This year, the 29th United Nations Climate Change Conference (COP29) took place 11-22 November 2024 in Baku, Azerbaijan, a country deeply invested in fossil fuels with oil and gas contributing to over 90% of exports, only one irony of the many that characterised COP29. Previous COPs have consistently failed to disguise their real purpose as a diversion from the climate crisis. COP29 was embroiled in controversy before it began, with the Deputy Energy Minister of Azerbaijan and chief executive of Azerbaijan’s COP29 team, Elnur Soltanov, being exposed just days before the conference for wooing potential investors for the State Oil Company of the Republic of Azerbaijan. This, on top of the 1,770 attendees linked to fossil fuel interests, made it no surprise that a transition away from fossil fuels did not even make it to the agenda.
Of the few items that did make it to the COP29 agenda, a key issue was the basis on which richer countries would agree to finance climate resilience for poorer countries. The previous COP agreement was that rich countries would contribute $100bn per year. This figure is vastly inadequate to fund the necessary undertakings by climate vulnerable countries who are impacted the most by climate change, but who contribute the least to the global emissions which fuel it. With developing countries pushing for $1.3 trillion, the bitter debate concluded with wealthy countries agreeing to reach a paltry sum of $300bn per year by 2035.
With no accountability mechanisms in place and the failure of wealthy countries to reach even the previous $100bn target, this decision will force poor island countries to rely on private investment and high interest loans to rebuild their infrastructure after climate disaster. These nations’ GDP will go directly to repaying loans rather than building critical adaptation infrastructure, actively harming poor countries’ abilities to prepare for future disasters and locking them into future debt when crisis inevitably hits.
COP29 was yet another round of the ruling class’s annual climate charade. The struggle for climate justice must be fought on the streets directly against the capitalist class that condemns us to ruin.
Capitalism is extinction! Socialism is survival!
Soma Kisan
FIGHT RACISM! FIGHT IMPERIALISM! 303 December 2024 /January 2025
