At COP29, Mexico’s long-overdue pledge to achieve net-zero emissions by 2050 marked a critical milestone, making it the final G20 nation to commit to this goal. While plans to ramp up renewables, improve energy efficiency, and restore ecosystems are promising, Mexico’s increased reliance on oil and gas raises questions about the feasibility of its transition.
Simultaneously, climate finance negotiations stalled, with wealthy nations failing to specify contributions, leaving placeholders in agreements and casting doubt on their commitment to supporting vulnerable nations. Observers called for grants and improved access to funds, yet progress remains limited, undermining COP29’s credibility as we approach COP30 in Brazil. Adding to the challenges, the EU criticised weakened transparency in Article 6.2 (Rules for international carbon trading under the Paris Agreement), warning that voluntary disclosure and diluted accountability for carbon trading could undermine global climate goals. These developments expose a widening gap between ambition and action, underscoring the urgent need for tangible progress in the fight against the climate crisis.
Mexico Commits to Net Zero by 2050: A Turning Point for G20’s Last Holdout
- Mexico, the last G20 nation without a net-zero target, commits to achieving net-zero emissions by 2050.
- Promises to submit an updated Nationally Determined Contribution (NDC) next year, including more ambitious targets and potential sector-specific carbon budgets.
- Plans to ramp up renewables, improve energy efficiency, and restore damaged ecosystems.
- Despite the announcement, Mexico has increased reliance on oil and gas for power in recent years due to declining hydroelectricity capacity from drought.
- This commitment is critical for accelerating climate action and attracting investments in a low-carbon economy, both within Mexico and on a global scale.
“We don’t think this will be easy but we have never had a stronger political mandate to do so” – Jose Luis Samaniego, the Mexican environment ministry’s climate lead
Still No Significant Agreement to Come Out of COP29
- The draft text on climate finance failed to specify how much wealthy nations will pay developing countries, leaving a placeholder “X” where numbers should be, reflecting the lack of commitment from richer nations.
- Negotiators agreed not to expand the list of contributing countries to global climate funds at this conference, maintaining the burden primarily on developed nations, despite growing calls for broader participation.
- Observers from the International Institute of Sustainable Development (IISD) reported draft language emphasizing the need for grants and improved access to climate finance, particularly for vulnerable nations.
- The lack of decisive agreements undermines the credibility of COP29, raising concerns about the ability to deliver meaningful outcomes ahead of COP30 in Brazil, where expectations for stronger commitments will grow.
“Failure is not an option” – UN Secretary-General António Guterres
Concerns Mount Over Carbon Trading Integrity at COP29
- The European Union criticised the latest Article 6.2 (Rules for international carbon trading under the Paris Agreement) text for weakening transparency, making key disclosures about carbon trading voluntary instead of mandatory, and reducing accountability mechanisms.
- Draft rules now only “request” countries to avoid using inconsistent carbon credits, raising fears of low-integrity offsets undermining nationally determined contributions (NDCs) and climate targets.
- Experts like Erika Lennon from the Center for International Environmental Law (CIEL) warned the text could lead to unchecked misuse of carbon credits, threatening global climate integrity and ambitions.
- While the EU and some groups like the Coalition of Rainforest Nations (CfRN) voiced dissatisfaction, others, like the AILAC (Independent Association of Latin America and the Caribbean) group, acknowledged progress but remained uneasy about the text’s compromises.
“A win for carbon cowboys and a massive blow to ensuring a liveable future” – Erika Lennon, senior attorney at the Center for International Environmental Law
