Tensions Rise at COP29 Over Fossil Fuels and Climate Finance

At the COP29 climate summit, Azerbaijan's President Ilham Aliyev defended his country's oil and gas industry against Western criticism, highlighting the challenges of balancing fossil fuel reliance and green energy transitions. With the summit focused on climate finance, leaders debated the pace of global decarbonization.

The COP29 climate summit, hosted by Azerbaijan, highlighted stark divisions as President Ilham Aliyev criticized Western nations for their stance on fossil fuels. Aliyev condemned the 'slander' against Azerbaijan's oil and gas industry while the UN Secretary-General emphasized the need to transition towards green energy.

Aliyev's comments spotlighted a central dilemma of the summit: the conflict between maintaining fossil fuel operations and achieving climate goals. With oil and gas still significant for many economies, the debate underscored the difficulties in shifting to sustainable energy practices.

Additionally, the summit seeks to mobilize climate finance to support cleaner energy resources. Global leaders are pressed to increase funding for low and middle-income nations amid escalating climate impacts, with development banks pledging increased investments.

(With inputs from agencies.)