Experts from “EcoLur” Informational NGO analyzed the decisions adopted during COP29, held in Baku, Azerbaijan, under the UN Framework Convention on Climate Change.
These decisions were discussed at “COP29 Results and the Main Directions of Armenia’s Climate Policy” conference organized by EcoLur within the framework of “Empowering Communities in Armenia Through Participation and Awareness in Climate Policy Implementation” project supported by the Heinrich Böll Foundation’s South Caucasus Regional Office in Yerevan.
During the conference, Inga Zarafyan, President of “EcoLur” Informational NGO, presented observations on the decisions adopted at COP29.
Decision on “New Collective Quantified Goal on Climate Finance”
1. The main COP29 decision on “New Collective Quantified Goal on Climate Finance” does not solve climate resilience issues.
2. The goal of limiting temperature rise to 1.5°C, established by the Paris Agreement, was upheld at COP29. However, no restrictions on reducing fossil fuel consumption were set.
3. Despite focusing on financial targets, there is uncertainty regarding the amount of funds and the sources of financing. Involving private investments without proper oversight poses risks of “greenwashing.”
4. The approved annual $300 billion in financing will cover only 30% of the required demand. Moreover, the previously set annual $100 billion financing target was not properly met.
5. No developed country has incorporated this financing into their budgets.
6. The classification criteria for developed and developing countries are fundamentally flawed, as evidenced by assigning developing-country status to countries like China, Israel, and Saudi Arabia.
7. Civil society’s demand to withhold green financing from authoritarian regimes and fossil fuel extractors/exporters was ignored.
Creation of a Carbon Market
1. The global carbon market does not fundamentally solve greenhouse gas emission issues, as it mainly operates on “Quota for Nature” principle.
2. The document mentions integrity-based transactions but lacks mechanisms for assessment or implementation. This omission risks greenwashing.
Baku Declaration on Water for Climate Action
1. The declaration contains political implications. Its emphasis on dialogue and cooperation among neighboring countries presupposes political solutions. However, in cases where countries lack diplomatic relations, peace treaties, or are engaged in military conflicts, addressing transboundary water resource management is infeasible.
December 12, 2024 at 14:59