Trump's Planned Paris Exit Overshadows COP29 as Nations Agree on Global Carbon Market

Nov 11, 2024, 09:34 AM

World leaders are gathering in Baku, Azerbaijan, for the COP29 UN climate conference starting on November 11 and running until November 22. The summit occurs amid reports that U.S. President-elect Donald Trump plans to withdraw the United States from the Paris Climate Agreement for a second time. Experts warn that Trump's second term could have significant implications for global efforts to combat climate change. China's climate envoy, Liu Zhenmin, expressed concerns about the U.S. election outcome, indicating potential shifts in international climate dynamics. The conference, led by Azerbaijan's Environment Minister Mukhtar Babayev, will focus on critical issues such as climate finance for developing countries and the establishment of a global carbon market framework under Article 6.4, which delegates have agreed upon. Trump has also proposed imposing tariffs of 20% on all foreign goods and 60% on Chinese goods, raising further concerns about international cooperation. Climate activists, including Greta Thunberg, have criticized the choice of Azerbaijan—a major oil and gas producer accused of human rights abuses—as the host, labeling it 'absurd.' UNFCCC head Simon Stiell emphasized that 'an ambitious new climate finance goal is entirely in the self-interest of every single nation.'