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)
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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.



US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

 A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
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US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

 A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)

US shoppers are coming out in force this holiday season, but the festiveness is being tempered by inflationary pressures that have abated but not completely faded.

After the sticker shock during the latter stages of the pandemic, a familiar frustration has settled in towards consumer prices that remain broadly elevated even if they have stopped rising rapidly.

Americans are "ready to open their wallets this holiday season," said the Conference Board ahead of Black Friday -- the day after Thanksgiving, which this year, falls on November 28 -- that traditionally sees US stores kick off the Christmas shopping season with steep discounts.

"US consumers plan to spend more than last year, but inflation reduces how far their dollars can go."

In this environment, nobody expects to pay the full price for items.

"Holiday shoppers are likely to increase their budgets this year versus last year but remain selective and are looking for discounts," said a note from Morgan Stanley.

The investment bank's survey found that 35 percent planned to spend more this holiday season. But nearly two-thirds would skip a purchase if an item is not adequately discounted, meaning a price cut of more than 20 percent.

"It's gonna be a good year, but I don't think that growth is going to be spectacular because consumers are still under pressure," predicted Neil Saunders of GlobalData.

Inflation remains above the Federal Reserve's two percent long-term target, rising in October to 2.6 percent on an annual basis from 2.4 percent in September. But that's significantly below the peak level of 9.1 percent in June 2022.

Other recent economic data has been solid. Unemployment remains low at 4.1 percent, while a preliminary GDP reading for the third quarter came in at 2.8 percent.

But Joe Biden's presidency coincided with about a 20 percent rise in consumer prices as Covid-19 pandemic lockdowns gave way to supply chain bottlenecks.

That inflation played a central role in the 2024 US presidential election, with Republican Donald Trump defeating Biden's appointed Democratic successor, Vice President Kamala Harris.

"There is still a perception among consumers that things are quite difficult," Saunders said. "So people are being quite cautious and careful in their spending."

- Tariff hit? -

How Trump's looming presidency will affect inflation remains to be seen. Industry groups have warned that tariffs favored by the Republican could reignite pricing pressures.

The National Retail Federation projected that a Trump tariff proposal floated during the campaign would dent US consumer budgets by as much as $78 billion annually.

But while tough potential trade actions are already preoccupying Washington trade groups, tariffs are not on consumer radars for the 2024 season, according to Saunders.

One challenge this year will be the shortness of the season.

Black Friday falls at the latest possible date on November 29, shortening the stretch between Turkey Day and Christmas on December 25.

But the impact of that dynamic on 2024 sales should not be overstated. Retailers in recent years have pulled the holiday shopping season ahead, with some vendors launching online "Black Friday" promotions as early as October.

Among the companies that have already begun discounts: the big-box chains Walmart and Target, electronics giant Best Buy and home-improvement retailer Home Depot.

Amazon officially launched "Black Friday Week" on Thursday.

NRF has projected holiday spending growth of between 2.5 and 3.5 percent in the 2024 season compared with the year-ago period, to as much as $989 billion over the two-month period.

Economists with the trade group have pointed to an easing of gasoline prices as a supportive factor.

Online sales are projected to grow as much as nine percent this season, extending a long-term trend. Black Friday itself has become a big occasion for online shopping, along with "Cyber Monday" three days later.

"Over time, we've moved from a period where it was just Black Friday, and maybe a little of the weekend, to it being a period of discounting that starts very early," said Saunders. "It's seasonal discounts."

There has been a diminishment of "doorbuster" sales that are known to draw hordes of waiting crowds, sometimes resulting in injury or worse.

Instead, increasing numbers of consumers are spreading out their purchases or opting to click through Black Friday promotions at home.