By hosting climate meetings, countries like Azerbaijan nudge global climate policy in a more pragmatic position regarding hydrocarbons and green financing, according to an article by Joe McKinnon, a Canadian specialist on public policy in energy, published in The Hub, according to Report.
The article notes that following COP 27 in Egypt and COP 28 in the United Arab Emirates, it represents the third consecutive climate change conference hosted by an oil and gas-producing state.
One could point out the obvious hypocrisy on the part of the global climate establishment, but that seems almost too easy. Perhaps the more interesting question is why these countries [oil and gas producers] want to host the conferences in the first place," he said, adding that it's because they understand that today's economics, particularly in energy and natural resources, is heavily shaped by climate policy.
He believes that countries like Egypt, the UAE, and Azerbaijan are thinking about climate change quite differently.
"They understand that global action on climate change is influencing real economic change. These developments are now manifesting themselves for instance in global commodity markets and future investment strategies," he said.
The author notes that countries hosting COP can also leverage political capital and an insider position to remain key stakeholders in a rapidly changing global economy, including positioning themselves as financiers of the energy transition.
The article notes that re-centering policy development on the economics of climate change is likely to resonate more with the new climate dialogues taking place in such countries.
"This trend has shown us that these nations are ready to come to the table and discuss our energy and climate future but within a framework that recognizes that these are fundamentally economic questions. This is the best means to achieve climate progress at the lowest cost and in turn to maintain public support for the types of changes that we’ll need to pursue in the coming years," Joe McKinnon said.