Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Sparks

It’s Never Too Early to Start Thinking About COP

President-Designate Mukhtar Babayev kicked off the climate diplomatic year in Berlin.

Mukhtar Babayev.
Heatmap Illustration/Getty Images

The United Nations’ climate summit in Dubai ended last December with a mad dash to lock in a location for this year’s gathering. Which is how we wound up with yet another petrostate — Azerbaijan — as the host.

On Thursday at a climate conference in Berlin, Azerbaijan’s minister of ecology and natural resources and COP29’s President-Designate Mukhtar Babayev outlined his vision for the November get-together. “Our previous promises now need to be delivered, not re-interpreted. Fulfilled, not re-negotiated,” he told participants in the Petersberg Climate Dialogue, according to a transcript of his prepared remarks. “Everyone has a duty to make sure their actions match their words.”

And by actions, he means cash.

The first few days of last year’s conference saw nations attempting to outdo each other with headline-grabbing funding pledges, the delegates stopped short of adopting a comprehensive financing plan. That’s top of the priority list for 2024. In an interview with the Associated Press in Washington, D.C., last week, Babayev said, “The agenda is to invite all the donors to at least increase their contribution for developing countries. Because with the climate change there, we are daily faced with all these impacts.”

Babayev (who was also, it should be noted, employed by the State Oil Company of the Republic of Azerbaijan for more than two decades) was in Washington for the spring meetings of the World Bank and the International Monetary Fund, and apparently found them uninspiring. “We know that the world needs to increase the overall flow of climate finance by several multiples,” he said in Berlin, according to Bloomberg. “While we heard a great deal of concern and worry, we did not yet see adequate and sufficient action.”

“Enable action” constitutes the second of the twin pillars Babayev outlined for COP29. The first, “enhance ambition,” has a handful of sub-pillars, including “ensuring all Parties receive the support they need to design and implement the next generation of” Nationally Determined Contributions, which parties to the Paris Agreement — a product of COP21 — submit every five years; adopting National Adaptation Plans by 2025; and filing Biennial Transparency Reports on their progress toward their stated goals.

In some ways, though, COP29 will be a mere prelude to the really big show: COP30, set for Belem, Brazil. That meeting will represent the 10th anniversary of the Paris COP. According to the UN, 2025 is also when global emissions must peak to limit warming to 1.5 degrees Celsius above pre-industrial levels. According to Tom Evans of climate consultancy E3G, “With faith in the Paris Agreement on the line, what happens between now and Belem is vital for keeping multilateralism alive in a context of geopolitical turmoil and division.”

Belem was proposed as a host for COP30 way back at COP27 and formally selected in December of last year. Baku, the capital of Azerbaijan, will have a comparatively slim 10 months to prepare. Surely it will all be fine, if only they can deal with the lines.

Blue

You’re out of free articles.

Subscribe to access Heatmap’s expert analysis of energy, climate change, and sustainability, including coverage of our regular survey research. Save $57 on an annual subscription, just $156 $99/year.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Sparks

The Fed’s First Rate Hike Since 2023 Is a Problem for Renewables

And the news gets worse.

Kevin Warsh.
Heatmap Illustration/Getty Images

The Federal Reserve raised the federal funds rate by a quarter point, the central bank announced Wednesday afternoon, its first rate change since Chairman Kevin Warsh took his seat in May and its first rate hike in over three years.

The federal funds rate will now sit between 3.75% and 4%. According to projections by regional Federal Reserve presidents and members of the Board of Governors, the central bank expects to hike rates one more time this year.

Keep reading...Show less
Blue
Sparks

Why SoCal Electricity Customers Are Paying for Utility Reforms

The August Electricity Price Hub data is in.

The Hollywood sign and power lines.
Heatmap Illustration/Getty Images

It’s another hot and expensive summer.

Across the country, average household electricity bills are up 2.7% in the first eight months of the year, according to the latest update to Heatmap and MIT’s Electricity Price Hub, tacking on $4 per month to the typical bill. This level of rise is consistent with the pace set in 2024 and 2025, but faster than 2021 and 2023.

Keep reading...Show less
Blue
Sparks

The Startup Behind Lamppost-Mounted EV Chargers Pulls Into the Garage

Voltpost announced two new models today designed to mount on walls and ceilings.

Voltpost chargers.
Heatmap Illustration/Getty Images

Voltpost, the company putting electric vehicle chargers on lampposts, is now expanding to parking garages.

On Wednesday, the company unveiled two new configurations that can attach to the walls and ceilings of parking garages, lots, and other locations without easy access to streetlights or utility poles. Like Voltpost’s signature pole-mounted design, the ceiling- and wall-mounted options avoid the expensive construction work required by freestanding charging infrastructure. In theory at least, that should allow the company to deploy more chargers faster.

Keep reading...Show less
Blue