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A few days ago, at an ornate hilltop hotel in Azerbaijan’s wine country with panoramic views of the Caucasus foothills, the world’s top climate diplomats debated how to marshal whopping amounts of money to fight global warming and compensate poor and vulnerable countries that suffer its worst effects. “Some say single-digit trillions. Some say double-digit,” said Yalchin Rafiyev, Azerbaijan’s chief climate negotiator. The meeting was a pre-meeting, of sorts, for the main event: November’s United Nations sponsored climate negotiations, known as COP29, to be held in the seaside capital, Baku, a few hours away. At previous summits, the world’s nations had struggled to agree on a seemingly basic premise in the fight against climate change, namely that humanity’s reliance on fossil fuels must be curbed as quickly as possible.
Persons: , Yalchin Rafiyev Organizations: November’s United Locations: Azerbaijan’s, Caucasus, November’s United Nations, Baku
It’s an unlikely place for such talk: It is out of the way, under authoritarian rule and, crucially, hyper-dependent on fossil fuels. Azerbaijan is hosting the annual climate summit, called COP29, only by dint of a quirky United Nations selection process that left it as the last option on the table. It’s a nearly vertical learning curve for officials who acknowledge their inexperience in global climate politics. They also acknowledge that they are under pressure from some people in their own country, who fear the global energy transition away from fossil fuels. Mr. Babayev himself spent most of his career rising through the middle ranks of the state oil company.
Persons: Mukhtar Babayev, , Mr, Babayev Organizations: United Locations: Azerbaijan, Russia, Iran, United Nations, Saudi Arabia, Vanuatu, It’s, Europe
Nominations are open for Business Insider's third annual list of top climate leaders. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. download the app Email address Sign up By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyWe're seeking nominations for Business Insider's third annual climate action list , which identifies global leaders working toward climate solutions. Aligning with COP29 and launching in November, BI's climate action list will invite honorees to share their progress toward achieving their climate goals and the specific actions they think our readers can take to do the same. This story is available exclusively to Business Insider subscribers.
Organizations: Business, Service
For the second year in a row, the United Nations climate summit known as COP will take place in a petrostate. COP29 will be in Baku, Azerbaijan, and overseen by Mukhtar Babayev, who worked for more than two decades at Socar, Azerbaijan’s state-owned oil company. There’s a precedent: Last year’s climate summit was controversially hosted by the United Arab Emirates and led by Sultan Al Jaber, who also runs the Abu Dhabi National Oil Company. It remains to be seen whether Babayev, a former low-ranking executive who is now Azerbaijan’s environment minister, will have the same impact. But there is also a poignant historical resonance to COP29: By some measures, Azerbaijan is where the modern oil industry began.
Persons: Mukhtar Babayev, There’s, Sultan Al Jaber, Al Jaber’s, COP28 Organizations: United Arab, Abu, Abu Dhabi National Oil Company Locations: United Nations, Baku, Azerbaijan, Socar, Azerbaijan’s, United Arab Emirates, Abu Dhabi
Azerbaijan's Minister for ecology and natural resources and formerly an executive at state oil company SOCAR Mukhtar Babayev (C) visits at the Norm cement plant in Baku, on February 23, 2023. Azerbaijan named on January 5, 2024, Mukhtar Babayev minister to preside over the November 2024 COP29 meeting, in Baku, on January 6, 2024. A former executive of Azerbaijan's state-owned oil and gas firm SOCAR has been picked to lead U.N. climate talks in Baku later this year, prompting critics to decry a "bad case of déjà vu." It means that a minister with vast experience in oil and gas will lead negotiations at the U.N.'s biggest and most important annual climate conference for the second consecutive year. Campaign group Global Witness said Babayev's appointment as the person to lead COP29 discussions was a "bad case of déjà vu."
Persons: SOCAR Mukhtar Babayev, Mukhtar, decry, Mukhtar Babayev, Babayev, Jaber, COP28, Alice Harrison, Harrison Organizations: Norm, United, Emirates, Abu, Abu Dhabi National Oil Company, Global, United Nations, CNBC Locations: Baku, Azerbaijan, Azerbaijan's, Sultan Al, Dubai, Abu Dhabi
The agreement, known as the global stocktake, was hailed as "historic" by COP28 President Sultan al-Jaber during his closing speech. Samuel Corum | Getty Images News | Getty ImagesU.S. climate envoy John Kerry said Wednesday that the COP28 agreement "sends very strong messages to the world." The fight to end oil, gas and coal must now be taken up at the country level with the United States leading the way. Fossil fuels and climate financeUnder Biden, the U.S. passed the most aggressive climate investment ever taken by Congress, a bill known as the Inflation Reduction Act. Nonetheless, the White House has frequently received sharp criticism over its plans to expand oil and gas production.
Persons: Joe Biden, Cyril Ramaphosa, Joe Biden's, Sultan al, Jaber, Samuel Corum, John Kerry, Kerry, Jean Su, Jason Bordoff, Su, Nikki Reisch, Reisch, Biden, Jennifer Granholm, Brandon Bell Organizations: White, Washington , D.C, Bloomberg, Getty, European Union, Washington Hilton, United, Center for Biological, . Energy, Administration, Russia, Center, Global Energy, Columbia University, CNBC, Center for Biological Diversity, Center for International Environmental, U.S, Biden, Marathon El Locations: South, Washington ,, Connecticut, Washington , DC, United States, China, U.S, Saudi Arabia, Russia, Ukraine, America, Marathon El Paso Refinery, El Paso , Texas, The U.S
By Gloria DickieLONDON (Reuters) - The United Arab Emirates will not double up on hosting the United Nations' annual climate conference by holding next year's summit, according to leadership involved in the event. "The UAE has not been asked and has no intention of hosting COP29," Majid Al Suwaidi, director general of the COP28 summit, told reporters on Friday. "We will not be hosting COP29." Nations are scrambling to find an alternative venue for the event which sees representatives from nearly 200 countries gather to agree to joint efforts to tackle climate change. If a host for COP29 cannot be agreed, the location could revert to Bonn, Germany, where the U.N. climate secretariat is headquartered.
Persons: Gloria Dickie LONDON, Majid Al Suwaidi, Gloria Dickie, Kate Abnett, Alison Williams Organizations: United, United Nations, Union Locations: United Arab Emirates, Eastern Europe, UAE, Dubai, Ukraine, Bonn, Germany, London, Brussels
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