Day 5 of COP29
Energy, Peace, Relief and Recovery Day

Day 5 of COP29 in Baku highlighted a mix of progress and challenges, focusing on energy, peace, relief, and recovery. Discussions emphasized accelerating the energy transition while addressing financial and geopolitical barriers, offering both insights into global climate commitments and the obstacles that remain.

​Key Highlights

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• Energy Storage and Green Energy Initiatives for a Sustainable Future
  Day 5 saw a major commitment to increase global energy storage capacity six-fold by 2030, a crucial step in enhancing the scalability and resilience of renewable energy systems. Alongside this, the COP29 Presidency launched several green energy initiatives, including the creation of green energy zones, advancements in hydrogen energy, and expanded energy storage solutions. These efforts aim to accelerate the global energy transition, emphasizing the importance of clean, affordable, and reliable energy solutions to meet renewable energy goals by 2030.

• Azerbaijan and IRENA Form Strategic Partnership
  A landmark partnership between Azerbaijan and International Renewable Energy Agency (IRENA) was announced, aiming to boost renewable energy across Central Asia. This collaboration will enhance regional energy trade, foster green industrialization, and support both regional energy security and the global renewable energy transition.

• Methane Emissions Highlighted by UNEP
  The UN Environment Programme (UNEP) presented a report on methane emissions, underscoring the success of MARS in detecting significant methane leaks. However, the report revealed that only 1% of these alerts received government responses, calling attention to the urgent need for quicker, more effective action in addressing methane emissions, one of the most potent greenhouse gases.

• Baku Call on Climate Action for Peace, Relief, and Recovery
  The Baku Call on Climate Action for Peace, Relief, and Recovery (BCCAP) was unveiled, drawing attention to the urgent need for climate-sensitive peace building initiatives. This initiative underscores the critical intersection between climate change, conflict, and humanitarian needs, emphasizing the necessity for integrated solutions that address the long-term impacts of climate-induced displacement and instability.

• Global Matchmaking Platform for Industrial Decarbonization
  The launch of the Global Matchmaking Platform (GMP) promises to accelerate industrial decarbonization by fostering collaboration and technology sharing. With initial funding from Germany, this platform will enable industries to find innovative solutions and share best practices, driving the much-needed transition toward net-zero emissions across sectors.

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• Operationalization of the Fund for Loss & Damage​
  The Fund for Loss & Damage (FRLD) under the UNFCCC took a significant step forward with its operationalization. This move is a critical response to the disproportionate impacts of climate change on developing nations, providing financial resources to address the most urgent and devastating consequences of climate-related loss and damage.

​Shortcomings

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While developing nations emphasized the need for $1.3 trillion annually by 2030 to address the climate emergency, the financial commitments made at COP29 continue to fall short of what is required. This funding gap remains one of the most critical challenges in achieving the global climate goals, and calls for more robust financial support from developed nations are growing louder.

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The negotiations around Loss & Damage and funding at COP29 reached a deadlock, with unresolved issues surrounding financial contributions and the scope of the Loss & Damage mechanism. This continued impasse highlights the challenges in reaching consensus on how to equitably distribute climate finance, especially for the most vulnerable nations.

Contradictions in Climate Action

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Despite the ambitious climate pledges, the presence of 1,700 fossil fuel lobbyists at COP29, outnumbering delegations from the 10 most climate-vulnerable nations, has raised concerns over the summit’s priorities. This glaring contradiction exposes the influence of fossil fuel interests on climate negotiations, questioning the sincerity of commitments and the pace of real change.

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Additionally, the arrival of 65 private jets in Baku highlighted the disconnect between the urgent need for climate action and the actions of the global elite. This stark symbol of climate inaction underscores the challenges in reconciling high-profile climate summits with the real-world behaviors that contribute to the climate crisis.

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GC’s Perspective​

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At GC, we recognize the progress made on Day 5 of COP29, including key commitments to expand energy storage and launch green energy initiatives, which are vital for the global energy transition. However, the continued financial gaps and the strong influence of fossil fuel interests highlight the challenges in achieving meaningful climate action. While the Fund for Loss & Damage and GMP efforts are positive steps, more robust financial support for developing nations and overcoming geopolitical barriers are essential. We believe that the momentum for change is building, but the pace must accelerate, and the voices of vulnerable nations must be heard louder on the global stage.

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GC remains dedicated to helping clients navigate these complexities and drive real, sustainable change.

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Looking Ahead​

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As COP29 progresses, the road ahead will require bold actions, unwavering commitments, and stronger international cooperation. GC remains committed to supporting our clients and partners in navigating this complex landscape and driving meaningful climate action across sectors.