Big Take: COP29 confronts tensions over funding clean energy transition

Zero: The Climate Race

Bloomberg

Technology, Business, Science

4.7 • 219 Ratings

🗓️ 17 November 2024

⏱️ 17 minutes

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Summary

Climate leaders from around the world have convened in Baku, Azerbaijan for the UN’s biggest annual climate conference, COP29. And this year, it’s all about money.

Member nations are negotiating over how much responsibility rich countries have to finance the energy transitions of smaller economies. But larger global tensions loom over the proceedings — including the reelection of Donald Trump.

In this episode of the Big Take, Bloomberg’s senior climate reporter and host of Zero Akshat Rathi calls in from COP29 to update host Sarah Holder on the unfolding negotiations and how America’s new president-elect changes the conversation.

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Transcript

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0:00.0	Hey, Zero listeners, it's Mythali, producer of the show.
0:03.3	Uxhut is still in Baku for COP29, and we'll be bringing you more updates from the conference in the week ahead.
0:09.4	But first, we wanted to share the Big Take podcast coverage of COP, featuring Uxhut's reporting.
0:16.1	Enjoy the show, and do listen back to Zero's recent COP29 episodes, including an interview with Exxon CEO Darren Woods, recorded earlier this week.
0:28.1	Bloomberg Audio Studios.
0:30.5	Podcasts, Radio News.
0:34.2	The world's most important climate conference kicked off this week in Baku, Azerbaijan.
0:39.3	And this year, it's all about money.
0:43.3	To go from the system that we have today to a less carbon-intensive system is going to require money and it's going to be more expensive.
0:50.3	You can't achieve anything if you don't have financing.
0:53.3	There is a wall of money there,
0:55.1	but we just need to find a way of deploying it. That was Darren Woods, the CEO of Exxon, NGO lawyer
1:02.0	Jacinda Njke, and former UK minister, Alec Sharma. There are just a few of over 50,000 people
1:09.2	attending this year's UN climate conference, called COP.
1:13.6	It's an annual meeting where delegates from nearly 200 countries come together to address
1:18.7	one of the most urgent issues of our time. Climate change. At last year's COP, members laid
1:25.4	the groundwork to transition away from fossil fuels and to reach net zero by 2050.
1:31.2	So this year, they need to decide who's going to pay for that transition.
1:36.1	It's labeled the finance cop.
1:38.3	Akshott Rothi is a senior climate reporter for Bloomberg and the host of the Zero podcast.
1:45.7	This is the fourth cop he's attended. But Akshot says the stakes of this year's talks feel even higher than usual.
1:51.8	And that's not just because we're set to blow past the 1.5 degrees Celsius temperature rise
	...

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