Day two of COP29 saw the beginning of the World Leaders Climate Action Summit. Heads of State and Government arrived at the venue in Baku, Azerbaijan, for critical meetings and bilateral discussions. The formal opening session of the summit saw national statements being delivered by various leaders, while high-level roundtables began addressing urgent topics such as energy, climate finance, and the role of carbon markets in mitigating global warming.
One of the key outcomes of the day was the approval of rules governing the trade of “carbon credits,” which had been a contentious issue for years. The draft decision on Article 6 passed with little objection and was met with applause, though some delegates voiced concerns over the rushed decision-making process, echoing frustrations from COP28. This raised questions about the level of collaboration in the decision-making, which is vital for the success of global climate agreements.
Key discussions at the summit also included the "High-Level Roundtable on Energy: Advancing Climate Mitigation Action" and the "High-Level Roundtable on Enabling Climate Finance," both of which focused on the global efforts needed to address climate change and the financial strategies required to meet the goals of the Paris Agreement. These discussions also examined how to mobilise climate finance for Nationally Determined Contributions (NDCs) and implement strategies that promote real change in the energy sector.
On the opening day of COP29, the European Union emphasised the importance of private sector involvement in funding the green transition, underscoring that achieving ambitious climate goals would require trillions of dollars in private investment. At the same time, discussions were underway regarding a new collective financial goal to replace the existing $100 billion target for supporting developing countries' climate actions. India played a crucial role in pushing for this change, highlighting the evolving landscape of climate finance and the need for a more robust and inclusive approach to addressing global climate challenges.
Azerbaijan’s President Ilham Aliyev delivered a keynote speech emphasising his country’s commitment to the green transition, while also stressing the importance of a pragmatic approach. He referred to Azerbaijan’s oil and gas resources as a “gift from God,” defending the country’s role in supplying the market, given the ongoing global demand for fossil fuels. Aliyev criticised Western nations, particularly the United States and the European Union, for their historical carbon emissions and accused them of launching a “well-orchestrated campaign of slander and blackmail” against Azerbaijan’s energy sector. He condemned “double standards” and “political hypocrisy,” reaffirming Azerbaijan’s position in advocating for a balanced, realistic global green transition.
UK Prime Minister Keir Starmer delivered his address to the opening of the COP29 climate summit in Azerbaijan, confirming a new pledge for the UK to cut emissions by 81% by 2035. The new target will form the headline of an updated Nationally Determined Contribution (NDC) to the Paris Agreement for the UK. NDCs outline how each UN member state intends to deliver its fair share of emissions reductions to limit the global temperature increase on pre-industrial levels.
Notably, some high-profile leaders were absent, including German Chancellor Olaf Scholz and French President Emmanuel Macron, while countries such as Papua New Guinea chose to boycott the event, citing concerns over the effectiveness of climate finance commitments. These absences and protests underscored the ongoing tension surrounding climate finance and its role in the global climate agenda.
These events at COP29 set the stage for continued negotiations on critical global climate issues, with leaders and delegates focusing on both immediate actions and long-term strategies to combat climate change.
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