In a dramatic conclusion to the Cop29 climate conference in Baku, Azerbaijan, a final deal was pushed through by the Azerbaijani presidency despite vocal objections from developing nations. The hasty approval of the agreement, which set a 2035 target of $300 billion per year in climate finance from wealthy nations, has left a bitter taste for many countries on the front lines of the climate crisis.
Developing World Decries “Death Sentence” Deal
The group of developing nations, led by major economies like India, Nigeria, and Bolivia, argue that the Cop29 outcome is woefully insufficient given the scale of the climate threat they face. According to their analysis, the developing world excluding China would require around $1.3 trillion annually by 2035 to fund a green transition in line with the Paris Agreement temperature goals.
“This deal is a death sentence for those already suffering from rising seas, droughts, and devastating climate impacts,” lamented one African negotiator who requested anonymity. “The rich world has once again shirked its moral and historical responsibility to those least responsible for this crisis.”
Private Cash Loophole Decried
Further incensing the developing country bloc are provisions that allow wealthy nations to meet their commitments through private sector investment and loans from international institutions, rather than direct government funding. Critics argue this will give rich countries too many loopholes to avoid paying their fair share.
“Apparently, after causing this crisis, rich nations now want to outsource their obligations to corporations and banks that have little incentive to provide favorable terms. Where is the justice in that?”
– Representative from Climate Vulnerable Forum
Trust Deficit Threatens Paris Goals
While the Cop29 outcome does represent an improvement over previous commitments by developed countries, which infamously failed to deliver a promised $100 billion per year by 2020, the frayed diplomatic ties coming out of Baku dim prospects for keeping the 1.5°C Paris target within reach. With greenhouse gas emissions still rising and a potential second Trump presidency threatening to undermine U.S. climate action, the gulf between rich and poor nations risks derailing the fragile consensus achieved in Paris.
Glimmers of Hope Amid Frustration
Nevertheless, the Cop process lives to fight another day, with attention now turning to Cop30 next year in Brazil. Developing nations have vowed to keep fighting for a better deal, especially on the critical issue of financing a just transition away from fossil fuels.
Signs of growing climate ambition are also emerging from key nations. Indonesia, a top 10 global emitter, unveiled plans in Baku to phase out coal within 15 years and achieve carbon neutrality by 2050—a decade earlier than its previous target. But without a spirit of solidarity and fairness between rich and poor, such progress could prove too little, too late to avert climate catastrophe.
As one seasoned climate negotiator put it: “Trust is the essential currency of climate diplomacy. Right now, that trust is running perilously low. Rebuilding it must be the top priority for Cop30 and beyond if we are to have any hope of delivering on the Paris promise and securing a livable future for all.”
