Tensions in the Red Sea have fueled oil prices

"We need an agreement on a new ambitious climate finance goal here in Baku. Through various components, this goal should mobilize the funding necessary for developing countries," United Nations Secretary-General António Guterres stated  at a media briefing at COP29 on November 21.he said.

A balanced energy transition is key to global sustainability, said Haitham al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), in his speech at a high-level meeting during COP29. He emphasized the continuing importance of oil and gas in meeting global energy needs, calling for a balanced and inclusive approach to the energy transition.

Natural gas currently satisfies 23% of global primary energy needs, said Mohammad Hamel, Secretary-General of the Gas Exporting Countries Forum (GECF), at the COP29 summit. He emphasized the indispensable role of natural gas in the global energy landscape, noting its contribution to economic growth, environmental sustainability, and food security.

The European Union (EU) has warned participants at the 29th UN Climate Change Conference (COP 29) in Baku that any backsliding on the commitments made last year at COP 28 in Dubai regarding the transition away from fossil fuels would be unacceptable. The EU insists that a similar commitment be included in the final decisions of this year’s conference.