Overview
On the first day of the 29th Annual United Nations Climate Change Conference (COP29), US Climate Envoy John Podesta said the fight against climate change will not stop under President-elect Donald Trump’s next term.
In Depth
Below are key insights shared during day one of COP29:
- “Although under Donald Trump’s leadership the US federal government placed climate-related actions on the back burner, efforts to prevent climate change remain a commitment in the US and will confidently continue,” Podesta said.
- Trump has pledged to deregulate the energy sector and pull the United States from the Paris Agreement. However, Podesta said, “This is not the end of our fight for a cleaner, safer planet.”
- Under US President Joe Biden, the Inflation Reduction Act of 2022 was passed, the largest downpayment on the green transition seen in US history.
- “The fight is bigger than one election, one political cycle in one country,” said Podesta. COP29 represents a “critical opportunity to cement our progress.”
- Among the US’s top goals for upcoming climate talks is securing mitigation plans for greenhouse gases other than CO2, such as methane. On November 12, the US will co-host a summit on the issue with China and COP29 host Azerbaijan.
- According to Podesta, other major priorities will be reaching an agreement on the use of carbon trading and increasing ambition on clean energy deployment.
- Another crucial component of the climate talks, Podesta said, will be ensuring small economies have access to climate finance from rich nations.
- “COP29 is a crucial opportunity to solidify our progress and keep 1.5 degrees alive, accelerate progress in reducing all greenhouse gases, and perhaps most importantly, strengthen global cooperation in adaptation and climate finance,” said Podesta. “We are here to work, and we are committed to achieving a successful outcome at COP29.”
- At the end of the first day, diplomats have greenlit key rules that govern the trade of “carbon credits,” breaking a yearslong deadlock over contentious carbon markets. It means a global “carbon market” can now been established, allowing richer nations to pay for projects in developing nations that reduce emissions and to meet their climate obligations. Initial projections estimate that this could be worth up to $250 billion of funding for projects in emerging and developing economies.
