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BAKU: As COP29 convenes in Baku, global attention turns once again to the question of climate commitments and progress made since the landmark 2015 Paris Agreement.

The upcoming conference will pose a pressing question: Has the world truly advanced in meeting the emissions targets that science says are essential to avoid catastrophic climate change?

A close examination of the current Nationally Determined Contributions shows both progress and an urgent need for more ambitious action.

Enhancing accountability and transparency

For many nations, the Paris Agreement remains a guiding framework, but as the UN’s first global stocktake at COP28 demonstrated, current commitments and transparency mechanisms are insufficient for real progress.

COP29 aims to improve accountability measures to ensure that pledged funds are disbursed effectively and on schedule. 

Transparency mechanisms such as regular reporting on climate finance allocations and emissions reduction progress are being considered to enhance trust and accountability in international climate cooperation.

Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, highlighted the importance of tracking mechanisms to ensure that “climate cash counts,” emphasizing that financial support must translate into tangible, measurable results.

Stagnation in reducing global emissions

Since the Paris Agreement’s adoption, NDCs have become the primary framework for countries to articulate their climate ambitions, but recent data shows that the majority fall short of meeting the global temperature goal.

According to the latest report from the UN Climate Change Secretariat, global greenhouse gas emissions remain perilously close to 2019 levels, with minimal reduction progress.

Even with full implementation of all current NDCs, emissions are projected to peak before 2030 but fall short of the reductions needed to keep global warming below the critical threshold of 1.5°C above pre-industrial levels.

This gap illustrates an alarming trend — while commitments have increased in number and specificity, their collective impact remains insufficient to prevent severe climate impacts.

In particular, countries with historically high emissions — including the US, China, and India — have struggled to translate ambitious pledges into sustained reductions.

On the other hand, nations such as those in the EU, New Zealand, and several Pacific Island states have either reduced emissions substantially or put policies in place that could serve as models for more comprehensive global action.

Germany is another example of a country which has pioneered renewable energy legislation to achieve a record 46 percent share of renewable power in its electricity mix in recent years.

Meanwhile, Denmark and Sweden have established national frameworks targeting net-zero emissions by the middle of the century. Yet, many of the world’s largest emitters remain behind their targets, underscoring a divide between ambition and action that is critical for COP29 to address.

Climate-vulnerable regions, including sub-Saharan Africa and island nations, have also made considerable strides in setting strong climate policies despite contributing relatively little to global emissions. However, these nations often face implementation barriers that more affluent countries do not, primarily due to resource limitations.

Financial commitments fall short of needs

Climate finance has emerged as a critical factor in closing the emissions gap, especially for developing countries facing disproportionate impacts from climate change. Climate-related damages have skyrocketed in recent years, with extreme weather events causing billions in economic losses worldwide.

Stiell underscored this point by stressing the need for exponential growth in climate finance to ensure equitable transitions across economies.

“We simply can’t afford a world of clean energy haves and have-nots,” he said, warning that without substantive financing commitments only the wealthiest nations would be able to protect themselves against the intensifying climate crisis.

Yalchin Rafiyev, Azerbaijan’s lead negotiator, reinforced this: “We can see the divides that need to be bridged, but we must have a climate finance target that accounts for the needs of the most vulnerable.”

While the latest OECD data indicates developed countries mobilized $100 billion for climate action in 2022, this figure falls drastically short of the trillions of dollars needed annually.

However, the World Bank and the International Monetary Fund face mounting calls to further expand these initiatives and reduce financing barriers for developing nations.

As COP29 unfolds, global leaders face the challenging task of ensuring that the commitments made are not just promises but foundational steps toward meaningful, global climate action. The stakes have never been higher.

RIYADH: Lower food prices helped ease Egypt’s inflation rate, which rose by 1.5 percent in October, down from the 2.3 percent increase recorded in September, according to official data.

The Central Agency for Public Mobilization and Statistics said the general consumer price index reached 240 points last month, reflecting the modest decline in inflationary pressures. 

