Fossil fuel extraction compatible with climate action, says COP29 host Azerbaijan - POLITICO Europe
Fossil fuel extraction compatible with climate action, says COP29 host Azerbaijan - POLITICO
BRUSSELS — Azerbaijan, the host of this year’s global climate talks, has suggested that continued fossil fuel extraction is compatible with the Paris Agreement.
With four months to go until COP29 kicks off in Baku, the Azerbaijani presidency on Friday announced a flurry of “initiatives” — a set of 14 non-binding pledges and partnerships that countries are encouraged to sign up to at the summit.
At the same press conference, the summit’s chief executive Elnur Soltanov suggested that the Paris climate accord — under which countries agreed to keep global warming below 2 degrees Celsius and ideally to 1.5C — does not necessarily mean reducing fossil fuel production.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”