An agreement has finally been reached in Azerbaijan, allocating $300 billion to be disbursed by developed countries to the poorest nations by 2035 to mitigate the impact of climate change.
After two weeks of intense negotiations, the UN Climate Summit, COP29, held in Baku, Azerbaijan, concluded late on Saturday, November 23, with an agreement to fund developing countries in their fight against climate change and efforts to adapt.
Although welcomed by some, the deal has sparked mixed reactions. Historically high greenhouse gas emitters have pledged to mobilize $300 billion annually by 2035—a figure far below the expectations of developing nations. Furthermore, the agreement sets a global goal to raise $1.3 trillion annually by 2035 through combined public and private funding, a sum experts deem necessary to combat the effects of global warming.
Initially scheduled to end on Friday, the conference was extended as nearly 200 countries struggled to agree on climate financing modalities for the next decade. However, tensions escalated when delegations representing developing countries and small island states walked out of discussions, accusing some fossil fuel-producing nations of trying to weaken the agreement.
These tensions underscore the chronic challenges of international climate negotiations, marked by disagreements over the historical responsibilities of developed countries and the pressing needs of the most vulnerable nations.
A Deal Criticized for Lacking Ambition
The previous commitment to provide $100 billion annually to the poorest countries—initially promised for 2020 but achieved two years late—was set to expire in 2025. While the Baku agreement represents a significant increase, it has not quelled frustrations among developing nations, which see the funding as insufficient to meet the scale of climate challenges.
Chandni Raina, India's representative, expressed disillusionment by rejecting the final text: "We are deeply disappointed with an outcome that clearly illustrates the reluctance of developed countries to assume their historical responsibilities. This document is merely an illusion that fails to address the gravity of the climate crisis."
Similarly, Evans Njewa, a Malawian diplomat and chair of the Least Developed Countries bloc, lamented the lack of ambition: "After so many years of discussions, this goal falls far short of our expectations. It is inadequate compared to the real needs."
UN Secretary-General António Guterres also acknowledged the agreement's shortcomings while calling for swift and concrete action: "I had hoped for a more ambitious outcome. Nonetheless, this agreement provides a foundation we must urgently build upon. It is crucial that commitments translate quickly into effective financing."
While COP29 has achieved progress on certain aspects, it highlights the enduring gap between declared ambitions and the expectations of the most vulnerable nations. This agreement marks a step forward, but future summits will need to respond with greater resolve and concrete actions to address the challenges of climate change.
