Countries will gather next week for the annual two-week climate conference in Baku, Azerbaijan, to discuss actions on global warming and reducing greenhouse gas emissions.
To keep global temperatures below 1.5°C above pre-industrial levels, emissions must peak by 2025 and fall by 43% by 2030 according to scientific reports.
However, countries’ collective commitments to reduce emissions would only lead to a 2.6% decrease by 2030, far below the target.
Except for 2020 (due to the pandemic), global emissions have increased every year, with 53 billion metric tonnes emitted in 2023.
Developed countries are reluctant to change their lifestyles, while developing countries want to grow economically.
A key challenge is enabling developing countries to grow without following the fossil-fuel path, which would require expensive and land-intensive renewable energy solutions.
In 2009, rich countries promised $100 billion annually to help developing nations transition to clean energy.
However, there is uncertainty over whether this funding has been met due to delays and unclear definitions of what constitutes “climate finance.”
The Paris Agreement calls for setting a new finance goal by 2025, with the $100 billion as a baseline.
There is also debate about whether major emitters like China and India should contribute more, as they are large economies and polluters.
Carbon markets involve rich countries funding clean energy projects in developing nations, receiving tradable carbon credits in return.
However, the rules for accounting for carbon credits are complex and remain a major point of contention.
Climate negotiations have become bogged down in legal and financial disputes, delaying real progress.
It is crucial that concrete action is prioritized over lengthy negotiations.
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