The 29th Conference of Parties is currently underway in Baku, Azerbaijan. Negotiations will take place until 22 November with governments from across the world assessing global performance regarding climate targets established by the Paris Agreement. So far, it has been revealed that carbon emissions will hit a new peak in 2024 with “no downward trajectory in sight”. Therefore, global emissions could exceed the crucial 1.5-degree target set out in the Paris Agreement.
Simon Stiell, UN Climate Change Executive Secretary, highlighted the fact climate disasters increase costs for businesses. He emphasised that “bolder climate action” and clean energy initiatives can stimulate economic growth by creating more jobs, stronger businesses and healthier citizens. According to the Minister for Environment, Climate and Communications Eamonn Ryan, climate adaption is “vital” to how infrastructure is built.
There is a diverse array of initiatives relevant to a variety of industries, such as tech and AI, pharmaceuticals and health, agriculture and sustainability at COP 29. These include:
- Green Energy Zones and Corridors: Targets to promote investment, boost economic development, modernise infrastructure and enhance regional cooperation.
- Energy Storage and Grids: The goal is to increase global energy storage capacity by 60 per cent.
- Green Digital Action: Advance climate-positive digitalisation and emission reductions in the ICT sector.
- The Baku Initiative on Human Development for Climate Resilience: Further investment in education, jobs, green skills, and youth to encourage environmental literacy.
Tech
The semiconductor industry could potentially lead the charge against climate change in the tech sector. The SEMI Sustainability Initiative, a platform which works towards the reduction of the industry’s carbon footprint, is participating in COP 29. The initiative will launch a pilot programme to develop a climate-literate workforce within the semiconductor industry.
Pharmaceuticals and Health
At COP 28 in 2023, the innovative pharmaceutical industry released a joint statement which outlined their commitment to investing in science and research and global cooperation to achieve climate targets. The statement was issued in relation to the COP 28 Declaration on Climate and Health. The declaration placed importance on global collaboration regarding health challenges such as antimicrobial resistance. Ireland signed up to the declaration.
This year, health is taking centre stage once again. Notable developments include The Baku Initiative on Human Development for Climate and a possible coalition like COP26’s Alliance for Transformative Action on Climate and Health. Elmar Mammadov, co-lead of the COP29 Global and Regional Initiatives and Action Agenda Team, stated: “We would like the COP29 Presidency to prioritize health on a permanent basis, to make it a long-term, sustainable topic to all COPs in the future”.
COP 29 Agrees International Carbon Market Standards
On Monday (11 November), parties agreed to set standards for a centralised carbon market. This move lays the groundwork for the development of a U.N.-backed global carbon market. The establishment of standardised carbon markets will lower the costs associated with reducing carbon footprints. Additionally, such markets will accelerate climate plan implementation while lowering emissions. In theory, carbon credits give countries or companies the ability to fund projects, in any location, which reduce CO2 emissions. The country/firm may then use the credits derived from such projects to compensate for their emissions.
From an industry standpoint, carbon credits can reduce operational costs, illustrate a firm’s commitment to decarbonisation, and help attract capital investment.
