At COP29, UK PM Keir Starmer’s ambitious target to cut emissions by 81% by 2035 positions the UK as a leader in climate change, setting a benchmark for other countries to follow. UN Secretary-General António Guterres issued a stark warning after referring to 2024 as a “masterclass in climate destruction”; that we must cut 43% of global emissions by 2030. The approval of a carbon trading mechanism shows potential for cost-effective emissions reductions, especially for more developed nations.
However, the real impact will depend on channelling these efficiencies into transformative projects that effectively help the world transition to a low-carbon future. And as some still view fossil fuels as a “gift from God” as Azerbaijan President Ilham Aliyev puts it, can the global community bridge economic interests with a truly sustainable future?
The Technologies of Tomorrow
- 81% decrease in emissions from 1990 levels by 2035
- CIF finance scheme designed to raise 75$ Billion for building clean energy projects in poorer countries set to launch on London Stock Exchange
- The Launch of Great British Energy
- Founding of the Global Clean Power Alliance
‘Next generation of good well-paid jobs’
‘Race is on for green energy jobs of the future’
-Keir Starmer
A Masterclass in Climate Destruction
- Urgency on Emissions Reduction: Immediate, ambitious action needed to cut global emissions by 43% by 2030 to meet the 1.5-degree Celsius target
- Adaptation and Resilience: Boosting adaptation finance to protect vulnerable communities and achieving climate justice through the Loss and Damage Fund
- Equitable Climate Finance: Increase concessional finance and mobilise funds from new sources to support developing countries’ clean energy transition
- Unified Global Effort: Developed nations, especially G20, must
lead, ensuring that climate action and finance are seen as
necessary investments, not optional choices
“With the hottest day on record …the hottest months on record …this is almost certain to be the hottest year on record. And a masterclass in climate destruction”
– António Guterres
Carbon Trading Mechanism
- Article 6.4 of the Paris Agreement establishes a framework for a UN-backed carbon market that facilitates the trading of emission credits among countries
- The mechanism allows higher-emitting countries to buy credits from lower-emission nations
- This initiative aims to boost international cooperation on reducing greenhouse gas emissions and support sustainable development
“By matching buyers and sellers efficiently, such markets could reduce the cost of implementing NDCs by 250 billion dollars a year.”
– Mukhtar Babayev, President of COP29
A Gift From God
- Azerbaijan’s President Aliyev defended fossil fuel reliance and
refrained from announcing a new climate plan at COP29. - He promoted Azerbaijan’s solar and green energy projects, particularly in Nagorno-Karabakh, while emphasizing the role of oil and gas in national energy security.
- Aliyev rejected the “petrostate” label, asserting Azerbaijan’s oil and gas production is minimal globally, while two-thirds of its revenue still relies on fossil fuels.
- He defended fossil fuels as a “gift of the god” and highlighted the EU’s recent gas import deal with Azerbaijan.
- UN Chief Guterres countered by urging for a 30% cut in global fossil fuel production by 2030, stating that reliance on fossil fuels is
counterproductive.
‘Gift From God’ – Ilham Aliyev on Fossil Fuels
