Montfort is at the COP on the Steppe
Keeping you updated from the ground in Baku
Welcome to the ninth edition of our COP29 newsletter! As the historic climate conference kicks off, we'll inform you of the latest updates, insights, and news leading up to the event.
This week we bring you updates from the ground in Baku as we tune into climate negotiations and help our clients with their objectives.
Stay tuned as we cover the key developments surrounding COP29 and its potential impact on the region and beyond.
Montfort Eurasia at COP29 Baku
Insights from Baku:
The postponement of Azerbaijan’s Climate Finance Action Fund (CFAF) stole headlines, with the initiative delayed due to concerns from developing nations over setting precedents in climate finance contributions and accusations of greenwashing by activists. This move aligns with the broader finance debate, where negotiations over the New Collective Quantified Goal (NCQG) have struggled to streamline a workable text. Despite calls from top economists to mobilize $1 trillion annually by 2030 for developing nations, including tripling commitments from advanced economies, progress remains slow. Meanwhile, tensions between Azerbaijan and European leaders escalated, with France canceling its delegation over remarks by President Aliyev criticizing EU nations for "double standards" and colonialism.
Brazil presented its updated Nationally Determined Contribution (NDC), focusing on achieving zero deforestation and leveraging carbon-storing forests by 2035. However, its plans to expand oil and gas production by 36% drew criticism for undermining its climate ambitions. On another front, campaigners backed Colombia’s call for a global treaty on mining critical minerals for the energy transition, urging ethical sourcing and equitable benefits for mineral-rich nations like Zimbabwe.
Recent Developments around COP29
Negotiators struggled to consolidate the NCQG text, delaying breakthroughs on transparency and human rights.
Multilateral Development Banks pledged $170 billion annually by 2030, facing scrutiny over funding fossil fuel projects.
Youth organizations pushed for a “Universal NDC Youth Clause” to formalize their role in climate strategies.
CO2 emissions from fossil fuels are expected to rise 0.8% in 2024, driven by coal use in India and China.
Italy’s PM advocated for a "balanced energy mix," including gas and hydrogen alongside renewables.
Zimbabwe emphasized retaining value from its mineral resources as part of its development strategy.
Argentina’s climate-denying president withdrew its delegation, raising concerns over its climate priorities.
Trends from COP
Our colleagues at Trend sat down with Aziz Abdukhakimov, Uzbekistan’s Minister of Ecology, Environmental Protection, and Climate Change, during COP29 in Baku to discuss collaboration on the "From Glaciers to Farmers" project for sustainable agriculture and water management. He highlighted Uzbekistan’s ‘green university’ project and its climate residence for knowledge exchange and innovation. Held from November 11-22, COP29 aims to establish a New Collective Quantified Goal (NCQG) on climate finance with 14 initiatives under its chairmanship.
For more details: COP for Hope: COP29 provides chance to achieve goals in fight against climate change - minister (Exclusive) at trend.az
Survey Findings on Climate Change Perceptions and COP Expectations
According to a survey conducted by SIAR Research and Consulting Group, 70% of Scotland's population, 65% in the UAE, and 59% in Azerbaijan consider climate change to be a global issue. Notably, 93% of Azerbaijanis hold positive expectations for COP29, set to take place in Baku, Azerbaijan. This aligns closely with the 96% positive impressions reported for COP28 in Dubai but significantly surpasses the 76% positive impressions from COP26 in Glasgow, Scotland.
Read more : From Glasgow to Dubai to Baku: A Three-Country Study of COP Awareness and Climate Change Perceptions
What We’re Reading
Analysis: Which countries have sent the most delegates to COP29? - Carbon Brief - by Robert McSweeney and Verner Viisanen
What to Know About COP29 and How the U.S. Election Affects Climate Talks - The New York Times by David Gelles
COP29 unpacked: eight critical topics driving the climate agenda in Baku | SEI - by Alice Chautard and Matilda Noble
If you have any questions about the contents of this newsletter or need advice or assistance at COP29, please don’t hesitate to contact us at eurasia@montfort.london, or our partners at Trend at news@trend.az.