Download Link for Energy & Power Vol 22 Issue 10 (November 16, 2024) as PDF/userfiles/EP_22_11.pdf

The first week of the UN Climate Summit in Baku, Azerbaijan, has passed, but not much has been accomplished. Negotiators are frustrated, as no draft agreements have been prepared to guide the ministerial meetings in the second week. Almost every major issue has been left for the ministers to do the tough job of untangling complex and contentious agendas. Many are starting to worry that the Baku Summit could end up in complete failure. Despite being tagged as the "Finance COP," hopes for significant progress on climate action seem to be dwindling. If things continue down this path, Baku could end up being remembered as the second major failure after the Copenhagen summit. Some negotiators are already pointing fingers at the Baku Presidency, blaming it for a lack of leadership and direction. One negotiator summed up the situation bluntly: While developed nations talk about the importance of climate financing and addressing environmental impacts, their actions don’t match their words. The political will to back these promises simply isn’t there. Instead, climate financing is beginning to look more like a business model—one that risks trapping developing countries into debt cycles. Alarmingly, some of the poorest countries are already feeling the impact.

Closer to home, Bangladesh has received a stark warning from climate activists – if it isn’t cautious, the country could find itself caught in the same debt trap by 2030. It’s a sobering reminder that decisive action is needed now to avoid long-term consequences.

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