2 days Ago
Watching the devastating floods in Valencia, Spain, this year turned climate urgency into personal reality for me. Streets I know well were submerged, communities devastated, and the cleanup costs exceeded $3.8 billion.
These disasters are no longer distant or rare—they are here, now. Against this backdrop, COP29 in Baku, Azerbaijan, feels like a critical moment. Baku, historically an oil hub, powered the industrial revolutions of the 19th and 20th centuries.
Today, it hosts discussions about transitioning from that fossil fuel legacy to renewable energy. This symbolism is striking, but action is what matters now. COP29 is not about incremental progress; it must be a decisive step toward securing our climate future.
Central to this year’s summit is the New Collective Quantified Goal (NCQG), which will replace the outdated $100 billion annual finance pledge. Developing countries are calling for significant increases in funding and mechanisms to unlock private capital, enabling them to adapt to climate impacts and transition to clean energy. Wealthier nations remain hesitant, citing economic uncertainties.
Without an ambitious NCQG, trust between nations could erode further, leaving the most vulnerable to face the growing impacts of climate change alone. Recent reports suggest the global clean technology market could exceed $2 trillion by 2035, offering unprecedented economic opportunities. Yet, without clear and ambitious policies, and robust public finance, private investment may falter.
Over 260 companies, through the Fossil to Clean campaign, are urging governments to triple renewable energy capacity and double energy efficiency by 2030. They emphasize that certainty and long-term commitments are essential for unlocking the capital needed to accelerate the energy transition. At COP29, discussions have been intense.
The World Resources Institute outlines three key elements needed for a successful NCQG: a bold finance target, de-risking mechanisms to attract private investment, and strong accountability measures to ensure the effective use of funds. While there has been progress, consensus remains fragile. Wealthier nations have yet to commit to figures that match the scale of the challenge, and time is running out.
Equally important is the issue of fossil fuels. The UAE Consensus from COP28 set a clear direction: transition away from fossil fuels, triple renewables and double energy efficiency by 2030. This commitment to shifting away from fossil fuels must be reaffirmed in COP29’s final text.
This will reiterate to countries that their new national climate plans (NDCs) must have robust clean energy polices embedded and clear plans to reduce energy demand and progressively replace fossil fuel use with clean energy. Without this, the world risks backsliding into systems that perpetuate carbon dependency, leaving future generations to pay the price. Businesses are not waiting for governments to act.
Many have already shifted their investments toward renewable energy and efficiency technologies, recognising that the future is clean. However, private-sector efforts alone are not enough. Governments must provide the regulations that allow businesses to scale up their efforts and accelerate the global transition.
Baku is also a test of geopolitical cooperation. The world faces crises that compete for attention—economic recovery, energy security, and conflicts—but climate change remains an existential threat that transcends these challenges. If COP29 can align nations behind actionable commitments, it will reassert faith in multilateralism.
However, the risk of another summit that prioritises compromise over urgency is real. As ministers prepare for the final stages of negotiations, the outcomes of COP29 will shape the agenda for COP30 in Brazil and beyond. Whether this summit is seen as a breakthrough or a missed opportunity depends on the decisions made now.
Strong finance commitments and explicit fossil fuel phase-out language, that can deliver ambitious, investible NDCs are critical. The tools to address the crisis exist. What’s missing is the political courage to act.
COP29 must deliver outcomes that go beyond rhetoric and provide the mechanisms needed to accelerate change. Anything less risks failing the moment. For those who have seen the devastation of recent climate impacts at home or away, the stakes are very clear.
The world is watching, the time to deliver is now..
