As world leaders prepare to gather in Baku for COP29, the United Nations Framework Convention on Climate Change released its annual 10 New Insights in Climate Science 2024 policy report last Monday. This report emphasizes the urgent need for action to limit global average temperature rise to within 1.5°C of pre-industrial levels. The report highlights the far-reaching impacts of climate change on essential systems such as water supplies, energy grids, and telecommunications, as well as on maternal and infant mortality.
Renowned scientists warn that rising heat, ocean instability, and threats to the Amazon rainforest could push parts of the planet beyond habitable limits. Despite the alarming findings of the report, global greenhouse gas emissions remained at record levels last year, casting doubt on the ability to meet the goals set in the Paris Agreement. The upcoming COP29 climate summit in Azerbaijan, dubbed the ‘finance COP’, will focus on addressing the financial needs of developing countries to transition to clean energy and adapt to extreme weather events.
Governments have until February to submit updated ‘nationally determined contributions’ (NDC) towards emissions reductions, which will form the basis of discussions at COP30 in Brazil. The European Commission is planning to set a target of 90% emissions reductions by 2040. While financing is crucial, it is ultimately the reduction of emissions that will make a difference in combating climate change. The COP29 summit will address the issue of funding for developing nations and highlight the need for global cooperation to tackle climate change effectively.
Policy newsmakers are already raising concerns about the recruitment process for the EU’s next Ombudsman, citing a lack of transparency in the selection process. Candidates such as Claudia Mahler and Emilio De Capitani are among those vying for the position. The upcoming International Banking Conference in Madrid will feature discussions on investments led by former Italian Prime Minister Enrico Letta and European Commissioner Mairead McGuinness. This highlights the importance of financial services in supporting the transition to a low-carbon economy.
