This year’s conference is held in Baku and it was met with mixed reactions. At a discussion, one panelist called the event a “circus,” and another labeled it a “photo op.” I can see why they felt that way. Hosting the conference in a petrostate, with 1,773 coal, oil, and gas lobbyists attending, has sparked concerns about their influence. These lobbyists, pushing a fossil fuel agenda, outnumbered most country delegations, raising fears about the industry’s sway over climate negotiations. This focus on fossil fuels feels at odds with the urgent need for climate action.

I was shocked to see beef being served at a climate conference, given its high carbon footprint. Doesn’t it contradict the conference’s sustainability goals? In fact, what was even more surprising was that vegan and vegetarian food options at the COP29 were very limited, and many animal food items were even mislabelled as vegetarian or vegan. Additionally, plant-based milk is sold at a hefty surcharge, while dairy with a much higher carbon footprint is cheaper. At a climate conference, shouldn’t the eco-friendly choice be the affordable one?

Many countries have failed to present sufficiently ambitious emissions reduction targets, undercutting the sense of urgency that this crisis demands. It’s disheartening to see such a lack of commitment.

At COP29, John Podesta, White House Climate Advisor, voiced his deep disappointment over Trump’s re-election, raising serious concerns about the future of U.S. climate policy. He warned that Trump intends to dismantle environmental protections and exit the Paris Agreement once more. Despite this, Podesta stressed that the fight against climate change in the U.S. will persist with unwavering commitment and passion, despite the federal stance.

COP29 was dubbed the “Finance COP” as it aimed to secure significant funding for climate action. Developed nations have caused most of the climate change we see today, yet developing countries are suffering the most from its effects. At COP29, it was clear that developed countries need to take responsibility and provide funding to help these vulnerable nations. This support is crucial for global fairness and effective climate action.

Developing nations are pushing for a substantial fund, potentially up to $1 trillion, combining public and private money. With only 2 more days left to the conference, there’s been inadequate progress on climate finance commitments, which are critical for adaptation and mitigation efforts. It feels like we are missing vital opportunities to make meaningful progress in the fight against climate change. 

Despite these challenges, there are positive developments. Youth activists’ participation is a hopeful sign, bringing fresh perspectives and urgency to the discussions. Additionally, the tourism industry will be officially recognised for the first time, with “Climate Action in Tourism” included in the UN Climate Change COP29 Action Agenda. This inclusion marks a significant step in recognising tourism’s impact and potential in combating climate change. 

Overall, COP29 has highlighted significant gaps between intentions and actions, and I hope for more decisive steps as the conference continues.

Shruti Jain is Chief Strategy Officer, Arihant Capital Markets Ltd