Author: Lu Liu

For the remainder of my time in Baku, I mainly explored the country pavilions, networked with attendees, and listened to various panels to gain insights and build connections.

On November 16, I attended a session at the World Bank’s pavilion on Measuring Climate Risks for Smarter Adaptation and Mitigation Solutions, hosted by the IMF. The experts emphasized the critical role of data and highlighted ongoing efforts to make data more accessible. To better measure climate risks, they identified three key strategies:

1. Capacity Building: Enhancing skills and resources for data analysis and interpretation.
2. Improving Data Quantity and Quality: This includes initiatives like building the Climate Change Indicators Dashboards.
3. Using Advanced Statistics and Methodologies: For example, the Data Gaps Initiative.

The IMF also stressed the importance of collaboration with international organizations and insights from diverse experts. However, they acknowledged significant challenges, such as limited access to data, understanding country-specific needs, and barriers like inadequate technology in regions such as Mozambique. To address these, the IMF and partner institutions are conducting research at the country level and generating tailored reports.

Later, I attended Singapore’s session titled Trust & Transparency in a World on Fire. On February 28, 2024, Singapore announced plans to implement mandatory climate-related disclosure (CRD) requirements for listed and large non-listed companies in alignment with the International Sustainability Standards Board (ISSB) standards, starting as early as 2025. This initiative aims to guide companies in setting clear sustainability goals by providing useful tools, emphasizing the importance of mobilizing capital, and establishing climate transition plans. To build capacity, experts discussed plans to assess company priorities, offer training materials, and foster collaboration among institutions to explore technological solutions for various challenges.

In the afternoon, I serendipitously stopped by the Chinese pavilion, where the speaker was discussing the Carbon Generalized System of Preferences (CGSP)—a topic closely aligned with my research interests. CGSP is a framework that uses monetary and non-monetary incentives to encourage sustainable behaviors. The professor highlighted their collaboration with the Quzhou Branch of the People’s Bank of China to establish “bank carbon accounts” for individuals. Their organization is working on implementing standards to quantify and measure carbon emissions while involving diverse stakeholders, including banks and NGOs, to enhance the project’s sustainability. After the talk, I had the opportunity to network with the professor, gaining valuable insights into CGSP.

The week at COP flew by, and I regret not having more time to explore the conference and Baku. I hope to attend another COP in the future. When I left, many critical topics—such as the New Collective Quantified Goal (NCQG) and the loss and damage fund—were still under negotiation. I hope future COPs will focus on more genuine, practical high-level negotiations rather than reiterating old discussions and diverting from urgent agendas.

While my first COP has ended, the pursuit of climate action continues.

For the last two days, I attended various events and had some time to explore the Old City in Baku.

November 12: NCQG High-Level Dialogue

On November 12, I attended the high-level dialogue on the New Collective Quantified Goal (NCQG). Unfortunately, the originally assigned room was too small, so we were redirected to a room where we could watch the discussion on a screen. The event was delayed by about 30 minutes due to technical issues, which could have been avoided with proper pre-testing.

In this dialogue, having previously engaged in model negotiations on NCQG in class, I was interested in seeing the real dynamics. The debate largely centered on two perspectives: one from developed countries and another from the G77 and China. I listened to statements from Norway, the UK, the EU, and the US, none of which directly addressed the $1.3 trillion requested by developing countries. Instead, these countries agreed to scale up on the prior $100 billion commitment and requested a renegotiation on the contributor base. They also expressed the need for clearer details in some sections of the agreement.

Interestingly, developed countries suggested that discussions should prioritize the needs of developing countries while also proposing additional topics for further review. Many developed countries, including the UK and the US, called for small group discussions. Developing countries, on the other hand, aligned their statements with the G77 and China, reiterated their quantum and quality requests for a grant-based $1.3 trillion, and emphasized that revisiting the contributor base was a distraction. They argued that the inaction of developed countries is unfair given historical emissions and economic disparities. Overall, the discussion felt repetitive, with both sides largely reiterating their established positions.

