CONSOLATION PRIZES

UN climate summit in Baku leaves the developing world with crumbs

- S DINAKAR

There were two outcomes at COP29 in Baku, Azerbaijan—in addition to a postponement—and both left a bitter taste for many.

The winners at the 29th annual edition of the United Nations Climate Summit were the United States, European Union, Canada, China, the Gulf countries, and the Azeris, who held the presidency of the summit this year.

The losers were emerging economies, least developed nations, island countries, and, of course, the global climate itself.

Unusually for a UN climate summit, COP29 was mainly about climate finance, and yet the finance mandarins were missing. Also missing were the heads of states of the EU, US, India, China, France, Germany, Brazil, and Russia, among many.

There were three key points of discussion. First, an agreement on a New Collective Quantified Goal on Climate Finance (NCQG), enabling countries to make new emission mitigation plans and set fresh goals by next February, dubbed Nationally Determined Contributions (NDCs). Second, adopting Article 6, an agreement among nations to set rules for a global carbon market. And third, a global stocktake to audit the emission plans of nations.

The first and second got through. The third got pushed to 2025.

Warming trajectory

The existing NDCs have failed to contain the warming of the planet beyond 1.5 degree centigrade from pre-industrial levels, the UN Environment Programme says in a report, with the planet set on a warming trajectory of 2.6 to 2.8 degrees.

But India, along with other emerging economies and poor nations, failed to persuade the Global North to open their wallets for a global climate finance deal.