The COP29 climate conference in Baku concluded with an agreement on funding to help developing nations cope with climate change, pledging $300 billion annually and setting a broader target of $1.3 trillion by 2035. However, the agreement, reached after extended negotiations, fell short of the $1 trillion annually sought by developing countries, leading to strong criticism.
Delegates from small island states and the least developed nations even staged a protest during the talks, expressing frustration over the insufficient financial support to address the severe effects of climate change and transition away from fossil fuels.
The conference also finalized rules for a global carbon market aimed at reducing emissions and promoting climate-friendly projects. This development comes as 2023 saw record levels of greenhouse gases and the highest global mean temperatures ever recorded.
UN Secretary-General António Guterres framed the outcome as a necessary but limited step, emphasizing the importance of adhering to fossil fuel phase-out plans and accelerating the transition to renewable energy.
While COP29 President Mukhtar Babayev defended the financial agreement as the best achievable amid global tensions, environmental groups and leaders criticized the deal as inadequate. WWF’s Manuel Pulgar-Vidal called it a failure that leaves vulnerable communities exposed to escalating climate disasters.
COP29 Ends with Climate Finance Deal, Critics Call for Greater Action Against Escalating Crisis
Mary Robinson of The Elders highlighted the gap between the pledged $300 billion and the $1.3 trillion needed to meet Paris Agreement goals, urging oil-rich countries to abandon delaying tactics as green energy becomes increasingly competitive.
Despite disappointment, the agreement represents an attempt to bridge the funding gap through diversified sources. Guterres and other leaders stressed the economic inevitability of transitioning away from fossil fuels and urged nations to adopt more ambitious plans. The deal is seen as a foundation for further progress, though critics fear it may delay urgent action required to mitigate the worsening climate crisis.
COP29 produced a mixed outcome: a milestone agreement on climate finance and carbon markets but a missed opportunity for more aggressive measures against climate change. As global emissions continue to rise and climate impacts intensify, the pressure remains on nations to accelerate their green transitions, support vulnerable communities, and ensure a just and sustainable future.
