COP29, held in Baku, Azerbaijan, marked a milestone in the climate fight by establishing significant commitments but also highlighted structural limitations and tensions between Global North and South countries.

Spain stood out as one of the key players in the negotiations, particularly in the field of clean energy, but criticisms regarding the lack of general ambition were not overlooked.

“Spain has managed to position itself as a leader in renewables thanks to its commitment to the energy transition and its ability to form strategic alliances,” says Pedro García Gómez, Director of the Energy and Renewables Division at Salvador Escoda, S.A., and former president of ACTECIR.

However, the expert also shares with Energía Estratégica España that “the lack of binding decisions and the postponement of crucial issues like the elimination of fossil fuels are a burden for effective climate action.”

Green Hydrogen: A Strategic Bet

As part of the Hydrogen Declaration, Spain reinforced its commitment to this key technology for global decarbonization.

García Gómez emphasizes that “renewable hydrogen represents a unique opportunity to lead the international market, but countries must overcome technological and regulatory barriers for its large-scale implementation to be feasible.”

Thanks to its experience in green hydrogen, Spain launched concrete initiatives for its expansion and actively contributed to discussions on international standards.

“It’s not enough to have ambitious goals; we need tangible projects and adequate financing to meet these promises,” stresses the expert.

Climate Financing: Insufficient Progress

The summit formalized agreements such as the “Baku Financing Goal,” promising $300 billion annually for developing countries until 2035.

However, this amount remains insufficient compared to the $1.3 trillion that these countries estimate is necessary to address the climate crisis.

“The problem is not just the amount, but also the lack of binding mechanisms to ensure compliance,” says the expert, adding that “it is unacceptable to set financial targets without clear mechanisms to guarantee their fulfillment. This lack of seriousness compromises the credibility of international agreements.”

Spain led proposals within the EU to reform multilateral financial institutions, aiming to relax requirements and facilitate access to capital for developing countries.

Additionally, Spain promoted the mobilization of private capital as an essential complement to public resources.

Alliances and Carbon Markets: Opportunities and Challenges

Spain stood out in creating international alliances, such as its participation in the Accelerated Renewable Energy Partnership in Africa and similar projects in Central Asia. These initiatives aim to ensure an inclusive and equitable approach to the global energy transition.

Regarding carbon markets, Spain insisted on establishing strong environmental and social safeguards to prevent “greenwashing.”

“Article 6 of the Paris Agreement progresses technically, but we continue to face significant risks of accounting duplication and offsetting that perpetuate the status quo,” warns García Gómez.

The Big Challenge: Phasing Out Fossil Fuels

One of the most controversial points of COP29 was the inability to agree on a timeline for the gradual phasing out of fossil fuels. Major producers such as Saudi Arabia and Russia blocked negotiations, postponing the debate until COP30.

For García Gómez, this lack of action reflects “the resistance of the most polluting countries to take on historical responsibilities, which jeopardizes the goal of limiting global warming to 1.5°C.”

COP29 was a stage for technical achievements, such as expanding commitments on renewables and carbon markets, but also for frustrations due to the absence of binding decisions in key areas.

Spain, as a leader in renewables and green hydrogen, has the opportunity and responsibility to demonstrate that it is possible to balance economic growth with a sustainable energy transition.

“The time for insufficient commitments has ended. It is time to lead with concrete actions,” concludes García Gómez.