After two weeks of tough negotiations, the COP29 summit concluded on November 23 with a compromise on climate financing. Despite calls from developing countries for financial aid to increase from $100 billion to $1 trillion, delegates agreed on only $300 billion in annual funding by 2035.
“This document is nothing more than an optical illusion,” said Indian delegate Chandni Raina.
While some developing countries, particularly small island nations, criticised the pledge as inadequate, this new commitment will replace the current $100 billion annual goal, which expires in 2025.
UN Secretary-General António Guterres expressed disappointment, saying, “I had hoped for a more ambitious outcome… to meet the great challenge we face,” but acknowledged the agreement as a “base on which to build.”
The summit’s focus was supposed to be on reducing fossil fuel emissions, but little progress was made in that aspect. Instead, delegates settled on increasing climate finance, though small island nations, which are most vulnerable to climate change, voiced frustration over being excluded from discussions.
Hosted by oil-rich Azerbaijan, the summit faced difficulties, including protests from the AOSIS group representing small island states. These countries warned that the funding falls short of their needs, with some calling for at least $500 billion.
Climate scientists warn that without drastic emissions reductions, global warming could exceed 1.5°C by the early 2030s, leading to irreversible environmental damage.
The only positive outcome was the agreement on a global carbon credit market, which could help fund clean energy projects and reforestation efforts, benefiting countries like Guyana and Colombia.
While leaders say that COP29’s final outcome leaves much to be desired, attention now turns to next year’s summit in Brazil.
