COP29 President to Asharq Al-Awsat: We Aim for Fair Climate Ambitions, Value Saudi Efforts

Security personnel walk outside the venue of the COP29 conference. (AP)
Security personnel walk outside the venue of the COP29 conference. (AP)
TT

COP29 President to Asharq Al-Awsat: We Aim for Fair Climate Ambitions, Value Saudi Efforts

Security personnel walk outside the venue of the COP29 conference. (AP)
Security personnel walk outside the venue of the COP29 conference. (AP)

The appointed president of the UN Conference on Climate Change (COP29), Mukhtar Babayev, emphasized that the conference has a clear vision to advance ambition and empower action toward achieving the 1.5°C target.

“We aim for fair climate ambitions and sustainable financing,” he told Asharq Al-Awsat, pointing to Saudi Arabia’s efforts in addressing critical climate issues.

Azerbaijan will host COP29 starting Monday, with the conference running through November 22, to address the rising threats of climate change. The top priority will be reaching an agreement on a new climate finance target.

On the eve of the meeting, Babayev told Asharq Al-Awsat that the vision involves “enhancing ambition” by having parties submit Nationally Determined Contributions, National Adaptation Plans, and biennial transparency reports as signals of commitment and guidance on mutual support.

Babayev, who also serves as Azerbaijan’s Minister of Ecology and Natural Resources, added that empowering action requires increased climate financing from multiple sources to turn ambitions into concrete actions. Key goals include establishing a fair, ambitious climate finance target, finalizing Article 6 implementation, reforming multilateral development banks to address climate efforts more effectively, and mobilizing the private sector to play a key role, he underlined.

Article 6 is a core component of the Paris Agreement, focusing on the development of carbon markets, where countries, companies, and individuals can trade carbon credits.

Babayev also noted that COP29 has launched its action program, with initiatives to advance various issues beyond the formal negotiations.

“Much of our strategy builds on past progress and prior commitments, from the Paris Agreement to the global stocktake,” he said. “By working closely with parties, including Saudi Arabia, the Gulf Cooperation Council, and the Middle East and North Africa, we hope to make real strides this year.”

Geopolitical tensions

Babayev acknowledged that geopolitical tensions present ongoing challenges to global climate action.

However, he said COP29 provides an opportunity to unite countries around a shared goal: addressing climate change.

“As COP29 president, our strategy centers on diplomacy, inclusivity, and practical solutions to ensure that political issues do not hinder progress,” he explained. Climate change affects all countries, creating common ground for cooperation.

Vulnerable nations

Babayev highlighted the COP29 presidency’s commitment to prioritizing the needs of small island developing states and the least developed countries, as they are disproportionately affected by climate change despite contributing the least to global emissions.

“In COP29 presidency consultations, we presented a vision based on two parallel pillars: enhancing ambition and empowering action, with climate finance as a top priority. Reaching an agreement on a fair, ambitious new climate finance target, or the new collective quantified goal, is essential for addressing the severe climate impacts facing frontline communities, including small island developing states and the least developed countries,” he said.

Collective quantified goal

Babayev underscored the new collective quantified goal as a key priority at COP-29, saying: “The top negotiation priority for the COP29 presidency is reaching agreement on a fair and ambitious new climate finance target.”

He continued: “We know the needs are in the trillions, but perspectives differ on how to achieve this. Realistically, public sector contributions and mobilization appear to be in the hundreds of billions. The new target should also include detailed qualitative elements, and we’ve seen progress in terms of access, robust transparency arrangements, structure, and a ten-year framework.”

Upholding commitments

Ensuring that past commitments are honored is a top priority for the COP29 presidency, according to Babayev.

“Transparency is essential to mutual trust within the UNFCCC process, and the COP29 presidency has emphasized enhancing transparency, with biennial transparency reports crucial for tracking progress on commitments and assessing financial gaps and needs,” he explained.

Azerbaijan will lead by example by submitting its own biennial transparency reports ahead of COP29, and Babayev encouraged other parties to do the same. “We are creating a platform for parties to demonstrate their commitment to transparency and publish their biennial transparency reports on time,” he added.

