COP29, the UN's yearly Climate Change Conference, is currently underway in Baku, Azerbaijan, with climate finance and carbon markets high on the agenda. Although the reputation of COP is on the line, especially after the minimal outcomes from the last conference in Dubai, RMIT expert Professor Bruce Wilson argues that any progress is good progress.
Professor Bruce Wilson, Director, European Centre of Excellence at RMIT
"Every COP is important, but the significance of this one is diminished because it is being held in Baku, Azerbaijan, a country dependent on oil and gas, testing one's belief that there will be serious efforts made to advance the climate agenda."
"However, even in the face of reservations that the climate action agenda is now beyond urgent, 2024 is the year where we could exceed 1.5 degrees. That is catastrophic for the earth, and therefore any progress will be valuable progress."
"The focus of this COP is on climate financing, which is crucial, particularly Western support for other parts of the world to hasten their climate action. Again, any gains made around improving climate financing are important."
"One of the first commitments this COP is seeking to achieve is having around 200 nations commit to establishing carbon markets and any measure which puts a price on carbon has to be seen as a good measure."
Professor Bruce Wilson is Director of the European Union Centre of Excellence at RMIT. He leads research and debate on EU-Australian relations, place-based innovation systems and regional development, and shares advice on building partnerships between Australian organisations and their European counterparts.
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