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If negotiating international agreements to slow down and reverse the global climate crisis wasn't challenging enough, the delegates at COP29, the U.N. climate conference in Azerbaijan, are facing the grim reality that the world is moving in the wrong direction when it comes to fossil fuels.

According to the latest Global Carbon Budget report from the Global Carbon Project, carbon emissions from fossil fuels have hit a record high in 2024. The study projects that carbon dioxide (CO₂) emissions will reach 37.4 billion tonnes, up 0.8% from 2023.

For almost three decades, international leaders have been attending COP conferences and discussing the urgent need to reduce greenhouse gas emissions. However, despite these efforts, the Global Carbon Project says, "There is still no sign that the world has reached a peak in fossil CO2 emissions."

"The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," wrote Pierre Friedlingstein of Exeter's Global Systems Institute in a press statement.

He added, "Until we reach net zero CO2 emissions globally, world temperatures will continue to rise and cause increasingly severe impacts."

Although the past decade has seen a decline in emissions from deforestation and land-use changes, emissions this year are rising compared to 2023, influenced by extreme drought conditions linked to the 2023-2024 El Niño climate event, according to the study. Despite this increase, land-use emissions have actually declined by 20% over the past decade thanks to reforestation and afforestation efforts.

Efforts to stop burning coal for energy are slowing down the year-over-year increase in those emissions, but they are still rising, albeit modestly. The study estimates that global coal emissions will increase by 0.2%. China and India are seeing increases of 0.2% and 4.5%, respectively, while the United States and the European Union are seeing declines of 3.5% and 15.8%.

Overall, the study found that China's emissions (32% of the worldwide total) for 2024 are expected to increase by 0.2% compared to 2023. India (8% of the worldwide total) is projected to grow emissions by 4.6% from the previous year. The European Union (7% of the worldwide total) should see a 3.8% decline year-to-year and the United States (13% of the worldwide total) is looking at a 0.6% decrease compared to 2023.

It's important to remember that many products purchased and used in the U.S. and Europe are made in places like China and India. Hence, their emissions reflect the manufacturing of goods for other countries.

According to the research, this trend worsens the cumulative impact of CO₂ in the atmosphere, projected to reach 422.5 parts per million (ppm) in 2024, representing a 52% increase compared to pre-industrial levels.

There is some good news in the data. The study finds that many countries have succeeded in reducing their fossil fuel carbon emissions or slowing down their growth. However, it's not enough to put the world on a path to net zero.

"There are many signs of positive progress at the country level, and a feeling that a peak in global fossil CO2 emissions is imminent, but the global peak remains elusive," wrote Glen Peters of the CICERO Center for International Climate Research in a statement. "Climate action is a collective problem, and while gradual emission reductions are occurring in some countries, increases continue in others."

-ABC News Climate Unit's Matthew Glasser

If there was a theme for the second day of COP29, the U.N. climate conference in Azerbaijan, it would be mixed messaging from world leaders. As some nations announced ambitious new climate goals, others justified their continued reliance on fossil fuels. The developments come when the world is questioning the United States' future commitment to climate progress in light of President-elect Donald Trump's previous comments about climate change and his selection for EPA administrator.

During his remarks, Azerbaijani President Ilham Aliyev, whose country is hosting the event, defended the use of fossil fuels, calling oil a "a gift of the God" and saying that it is just like any other natural resource. He added that countries "should not be blamed for bringing these resources to the market."

"To accuse us that we have oil is the same like to accuse us that we have more than 250 sunny days in Baku," said Aliyev.

Aliyev also called Western countries hypocrites for decrying oil production and calling for an end to fossil fuel use while still buying oil from countries like Azerbaijan. The European Commission signed an agreement with Azerbaijan in 2022 to receive oil from them when they stopped getting it from Russia. He said double standards are the "modus operandi" for climate talks.

Aliyev's pro-oil statements aren't expected to sidetrack the negotiations. David Waskow, director of international climate action at World Resources Institute, said statements from world leaders "in a sense float above the COP."

But Aliyev's comments added fuel to the criticism that oil-producing states shouldn't be hosting a global climate conference. The United Arab Emirates, another country with significant oil production, hosted last year's event.

Baku is also not an easy place to get to. Conference-goers had to travel by plane because all land routes are closed. A recent study identified that 291 private plane flights to COP28 in Dubai generated 3.8 kilotons of CO2.

How does a nation that touts the excellence of oil and gas end up as the host of an incredibly consequential climate conference?

The answer is entirely procedural. Each year, one of the five U.N. regional groups is selected on a rotational basis to host next year's conference. Group members choose which country will host based on logistics and ability. As a result, champions of climate progress and oil-rich countries are equally likely to host the global climate conference.

Unlike the Azerbaijani president's call to maintain the status quo, U.N. Secretary-General António Guterres stressed the urgency and stakes of controlling global emissions.

"We are in the final countdown to limit global temperature rise to 1.5 degrees Celsius and time is not on our side," the Secretary-General said, urging countries to commit legislatively and financially to the climate response.

