The recent Cop29 climate summit in Baku, Azerbaijan concluded with a profound sense of dissatisfaction and betrayal among developing nations, as the long-awaited $300 billion climate finance deal fell far short of expectations. The agreement, reached after days of intense negotiations, has been criticized as inadequate to address the urgent needs of countries most vulnerable to the impacts of climate change.
Insufficient Funds and Loose Commitments
Of the promised $300 billion, only a fraction will come directly from the budgets of developed countries and public finance institutions. The majority of the funds are expected to be sourced from private sector investments in developing nations, with an unspecified amount coming from potential new levies on industries such as shipping, aviation, and fossil fuels. However, these levies have yet to be agreed upon and may prove difficult to implement in practice.
Mariana Paoli, global advocacy lead for the Christian Aid charity, expressed her disappointment, stating, “People of the global south came to these talks needing a lifeboat out of the climate crisis. But all they got was a plank of wood to cling to.”
Developed Nations Claim Limited Capacity
Developed countries argue that the deal is the best they can offer, given the constraints on public finances. Ed Miliband, the UK’s energy secretary, defended the agreement, saying, “Developed countries have gone quite a long way to try and find a way through this, and at a time when public finances really are stretched.”
However, this justification has done little to appease the frustration and anger felt by developing nations, who bear the brunt of climate change impacts despite contributing the least to the problem.
Lack of Leadership and Coordination
Many delegates criticized the organization and leadership of the Cop29 talks, citing a lack of clear guidance and coordination from the Azerbaijani presidency. The absence of a template for finance discussions and an overreliance on the presidency to lead negotiations contributed to the unsatisfactory outcome.
The presidency was not there, not available, at key moments. They asked for pieces of work to be done by parties, then ignored them.
– Anonymous delegate
Fossil Fuel Commitment Unravels
In addition to the inadequate finance deal, the hard-won commitment from Cop28 to “transition away from fossil fuels” faced opposition from Saudi Arabia throughout the summit. Despite the efforts of many countries to retain this crucial wording, the text was ultimately rejected and postponed until next year’s Cop30 in Brazil.
A Bitter Taste and an Uncertain Future
As delegates left Baku in the early hours of the morning, the sense of disappointment and betrayal was palpable. The insufficient climate finance deal and the unraveling of the fossil fuel transition commitment have left many questioning the ability of the international community to effectively address the urgent challenges posed by climate change.
Looking ahead, Cop30 in Brazil faces an uphill battle, as it will be the last chance for countries to submit new emission reduction plans in line with the 1.5°C target. With the shadow of the U.S. presidential election and the bitter aftertaste of Cop29 lingering, the road to effective climate action appears more challenging than ever.
As António Guterres, the UN secretary-general, warned, “The world must pay up, or humanity will pay the price. Climate finance is not charity, it’s an investment.” The question remains whether the international community will heed this call and rise to the challenge before it is too late.
