At COP29, held in Baku, Azerbaijan, agreements totaling over $300 billion in climate finance were reached, marking a significant milestone in global climate action and further emphasizing the importance of collaborative efforts to combat climate change.
The UN Climate Change Conference held in Baku in November 2024 brought together world leaders, legal experts, environmental advocates, and policymakers to deliberate on pressing climate challenges and foster international cooperation.
Sanj Wijesinghe, Principal Solicitor and Managing Partner of Oxbridge Associates, has been playing a pivotal role as an advocate for green energy since 2009. He has a proven track record of leveraging his legal and financial acumen to initiate transformative green energy projects globally.
Over the past decade, he has spearheaded initiatives that have successfully mobilized over €450 million in funding for renewable energy ventures, underscoring his pivotal role in shaping sustainable development on an international scale.
Legal Framework Underpinning the Conference
The legal backbone of the conference was guided by the principles enshrined in the Paris Agreement (2015) and further augmented by recent developments in international climate change law. These include:
- Commitment to Nationally Determined Contributions (NDCs): Countries were required to present enhanced NDCs demonstrating more ambitious emissions reduction targets.
- Compliance Mechanisms: Discussions focused on establishing robust compliance frameworks to ensure accountability, particularly for developed nations that have historically been the largest emitters of greenhouse gases.
- Loss and Damage Fund: Legal discussions revolved around operationalizing the loss and damage fund, a critical aspect for developing nations that are disproportionately affected by climate change impacts.
- Technology Transfer Agreements: These were designed to legally facilitate the transfer of green technologies from developed to developing nations.
Proposals and Agreements: Bridging the Gap Between Developed and Developing Nations
Proposals by Developing Nations:
- Increased Climate Finance: Developing nations called for a significant increase in climate finance, requesting developed countries to meet and exceed the $100 billion annual pledge under the Paris Agreement.
- Debt Relief: Proposals included linking climate resilience projects with debt relief for heavily indebted developing nations.
- Capacity Building: Developing countries emphasized the need for enhanced capacity-building programs to address climate adaptation and mitigation challenges.
- Equitable Energy Transition: Many called for an equitable phasing out of fossil fuels, ensuring that the transition to renewables does not exacerbate existing economic inequalities.
Commitments from Developed Nations:
- Doubling Climate Finance: Developed nations agreed to double their climate finance contributions by 2030, with a significant portion earmarked for adaptation projects.
- Technology Sharing: Agreements were reached to expedite the sharing of cutting-edge green technologies with developing nations through a streamlined legal framework.
- Loss and Damage Fund Implementation: Developed nations committed to operationalizing the fund by 2025, with an initial pledge of $25 billion.
- Support for Renewable Energy Initiatives: Developed countries pledged to support large-scale renewable energy projects in the Global South through grants and concessional financing.
- United States: Advocated for doubling climate finance and emphasized leveraging private sector investments alongside public funding. The U.S. also focused on fostering innovation in carbon capture technologies.
- European Union: Strongly supported the Loss and Damage Fund and committed to a legally binding roadmap for phasing out coal by 2030.
- Japan: Pledged significant funding for technology transfer programs and underscored the importance of regional partnerships in Asia to achieve shared climate goals.
- Canada: Focused on adaptation measures and pledged additional funds for indigenous communities globally affected by climate change.
- Australia: Emphasized renewable energy investments and agreed to co-fund solar energy projects in the Pacific region.
Key Developing Nations Poison
- India: Called for equitable resource allocation and stressed the need for capacity-building programs tailored to the needs of developing nations.
- China: Advocated for a balanced approach that considers development priorities while committing to enhance its renewable energy targets.
- Brazil: Highlighted the critical importance of protecting the Amazon rainforest and sought financial support for deforestation prevention efforts.
- South Africa: Focused on a just energy transition and requested support for coal-dependent communities.
- Indonesia: Prioritized funding for climate resilience in island communities and pushed for greater investments in green infrastructure
Key Outcomes of the Baku Conference
The conference’s final declaration emphasized collective responsibility while acknowledging differentiated roles and capabilities. Significant agreements included:
- Baku Green Energy Pact: A landmark agreement committing signatories to achieving a 50% global renewable energy share by 2035 with a total investment of $300 billion a year package.
- Enhanced Transparency Framework: A new reporting mechanism to ensure all nations are transparent in their climate actions.
- Just Transition Principles: Developed and developing nations jointly endorsed principles for a just energy transition, prioritizing employment and economic stability in affected communities.
The Baku Conference underscored the importance of legal instruments and multilateral cooperation in addressing the climate crisis. Advocates like Sanj Wijesinghe have been instrumental in shaping discourse and action, leveraging legal expertise and advocacy to drive progress. As the world moves forward, the agreements forged in Baku provide a foundation for more equitable and sustainable climate solutions.
