing sustainable innovation, rapidly scaling climate technologies and the adoption of innovative solutions, navigating geopolitical dynamics, and building partnerships to deliver on climate commitments.
To join the Climate Action Innovation Zone and its Flagship Forums, register here: Climate Action Innovation Zone
