Crypto News: COP29: Bringing up old fights

Good evening from Baku. Old fights are being brought up again. There's a tussle brewing over whether countries should recommit to last year's historic pledge to transition away from fossil fuels. You can read that story — and all of our COP29 coverage — for free on Bloomberg.com.

By Akshat Rathi

COP summits are so intense that organizers have to schedule in time to rest: usually on the middle Sunday of the two-week negotiations. It's unclear how many people actually do it, but I might get lucky and use tomorrow to clear my inbox and be a tourist.

Today, however, there was no rest for the committed. Saturday was one of the busiest days for climate activists who had their biggest action at COP29 so far. Hundreds lined the hallways urging country negotiators with posters that said "PAY UP" and "YOU OWE US."

Hundreds of climate activists took over the hallways of the Baku Olympic Stadium, which is host to the COP29 climate summit Photographer: Bianka Csenki / The Artivist Network/Bloomberg

"We cannot afford to let this COP fail — there's far too much at stake," said Harjeet Singh, of the Fossil Fuel Non-Proliferation Treaty Initiative, who was among the protesters.

The talks might need their nudging. Inside the negotiation rooms, countries are still quite far from an agreement. The main point of contention is the size of a new annual climate finance goal for the developing world. It has to be quite a bit more than the current sum of $100 billion, but just how much will depend on horse-trading between powerful blocs.

What could that look like? We are starting to get a sense.

One bloc — the US and European Union — wants to ensure that the final outcome not only includes a finance deal, but also restates all countries' commitments from COP28 last year to transition away from fossil fuels, triple renewable energy and double energy efficiency (Even if there's been progress on only one of those three items.) Another negotiating group — including Saudi Arabia — is pushing back by saying the focus should be on finance without a need for reaffirming last year's commitments.

This tussle is going to heat up next week. If they are not already here, we expect more country ministers to show up to get the deal done. A rest day might do all some good.

This is how many feet Baku is below sea level, making it the lowest lying capital city in the world.

"This has been the worst first week of a COP in my 15 years attending these summits."

Mohamed Adow

Director of energy and climate think tank Power Shift Africa

Among the problems at this COP so far, Adow listed limited progress on finance and the rules around carbon markets, as well as sluggishness around how countries cut emissions and what they're doing to track progress on previous commitments.

US Republican lawmakers descended on COP29 on Saturday to make a full-throated pitch for American energy dominance, offering the country's natural gas, developing carbon capture tech and nuclear power as a way to ensure affordable, abundant power both at home and abroad. While two Democratic US senators whipped around the venue with promises of enduring American investment in clean energy and emission reductions — albeit slower under President-elect Donald Trump — the House Republicans' message underscored the potential limits of that work. "We cannot allow our energy future to be dictated by those who do not share our values to truly lead" with "a diverse energy portfolio that includes liquefied natural gas, hydropower, nuclear, clean coal," said Representative August Pfluger of Texas.

More renewable energy deals were announced on the sidelines of COP29 on Saturday. The European Bank for Reconstruction and Development, the Asian Development Bank and the Asian Infrastructure Investment Bank agreed to finance the construction of two Azerbaijani solar power plants that are estimated to cost $670 million in total.

Colombia renewed its push for other countries to join the Fossil Fuel Nonproliferation Treaty, which calls for ending the expansion of new fossil-fuel projects — something scientists say is necessary to meet global climate goals. Susana Muhamad, the country's charismatic environment minister, also told us she will leave the talks early to help deal with devastating floods that have recently inflicted her nation.

The match of the year gets postponed. Climate junkies who secretly harbor dreams of sporting glory on the soccer pitch were due to play their yearly fixture today under the banner of the aptly named UNFCCC FC. It was moved at that last minute to Sunday. Let's hope for their sake that Brazilian legend Ronaldinho, who was spotted in the Blue Zone this week, doesn't show up.

Reporter Akshat Rathi sits down with ExxonMobil CEO Darren Woods, who made his second-ever appearance at the United Nations climate conference. Woods made the case for why incoming US president Donald Trump shouldn't exit the Paris Agreement, and should uphold the country's monumental climate legislation passed under the Biden administration. It's quite the tone shift for a company that has a well-documented history of sowing doubt about the dangers of global warming. Listen now, and subscribe on Apple, Spotify, or YouTube to get new episodes of Zero every Thursday.

They are really committed to reforestation here at COP29. There is a hidden Amazon inside Baku Olympic Stadium. It appears this may be where organizers get their supply of fresh plants to swap in when others start to show any hint of wilt.