Highlights of Week 1 COP29
Madeleine Neaves and Kaaviyan Pathmasiri at COP29
Howdy from Baku, Azerbaijan!
This is Madeleine Neaves and Kaaviyan Pathmasiri from MEC; on the ground during the first week of the conference. With nearly 200 countries (Australia included) committing to tripling renewable energy capacity by 2030, climate finance is central to the negotiations at COP29. How will developed countries help developing countries finance their energy transitions?
Let’s break down some of the key highlights from this week, particularly from Energy Day!
There’s many elements to climate finance, but perhaps the most important this year is the New Collective Quantified Goal (NCQG). The NCQG has developed countries debating how much money they will dedicate to supporting the commitments of developing countries.
NCQG negotiations are difficult, but that was to be expected. A recent report, by the Independent High-Level Expert Group on Climate Finance identified that the number needs to be in the trillions - far higher than previous commitments. It’s yet to be seen where the NCQG will land.
Climate finance needs implementation, and a positive announcement came from the Utilities for Net Zero Alliance (UNEZA). This year, doubling their membership, they have members from five continents working together to facilitate the flow of money to the transformation of the power and energy sector in the developing world.
Next up is the Breakthrough Agenda. Launched at COP26 in Glasgow, this initiative aims to speed up the adoption of clean technologies. Over 60 countries—responsible for 80% of global emissions—have committed to taking important actions to cut carbon emissions in the coming year. These actions are called the “Baku Priority International Actions,” and they focus on collaboration across different sectors to boost climate action before next year’s COP in Brazil.
A powerful message came from UN Secretary-General António Guterres, who said, “We see a rush for resources, with communities exploited, rights trampled, and environments trashed.” This highlights an important point: while we’re making progress in energy transitions, something that will be an immensely critical, mineral-heavy process, we need to make sure that these changes are fair and just for everyone involved. It’s crucial that we consider social justice as we move forward with our energy plans.
As we wrap up Week 1 at COP29, we've seen some great progress, but negotiators are also facing significant challenges in crafting agreements that satisfy all parties involved. Here at the Monash Energy Club, we're closely monitoring developments and hope to see strong outcomes related to renewable energy infrastructure projects and the financing needed for these initiatives. It's crucial that these efforts not only advance clean energy but also deliver positive environmental and social outcomes both at home, but for our more vulnerable neighbours in the Pacific.