The easing was primarily driven by a 2.1 percent decrease in fruit prices and a 0.4 percent decline in vegetable and hotel services prices, which helped mitigate cost increases in other sectors. 

On an annual basis, Egypt’s inflation rate dropped to 26.3 percent in October, a sharp decline from the 38.5 percent reported in the same month of the previous year, signaling a cooling trend in price pressures. 

This comes as Egypt has been grappling with high inflation in recent years, driven by a mix of global economic pressures, currency devaluation, and rising import costs, which have led to persistent price increases, particularly in essential goods and services, straining household budgets and impacting consumer spending. 

While some categories saw price reductions, others continued to exert upward pressure. Meat and poultry prices surged 3.3 percent, while fish and seafood prices climbed 2.1 percent. 

Dairy products, including cheese and eggs, rose by 2 percent, while sugar, tea, and cocoa recorded a 1.2 percent increase. Bottled water and natural juices increased by 1.1 percent, and cereal and bread prices rose by 0.8 percent. 

Energy costs remained a key factor, with a 7.2 percent increase in electricity, gas, and fuel prices. Housing maintenance expenses rose by 1.5 percent, while rent increased by 0.7 percent. 

Medical services also contributed to the inflationary trend, with outpatient services up 2.4 percent and hospital services increasing by 1.7 percent. 

Food and beverage prices saw an annual increase of 26.9 percent, driven by sharp rises across several key categories. 

Grains and bread prices surged by 36.7 percent, while meat and poultry climbed 19.7 percent. Fish and seafood rose by 21.9 percent, and dairy products, including cheese and eggs, jumped 29.9 percent. Oils and fats increased by 14.9 percent, and fruits were up 28.5 percent. 

The vegetable category saw one of the largest hikes, rising by 39.1 percent. Sugar and sugary foods increased by 15.2 percent, while tea, coffee, and cocoa prices grew by 28.1 percent. Bottled water, soft drinks, and natural juices recorded a rise of 39.2 percent. 

Alcoholic beverages and tobacco prices rose by 35.1 percent annually, with alcoholic drinks up by 16.1 percent and tobacco products increasing by 35.1 percent. 

Clothing and footwear prices increased by 24.4 percent, driven by a 31.9 percent rise in textiles, a 24.9 percent increase in ready-made garments, a 29.9 percent rise in other clothing items, and a 21.1 percent increase in footwear.   

Housing, water, electricity, gas, and fuel costs rose by 20.3 percent. Actual rent prices were up 8.6 percent, housing maintenance costs increased by 16.7 percent, water and miscellaneous housing services rose by 20.5 percent, and electricity, gas, and other fuel prices surged by 44.9 percent.  

The furniture, household equipment, and maintenance sector saw a 24 percent annual increase, driven by a 22.0 percent rise in furniture and carpeting, a 28.2 percent increase in household furnishings, a 28 percent rise in household appliances, a 31.4 percent increase in garden tools and equipment, and a 22.5 percent rise in household maintenance goods and services. 

Healthcare costs jumped 31.3 percent, primarily due to a 40.6 percent increase in medical products and equipment, a 17.8 percent rise in outpatient services, and a 22.1 percent increase in hospital services.  

The transportation sector recorded a 30.2 percent increase, influenced by a 24.5 percent rise in vehicle purchases, a 28.7 percent increase in private transportation expenses, and a 32 percent rise in transportation services.  

Communication services rose by 12.6 percent, with postal services prices soaring by 60 percent, telephone and fax equipment prices increasing by 27.8 percent, and telephone and fax service costs rising by 11.4 percent. 

In a separate development, the Central Bank of Egypt announced that it will issue a one-year treasury bill auction worth $1.5 billion on Oct. 12. 

Acting on behalf of the Egyptian Ministry of Finance, the CBE will manage the reissuance of foreign currency-denominated treasury bills — either in euros or US dollars — to investors from domestic banks, as the maturity date of previously issued bills approaches.