Home / The University / Faculties / Faculty of Economics and Business Administration / News / Results from COP29 Presented at the Faculty of Economics and Business Administration

   

17.12.2024

 

On December 13, the Faculty of Economics and Business Administration hosted a lecture dedicated to the outcomes and challenges following COP29 – the latest UN Climate Change Conference, held this year in Baku. The guest lecturers were Apostol Dyankov, a leading Bulgarian expert in climate policies, and Assoc. Prof. Dr. Marina Stefanova, Vice-Dean of “Sustainability, Empowerment, and Engagement” at the Faculty.

121

Apostol Dyankov opened the event by explaining the complex terminology and processes characteristic of climate diplomacy. He emphasized the key challenges humanity will face if global warming reaches 1.5°C by 2030 – a projection that appears increasingly realistic. Dyankov highlighted that for many societies and ecosystems, this increase could be catastrophic, while the predicted 3°C warming by the end of the century will lead to unprecedented changes in climate, planetary systems, and human civilization.

Among the alarming trends presented by scientists at COP29 was the record-low amount of Arctic ice. Most of the heat retained by warming is accumulating in the oceans, which will cause significant changes to ocean currents. A stoppage of a crucial current like the Gulf Stream could result in cooling by up to 5°C in parts of Western Europe, further complicating predictions for the future.

211

Assoc. Prof. Marina Stefanova supplemented the analysis with examples of the organizational and geopolitical challenges accompanying the COP29 negotiations. She described the scale of the conference, which gathered 50,000 participants from around the world, and the negotiation process, which often proceeds slowly and with difficulty. She likened the negotiations to a massive general assembly, where every point passes through multiple levels of discussion.

A particular focus was placed on financial issues, such as the $1.3 trillion per year promised from developed to developing countries. These funds are vital for sustainable development, but the lack of clear rules for their distribution could create distrust among participants.

311

One of the significant aspects discussed was the inclusion of businesses in climate negotiations and the noticeable shortage of specialists in climate diplomacy. Assoc. Prof. Stefanova noted that banks and financial institutions are already playing a leading role, bringing topics such as energy certificates, climate risks, and sustainable financing to the negotiation table.