Amid pressure from petrostates, Donald Trump’s looming US presidency, curtailed activism and continuing implementation difficulties, the progress was better than nothing - but way short of what is required
Cash on the table was upped to $300 billion a year, with a commitment to reach $1.3 trillion, but with little detail. A commitment on transitioning away from fossil fuels agreed last year was retained without building on that ambition.Deal reached at Cop29 but developing countries say it is not enough to avoid climate catastrophehas yet to take office, the climate hoaxer’s victory in the US presidential election soured the mood at Cop29 from the very start.
It is easy to forget “there are many lives and livelihoods at stake, and people other than those bought by oil are fighting for real progress, and for all of us”, Otto added. She hoped that at Cop30 in Brazil next year those voices will get amplified more and that urgently needed acceleration of the transition away from fossil fuels can happen for a safer, more equal world.Having Cops in Big Oil states has also blunted climate activism as protests are curtailed, if not banned.
This race to net-zero emissions is also hampered by logistical roadblocks, ie escalating demand for electricity from a combination of modern data-consuming lifestyles, the voracious power needs of data centres and mega demands ofConversations have become more realistic on what decarbonisation will cost, with growing realisation it also represents an economic opportunity, while helping to bring the planet to a safer place.
Possibilities include levies on aviation, shipping, financial transactions, cryptocurrency, plastics and ultra-high-net-worth individuals. A co-ordinated minimum 2 per cent tax on billionaires, recently discussed at the G20 summit, could yield $200-250 billion, fostering a fairer global tax landscape.
That backdrop and the way climate Cops are run and reach decisions have heightened concerns that the UN process is no longer fit for purpose. It is a cornerstone of global climate governance but needs overhaul so it can retain its relevance in a rapidly changing climate crisis.Human actions since the Industrial Revolution, primarily burning of fossil fuels, have caused greenhouse gases to rapidly rise in the atmosphere to record levels.
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