COP29 is the 29th United Nations Climate Change Conference, which is taking place from November 11-22, 2024.
The annual conference is an utterly crucial global event which addresses climate change and discusses the impacts it’s having, but also the solutions that need to be implemented to reduce the damage that’s being done.
Here are some of the key themes from Day 1 of COP29 in Baku, Azerbaijan:
– Climate Finance: A huge focus at COP29 is negotiating between nations a New Collective Quantified Goal (NCQG) for climate finance, which aims for much more ambitious, predictable and easy to understand targets when addressing the needs of developing countries.
– Energy Transition: As ever, the need to move away from fossil fuels globally is imperative, so switching to renewable energy sources has been discussed as a matter of priority.
– Adaptation: Another discussion point at COP29 has focused on building climate-resilient societies which will empower nature-focused groups.
– Inclusivity: Even after just one day at COP29, there’s been a push for more inclusivity in climate policy processes involving indigenous people and smaller, local communities globally. The desire is to boost clean energy in developing economies, with an ambitious goal to triple concessional funding to $115bn annually by 2030.
10 Downing Street published a very positive press release on 12/11/2024, which stated ‘the UK will lead the world in the pro-growth clean energy transition’.
Throughout his fight against the Conservative party to dethrone Rishi Sunak as Prime Minister in 2024, Keir Starmer frequently referenced his plans for clean energy, a pledge he appears to have stuck to.
Here are a few highlights from the Prime Minister’s first speech at COP 29:
– British manufacturing win with blade factory in Hull set to benefit from £1bn offshore wind deal.
– UK steps up clean energy investment to boost energy security, protect consumers, and create good jobs.
– UK expected to announce a new UK climate target to reduce emissions and show climate leadership during the summit.
Starmer’s focus is to make the UK a clean energy superpower. Offshore wind developers will be offered financial incentives to invest on UK soil, including industrial heartlands, areas around the coast, along with oil and gas communities. The idea is that this will boost green jobs and will support more sustainable factories.
It’s clear that the UK wants to be seen to be wasting no time in their global transition to cleaner energy and wants to be a global leader for these efforts. Firms will be rewarded for investing in less polluting suppliers which will help tackle the climate crisis abroad as well as at home.
To quote the Prime Minister directly:
“Our mission to make Britain a clean energy superpower will fire up our industrial heartlands and break down barriers to growth in our hard-working towns and cities.”
“It will strengthen our national security - protecting our children and grandchildren from the climate crisis, and impact this will have on their future prosperity.”
“By acting decisively and early, the UK has an opportunity to lead the world in the industries of the future — working in partnership with business — creating real energy security, cutting energy bills and building jobs and supply chains in the UK.”
“But we can’t move alone – and at COP I will lead efforts to protect Britain from climate change by also working with other countries to accelerate the global clean transition to tackle the causes at its root.”
This clarifies the fact that the British Government is committed to tackling the climate crisis, as well as pushing towards net zero with no time to waste. The long-term idea is that these efforts will make British people better off. This is by investing in clean, homegrown power, to end a national exposure to fossil fuel markets and the people who control them. That being said, we need to ensure the plans turn into a reality, and ensure a more public drive on environmental issues.
The Government has a ‘clean power by 2030’ mission, some of the steps taken so far include:
– Lifting the ban on onshore wind in England.
– Delivering a record number of clean energy projects through its renewables auction.
– Consenting unprecedented amounts of nationally significant solar – 2GW – more than the last 14 years combined.
– Launching Great British Energy
– Firing the starting gun on the UK’s Carbon Capture and Storage industry, with funding agreed for two clusters in Teesside and Merseyside.
It can’t all be solved after one day! There are a variety of topics that need to be discussed in much more depth at COP29. Here’s just a few of the main ones:
– Paris Agreement Article 6: How to create a robust, transparent system that incentivises climate action, while also ensuring the integrity of the environment (no greenwashing etc).
– Transitioning away from fossil fuels: This is especially important with the recent presidential election in the USA, raising concerns over the world leaders’ climate policy.
– Addressing methane emissions: Considered one of the most effective strategies for limiting global warming and keeping the 1.5 degrees Celsius temperature pledge, there are a variety of focuses here, with agriculture being a primary one.
– Implementing national adaptation plans by 2025: This is part of a wider effort to accelerate global enhancements to tackle climate change.
– Hydrogen declaration: Recognising hydrogen as a fuel to transition away from fossil fuels.
Inspired by COP29 and want to make a real difference to climate change with your business? 5D Net Zero can help you with that. 5D offers carbon footprinting and carbon reduction services specific to your business, ensuring it lowers its emissions across all three scopes and making it more profitable in the long run.
Let’s start with a completely free Discovery Call, so our friendly team can find out your needs. 5D will support you wherever you are on your sustainability journey; whether it’s just getting started, winning tenders with carbon reduction plans, or incorporating sustainable strategies within every step of your operation.
The team at 5D Net Zero hope you’ve found this blog informative, and if you’d like our help, get in touch today!.
On the discovery call, we will ask you about your business, to understand your goals and advise how 5D Net Zero can help you on your net zero journey.
To start the process, just use our calendar to book a discovery call.
