The 29th UN Climate Conference (COP29) ended in controversy early Sunday as developed nations pledged $300 billion annually for climate action, falling far short of the over $1 trillion demanded by developing countries. While the agreement sets a long-term climate finance target of $1.3 trillion by 2035, many vulnerable nations called the deal insufficient to address the escalating climate crisis.
After two weeks of intense negotiations, the conference, held at Baku’s sprawling stadium, concluded with the adoption of several key agreements, including new rules for a global carbon market to facilitate emissions trading and an extended focus on gender issues in climate policy.
The new collective quantified goal (NCQG), replacing the expiring $100 billion annual target, was the summit’s focal point. However, developing countries expressed outrage over the “paltry” funding pledge. Representatives of the Alliance of Small Island States (AOSIS) and least-developed nations staged walkouts during the final days of negotiations, underscoring the deep divide between the global North and South.
UN Secretary-General António Guterres acknowledged the agreement’s importance but criticized its limited ambition. “This deal is a starting point, but I had hoped for a more robust outcome on both finance and mitigation. Commitments must quickly turn into cash, and we need collective action to meet the high end of this goal,” he said.
UN Climate Change Executive Secretary Simon Stiell referred to the deal as “an insurance policy for humanity,” emphasizing that its success hinges on timely and full implementation. “This agreement will drive the clean energy transition and protect billions of lives, but like any insurance, it only works if premiums are paid,” he remarked.
Discontent Among Vulnerable Nations
Developing countries were unanimous in their disappointment. India criticized the $300 billion pledge as inadequate, with its representative stating, “This sum does not inspire trust that we can address the grave threat of climate change.”
Small island nations, some facing existential threats from rising seas, expressed frustration. “We are literally sinking,” one representative declared, highlighting the stark inequalities in climate vulnerability and response capacity between developed and developing nations.
African nations, represented by Sierra Leone, echoed these sentiments, calling the deal a “signal of bad faith” by wealthy countries. They argued that the agreed amount represents only a fraction of the funding necessary to avert a climate catastrophe.
The Path Ahead
Despite the criticism, some delegations emphasized the deal’s potential. A European Union representative highlighted the opportunity to leverage private sector investments, stating, “This agreement will bring much-needed private financing and help achieve the $1.3 trillion target.”
Looking forward, COP30 in Belém, Brazil, is set to be a critical moment for advancing the climate agenda. Stiell urged nations to “redouble their efforts” and focus on implementing the commitments made in Baku.
As the world grapples with an increasingly urgent climate crisis, the COP29 outcomes underscore the need for greater ambition, unity, and action in the fight against climate change.