Loss and damage fund and additional pledges

Recognizing COP29’s role in securing additional pledges and enhancing funds to better support vulnerable communities, Babayev stated: “The COP29 presidency is committed to addressing these concerns directly. We recently made substantial progress in Baku and are proud of the role we have played so far.”

He explained: “At the third meeting of the Loss and Damage Fund Board, held in Baku, we took significant steps to establish the financial groundwork for disbursements starting in 2025. Hundreds of millions already pledged will provide practical support to the most vulnerable communities, and we will use COP29 as a platform to call for additional contributions to further strengthen the fund.”

Babayev also acknowledged the contributions of Saudi Arabia and the Middle East and North Africa region, noting that Saudi Arabia has played a vital role through its leadership of the Arab negotiating group, representing the region’s views and priorities on the global stage.

“We appreciate the efforts of our partners in Saudi Arabia and the Middle East and North Africa in addressing the critical climate issues affecting us all,” he said.

Reflecting on his meeting with Saudi Energy Minister Prince Abdulaziz bin Salman in Jeddah earlier this year, Babayev noted: “We discussed opportunities for collaboration on climate action and how we can work together most effectively to achieve the goals and principles of the UNFCCC and the Paris Agreement.”

He welcomed Saudi Arabia’s initiatives to address climate change, including renewable energy use, emissions management, and carbon reduction and removal efforts such as the Saudi Green Initiative and the Middle East Green Initiative, along with circular carbon economy practices, technologies, and other national and regional programs.



Bitcoin is at Doorstep of $100,000

Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
TT

Bitcoin is at Doorstep of $100,000

Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration

Bitcoin topped $98,000 for the first time Thursday, extending a streak of almost daily all-time highs since the US presidential election. The cryptocurrency has rocketed more than 40% in just two weeks.
Now, bitcoin is at the doorstep of $100,000 and investors do not appear to be phased by gravity or any cautionary tales of the cryptocurrencies history of volatility, The Associated Press reported.
Cryptocurrencies and related investments like crypto exchange traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly” than the outgoing Biden administration.
As of 8:30 a.m. ET, bitcoin traded at $97,466 after rising as high as $98,349 according to CoinDesk.
Yet cryptocurrency markets remain a wild place and what comes next is impossible to know. And while some are bullish, other experts are warning of investment risks.
Here’s what you need to know.
Back up. What is cryptocurrency again? Cryptocurrency has been around for a while now but have come under the spotlight in recent years.
In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.
Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, with its price reliant on larger market conditions.
Why are bitcoin and other crypto assets soaring? A lot of the recent action has to do with the outcome of the US election.
Trump has evolved from a crypto skeptic to a crypto champion and has pledged to make the US “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. Trump also had promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry and repeatedly called for more oversight.
Digital assets like bitcoin had posted notable gains in the months ahead of the election, mostly due to the early success of a new way to invest in the asset: spot bitcoin ETFs, which were approved by US regulators in January.
Inflows into spot ETFs, “have been the dominant driver of Bitcoin returns from some time, and we expect this relationship to continue in the near-term,” Citi analysts David Glass and Alex Saunders wrote in a research note two weeks ago. They added that spot crypto ETFs saw some of their largest inflows on record in the days following the election.
In April, bitcoin also saw its fourth “halving” — a preprogrammed event that impacts production by cutting the reward for mining, or the creation of new bitcoin, in half. When that reward falls, so does the number of new bitcoins entering the market. And, if demand remains strong, some analysts say this “supply shock” can also help propel the price long term.
What are the risks? History shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day.
At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, in a time marked by high demand for technology assets. Bitcoin later crashed during an aggressive series of Federal Reserve rate hikes aimed at curbing inflation. The collapse of FTX in late 2022 significantly undermined confidence in crypto overall and bitcoin fell below $17,000.
Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs. Experts still stress caution, especially for small-pocketed investors.
What about the climate impact? Assets like bitcoin are produced through a process called “mining,” which consumes a lot of energy. And operations relying on pollutive sources have drawn particular concern over the years.
Recent research published by the United Nations University and Earth’s Future journal found that the carbon footprint of 2020-2021 bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied the bulk of bitcoin’s electricity demands (45%), followed by natural gas (21%) and hydropower (16%).