Azerbaijan will lead by example

THE 60th session of the Subsidiary Body for Scientific and Technological Advice, and the Subsidiary Body for Implementation (SB60) of the United Nations Framework Convention on Climate Change in Bonn, Germany, which concluded in June 2024, revealed several critical issues and setbacks, highlighting the challenges ahead in global climate negotiations. The discussions on key areas such as climate finance, loss and damage, and carbon markets demonstrated a lack of consensus and urgency needed to address the climate crisis effectively.

Significant contention remained regarding the New Collective Quantified Goal (NCQG) on climate finance. Parties from developing countries felt their concerns were not adequately addressed. The main points of contention involved the timeframe, quantum and principles of the NCQG, with developing nations advocating for substantial financial commitments from developed countries, which have yet to propose concrete figures.

On loss and damage financing, the discussions failed to meet the urgency required, with calls for innovative financial measures such as wealth taxes and penalties on the fossil fuel industry to generate the necessary funds. The inability to reach an agreement on these measures underscores the gap between the needs of vulnerable communities and the current financial commitments.

Significant disagreements centered on the operationalization of carbon market mechanisms under Article 6 of the Paris Agreement. Disputes centered on the eligibility of emission avoidance projects, and social and environmental safeguards, among other issues. Critics argue that relying on carbon markets as a solution undermines deep emission cuts and meaningful climate action.

While SB60 was ongoing, a group of media professionals from India, Indonesia, the Philippines (including this author) and Singapore sat down with Hikmet Hajiyev, the Foreign Policy Advisor to the President of Azerbaijan, at the Presidential Administration Building in Baku, Azerbaijan. Our discussions focused on Azerbaijan's role as the Incoming COP29 Presidency this November 2024.

Striking a balance

As a resource-rich nation, Azerbaijan faces challenges and opportunities as it