EERA Vice-President Nils Røkke ponders the mixed success of COP29 in Baku in a new article for Forbes, published on 9 December. Dubbed the ‘‘Finance COP,’’  Røkke expertly emphasises that the outcomes of this year’s conference serve as both an urgent call to action and a reminder of the challenges ahead.

Negotiations focused on climate finance, addressing the growing costs of mitigating and adapting to climate change. The New Collective Quantified Goal (NCQG) agreed at COP29 sets a target of $300 billion annually from 2026 and by 2035, a figure which stands far below the needed $1.3 trillion as estimated by the High-Level Expert Group on Climate Finance. According to Røkke, ‘‘this gap reflects more than numbers; it underscores a crisis of trust.’’

Glimmers of progress stemming from COP29 do exist, most notably agreements on carbon market mechanisms under Article 6, which hold promise for more structured and transparent international cooperation.

However, Røkke also points to the absence of any mention of fossil fuels in the final text, ultimately in his view revealing the enduring influence of entrenched interests, primarily those of petro-states, which resist aligning their rhetoric with the scientific consensus.

Røkke concludes the article by looking ahead to COP30, set to take place in Belém in November 2025. This conference is of particular significance as it will serve as a stage for more ambitious Nationally Determined Contributions (NDCs), which are due for submission by February 2025. Moreover, rebuilding trust remains the greatest challenge for next year’s conference. Going forward, as detailed by Røkke, ‘‘leaders must deliver not only on promises but also on tangible actions that reflect shared responsibility. This includes holding all nations, developed and emerging, accountable for their roles in both causing and solving the crisis.’’