Singapore Pavilion: Carbon Market Panel

I also attended a panel on the carbon market at the Singapore pavilion. Singapore, in collaboration with the United Nations, is working on harmonized standards and promoting the creation of legal documentation to support carbon markets. They aim to involve the private sector but face challenges in standardizing the carbon market, such as allowing the market itself to decide on certain actions and instilling client confidence in carbon-related purchases. Currently, there’s no universal standard for measuring private sector carbon footprints.

World Bank Pavilion: Bridging the Adaptation Financing Gap

Today, I joined a discussion at the World Bank pavilion titled “Bridging the Adaptation Financing Gap: Challenges and Potential Solutions.” I learned that governments are actively working to make the private sector aware of the importance of climate change adaptation investments. One expert emphasized that projects vary in nature and require tailored approaches. When asked about universal standards for tracking the efficiency of adaptation methods, experts noted that work is still ongoing in this area. This raised my curiosity about how organizations assess the effectiveness of their projects.

Exploring Baku’s Old City

In addition to attending negotiations and pavilion discussions, I had the chance to explore Baku’s Old City. I loved seeing the many cats roaming freely and comfortably; they showed no fear of people, which speaks to how well the locals treat these street animals. I also visited the Carpet Museum and admired the beautiful, hand-made carpets on display.

We arrived in Azerbaijan last night (November 10th), and my first impression of Baku is wonderful. The streets are clean, and the architecture is impressive, featuring both modern and historic buildings. It feels safe to be outside even late at night, giving the city an energetic atmosphere.

For me, today was a day of exploration and observation. Over the past few months, we’ve taken many courses covering topics discussed at COP, from climate finance to adaptation and mobility. We also heard reflections from those who attended COP28. Most importantly, we participated in a negotiation exercise on the New Collective Quantified Goal (NCQG), where each student represented a country and stated its position. All of these experiences helped me form expectations for COP29 and understand what to look for. I’m especially excited to see how various stakeholders—including companies, national and regional leaders, and international organizations—address the climate crisis in real time. With that in mind, I approached this first day with an open and adaptable mindset, eager to take it all in.

On November 11, we arrived early (7 a.m.) to pick up our Blue Zone badges, then tried traditional Azerbaijani goghal, a delicious pastry recommended by our Azerbaijani guide, Azar. By around 9 a.m., most country pavilions were open, so we explored them. Many pavilions featured cultural decor and climate-related themes. For example, at the China pavilion, delegates dressed in traditional Ming Dynasty attire demonstrated calligraphy on folding fans. In the Azerbaijan pavilion, representatives wore traditional Azerbaijani clothing and shared cultural foods. At a pavilion for an Azerbaijani water institution, we saw displays of recycled water bottles collected from beaches. We also picked up souvenirs from various pavilions, such as a Singaporean pin with its national flower, Papilionanthe Miss Joaquim, and an adorable panda toy from the China pavilion.

After exploring the pavilions, we attended some keynote speeches and panels. One that stood out was Incofin Investment Management’s session on launching the Incofin Climate-Smart Microfinance Fund, which aims to invest USD 550 million in climate-smart activities to address the social impacts of climate change and reach 1.5 million people. According to Incofin’s co-CEO, the fund’s goal is to promote inclusive prosperity and support a sustainable transition with a focus on gender equality. The investment prioritizes low-income economies, women, and children, channeling resources towards vulnerable groups. In the panel discussion, I learned that Incofin’s private finance work has been impactful in addressing prioritized needs, though scaling investment remains a challenge. Incofin has been using data to demonstrate positive outcomes and returns to attract more stakeholders. It’s inspiring to see microfinance increasingly involved in climate action with a deeper understanding of its role.

In conclusion, the first day at COP29 was both inspiring and enlightening. Engaging with diverse stakeholders, experiencing cultural displays, and witnessing innovative financial solutions reinforced the importance of global collaboration in addressing climate challenges. I’m eager to continue learning, connecting, and exploring impactful solutions in the days to come.