The Guardian view on Cop29: 1.5C has been passed – so speed up the green transition | Editorial

Predictions that this will be the first calendar year in which the 1.5C warming limit enshrined in the Paris agreement is surpassed provide a stark backdrop to the UN’s 29th climate conference. This year – 2024 – has already seen the hottest-ever day and month, and is expected by experts to be the hottest year too. Addressing delegates on Tuesday, the UN chief, António Guterres, referred to a “masterclass in climate destruction”. The escalating pattern of destructive weather events, most recently in Valencia, is a warning of what lies ahead.

When the 1.5C figure was included in the 2015 deal, it was known to be a stretch. The treaty says countries must hold the average temperature “well below 2C above pre-industrial levels” and aim for 1.5C. Busting this target in 2024 will not mean it has been definitively missed; the measurement of global temperatures relies on averages recorded over 20 or more years. But the crossing of this threshold is a menacing moment. Around the world, people as well as governments and climate specialists should take notice – and act.

Whether temperature data will sharpen minds and negotiations in Azerbaijan remains to be seen. Cop29 got off to a rocky start with a row over carbon markets, which are used by rich countries and businesses to offset their emissions by paying for environmental protection elsewhere. New rules were pushed through despite objections regarding the sector’s history of fraud and false promises. Donald Trump’s victory last week points to renewed conflict regarding the role of the US, not only in relation to fossil fuel expansion, but also institutions such as the World Bank, which must lead on climate finance – and in which the US is the dominant stakeholder.

The fallout from Mr Trump’s election and the political crisis in Germany mean that leaders of several of the world’s richest nations did not travel to Baku. But Sir Keir Starmer took the opportunity to announce an ambitious new climate goal for the UK. Several months ahead of the deadline for updated nationally determined contributions – as the carbon pledges made by governments are known – Sir Keir accepted the recommendations of the UK’s Climate Change Committee and committed to cut emissions by 81% compared with 1990 levels by 2035.

Especially given the poor record of the last prime minister, Rishi Sunak, on climate, this is a significant step from the UK and builds on recent announcements on green investment for which the climate secretary, Ed Miliband, deserves credit as well. There is no doubt that the threat to life from climate disruption is rising – and with it the threat of the political instability that is caused when lives and livelihoods are destroyed, as they have been in eastern Spain.

The priority for this round of climate talks is the financing of the green transition, and the urgent necessity for rich countries to support poorer ones. New taxes on fossil fuel companies, which have vastly inflated their profits since the Ukraine war, are among measures being argued for, along with frequent-flyer levies and loan guarantees enabling poorer countries to borrow. Petrostates including Saudi Arabia, Qatar and the United Arab Emirates should also become contributors. All of the above, and more, will be needed if the targets set in Paris are not to be pushed beyond the realms of possibility. The transition to clean energy needs to be faster.