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COP29, which began on 11th November 2024 and will continue until 22nd November 2024 in Baku, Azerbaijan, has been widely referred to as the "Finance COP" due to its strong emphasis on raising funds to support the shift to clean energy, particularly for low and middle-income countries. Major development lenders, including the World Bank, have pledged to increase their funding to $120 billion by 2030, marking a 60% rise from 2023 levels. This financial commitment aims to make climate projects less risky for private investors, encouraging them to invest their money. By reducing these risks, more private capital becomes available to help countries that are most affected by climate change build stronger defenses against climate impacts. U.N. Secretary-General António Guterres reinforced this call to action, stating that "the world must pay up, or humanity will pay the price." As the summit unfolded, extreme weather events worldwide underscored the urgency of climate action. The U.S. experienced severe wildfires, while Spain battled historic floods. Prime Minister Mia Mottley of Barbados emphasized the need for continuous progress at each COP, regardless of geopolitical conflicts, warning that humanity and the planet are "hurtling towards catastrophe" without decisive action.

Meanwhile, the U.S. introduced a methane emissions fee for large oil and gas producers, a move that could be reversed under a potential Trump administration. This highlights the varying levels of climate commitment among major economies and the influence of domestic politics on global climate policy. In line with COP29's finance focus, China signaled potential improvements to its climate commitments. Representing President Xi Jinping, Vice Premier Ding Xuexiang announced that China's upcoming climate targets would cover all greenhouse gases and include all economic sectors, not just carbon dioxide emissions. China has faced pressure to accelerate its emissions reduction timeline and meet net-zero emissions sooner than 2060. For the first time, Ding shared China's contribution to climate finance for developing countries, disclosing that it has mobilized $24.5 billion since 2016. This transparency represents a shift in China's approach, although Ding maintained that developed countries should still bear the primary responsibility for climate finance. Saudi Arabia, the world's largest oil exporter, also marked a significant development by launching its first carbon trading exchange, managed by the Regional Voluntary Carbon Market Company (RVCMC). This platform aligns with Saudi Arabia's broader strategy under its Vision 2030 economic diversification plan and aims to facilitate carbon trading in the region. The new exchange will conduct its third carbon credit auction, selling credits from climate projects in countries like Bangladesh, Brazil, and Ethiopia, in an effort to boost the credibility and appeal of voluntary carbon markets.

Additionally, COP29 saw a growing coalition of countries pledging to increase global nuclear capacity as part of their decarbonization efforts. Six more nations joined the Declaration to Triple Nuclear Energy, raising the number of signatories to 31. These countries (El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Turkey), have committed to supporting nuclear power expansion as a viable, low-carbon energy source. The declaration calls for a tripling of nuclear power by 2050 from a base year of 2020, requiring the addition of around 750 GW of capacity. Financial backing from major global banks, as well as international institutions, is expected to bolster nuclear energy's role in achieving net-zero goals, though it is a significant challenge to scale nuclear capacity from current levels.

Sale and Purchase

Dry:

On the Post-Panamax sector, Chinese buyers acquired the "Verdure Wave" - 88K/2005 Imabari for high USD 11 mills. On the Kamsarmax sector, the "CL Singapore" - 81K/2016 Jiangsu Jinling, the "CL Tianjing" - 81K/2016 Jiangsu Jinling and the "CL Rizhao" - 81K/2015 Jiangsu Jinling were sold enbloc for USD 68.5 mills via auction. The Ice Class 1C Panamax "Golden Diamond" - 74K/2013 Pipavav Defence was sold for USD 17.5 mills to Turkish buyers. Chinese buyers acquired the Supramax "Nordic BC Kiel"- 56K/2010 IHI for high USD 14 mills. Finally, on the Handysize sector, Greek buyers acquired the OHBS "Nord Copenhagen" - 33K/2012 Kanda Zosensho for low USD 14 mills, while the 2-year-older "Four Otello" - 34K/2010 SPP and "Four Aida" - 34K/2009 SPP found new owners for USD 23 mills enbloc.

Tanker:

On the MR2 Sector, the "Bruno"- 46K/2004 STX was sold and already delivered to Chinese buyers for USD 17.5 mills. The Chemical "JM Sutera 6" - 11K/2010 Yangzhou Kejin changes hands for high USD 7 mills.

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