He called 2024 "a masterclass in climate destruction," pointing out all of the climate records broken during the year, including the hottest day and months on record, adding that "this is almost certain to be the hottest year on record."

-ABC News' Charlotte Slovin and ABC News Climate Unit's Matthew Glasser

Some of the world's largest greenhouse gas emitters have announced their plans to reduce emissions at the ongoing United Nations climate conference, COP29, in Baku, Azerbaijan.

Although not due until 2025, The United Kingdom, Brazil and the United Arab Emirates released their respective Nationally Determined Contribution (NDC) targets at the conference, marking ambitious plans to reduce their climate impacts.

Under the Paris Agreement, participating countries are required to release their NDCs every five years as part of the goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels.

"The U.K., Brazil and the UAE are the first major emitters to put forward new national climate commitments, which are the main vehicle for countries to collectively reduce greenhouse gas emissions and avoid catastrophic climate impacts," Melanie Robinson, global director of climate, economics and finance at World Resources Institute said of the announcements.

"Encouragingly, these three nations' new climate targets could put them on a path to reach net-zero emissions by 2050 if their highest ambitions are realized," Robison said.

The U.K. goal aims to reduce the nation's greenhouse gas emissions by at least 81%, compared to their 1990 levels.

The Brazilian government is expected to release its NDC on Wednesday. In a preview announcement, the country said it's committed to reducing net greenhouse gas emissions by 59% to 67%.

"This commitment will allow Brazil to advance towards climate neutrality by 2050, the long-term target of the climate commitment," the government wrote in a statement Monday night. "The NDC results from an extensive assessment of Brazil's emission scenarios. It acknowledges the urgency of combating the climate crisis, addresses the need to build resilience, and sets a roadmap for a low-carbon future for Brazil's society, economy, and ecosystems."

In the UAE's NDC, released last week, the nation sets an emissions reduction target of 47% by 2035, compared to 2019.

"The UAE's third NDC outlines a unified vision for addressing climate change that is aligned and informed by the UAE Consensus adopted at COP28," the UAE wrote in its newest NDC. "The UAE Consensus emphasizes the need for accelerated action across all pillars of the Paris Agreement and serves as a roadmap for enhancing mitigation ambition, scaling up adaptation efforts, and aligning financial flows with low-carbon, climate-resilient development pathways."

"I think when you look at these in the aggregate, what we're seeing is that if these countries really pursue the full extent of what they've committed to, that they would be on track to achieve their net zero targets at mid-century," said David Waskow, director of international climate action at the World Resources Institute, during a press call.

"With all three of them, there's an important question about actually implementing them, and we're going to need to see strong policies and investments," Waskow added.

WRI's Robinson also expressed skepticism about the announcements.

"While these initial 2035 targets look good on paper, they won't move the needle unless countries take bold and immediate steps to turn them into action. The true measure of progress will be whether countries back up their promises with transformative policies and investments that embed climate action at the core of their economic strategies," said Robinson.

-ABC News Climate Unit's Kelly Livingston

For the first time, high-emitting oil and gas facilities will have to pay a fee for emitting a potent greenhouse gas if those emissions exceed a certain level set by the U.S. Environmental Production Agency (EPA).

The new rule, finalized on Tuesday, was announced by John Podesta, the top U.S. climate representative at COP29, the annual U.N. climate conference in Baku, Azerbaijan.

The regulation would cap the amount of methane that certain oil and gas facilities could release into the atmosphere. The companies will be charged a fee for each metric ton of methane exceeding that limit, starting at $900 per metric ton, increasing to $1,200 in 2025 and $1,500 in 2026.

EPA administrator Michael S. Regan wrote in a statement, "EPA has been engaging with industry, states, and communities to reduce methane emissions so that natural gas ultimately makes it to consumers as usable fuel — instead of as a harmful greenhouse gas."

He added, "Along with EPA's complementary set of technology standards and historic financial and technical resources under the Inflation Reduction Act, today's action ensures that America continues to lead in deploying technologies and innovations that lower our emissions."

The EPA estimates the new rule will reduce methane emissions by 1.2 million metric tons through 2035. That's the equivalent of taking 8 million gas-powered cars off the road for an entire year, according to the agency.

The EPA classifies methane as a "super pollutant" and says that over 100 years, one ton of methane released into the atmosphere "traps 28 times as much heat in the Earth system as one ton of emitted carbon dioxide." On a 20-year time scale, it's 84 times more potent, according to the European Union.

The EPA said the oil and natural gas industry is the largest industrial source of the greenhouse gas.

During a press call, David Waskow, director of international climate action at the World Resources Institute, said, "Large oil and gas companies actually supported the fee approach, and I think that they're aiming to make sure that methane, which has been a sort of sore spot in the oil and gas industry, is cleaned up as a way of helping the reputation of the oil and gas industry."

Waskow said that even if the incoming Trump administration tries to undo the regulation, he believes its support within the industry may help keep it in place.

-ABC News Climate Unit's Matthew Glasser