In what has been perhaps the most contentious iteration of the climate summit in recent years, COP29 came to a close on Sunday, later than planned but with a climate finance deal finally reached. An annual target of $300 billion was agreed for the New Collective Quantified Goal (NCQT), which is well shy of the $1.3 trillion that poorer nations had been calling for, though it is three times the current finance commitment of $100 billion which expires at the end of this year[i].
Talks had been fraught, with representatives from the Alliance of Small Island States (AOSIS) at one point storming out of the last-minute discussions. It’s the first time in the 29-year history of the climate conference that AOSIS, which represents 39 countries and territories including Samoa, Barbados and Trinidad, has walked out of talks.
The negotiations themselves carried on well after the scheduled end for the conference, which had been planned for last Friday (21st November). Going into the weekend COP President Mukhtar Babayev of the Azerbaijani delegation tried to break the deadlock with draft proposals offering a compromise figure of $250 billion, which was quickly rejected by poorer nations. By the end of Saturday, the figure had been increased to $300 billion for developing nations by 2035, however global South countries have reportedly denounced this figure as a ‘joke’ and ‘insultingly low’, given they had been pushing for ‘trillions, not billions’ throughout the summit[ii].
In a break from tradition, the host nation was, according to Sky News, “forced to gavel [the deal] through without allowing objections”[iii], in addition not all of those in the negotiation plenary were present when the deal was passed. Unsurprisingly this has been met with anger from developing nations, India’s representative labelled the process “not conducive to climate action that is necessary to the survival of our country” and stated that the $300bn was an “abysmally poor” overall sum adding: “India does not accept the proposals in its current form”[iv].
It brings to a close an event which has been surrounded by controversies, including Azerbaijan's President Ilham Aliyev praising oil and gas as a "gift from God" in a speech, and the presence of more than 1,700 lobbyists from the oil, gas and coal sectors[v].
The finance agreement has left many feeling that COP29 fell short of what was expected, and it leaves significant challenges to be addressed at COP30, scheduled to be held in Belem, Brazil next year.
Simon Stiell, executive secretary at the UNFCCC was quoted as saying: “This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country. But like any insurance policy – it only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives.” He added, “No country got everything they wanted, and we leave Baku with a mountain of work to do. So, this is no time for victory laps, we need to set our sights and redouble our efforts on the road to Belem.”[vi]
Manuel Pulgar-Vidal, WWF Global Climate and Energy Lead, and former environment minister and COP20 President, said: “The world has been let down by this weak climate finance deal. At this pivotal moment for the planet, this failure threatens to set back global efforts to tackle the climate crisis. And it risks leaving vulnerable communities exposed to an onslaught of escalating climate catastrophes. This is a serious blow to climate action, but it must not stall the solutions that are desperately needed around the world.”[vii]
In a statement, UN secretary general António Guterres commented: “An agreement at COP29 was absolutely essential to keep the 1.5-degree limit alive. And countries have delivered. I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build. It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met”[viii].
[i] COP29 underway in Baku, but many key world leaders are to remain absent
[ii] Developing Nations Call COP29 $300 Billion Pledge an 'Insult'
[iii] A climate deal so bad that the host nation had to force it through
[iv] 'Too little, too late': Activists and poorer nations criticise $300bn COP29 deal - BBC News
[vi] "This New Finance Goal is an Insurance Policy for Humanity": Simon Stiell at Close of COP29 | UNFCCC
[vii] COP29 Outcome: Weak finance deal is a setback for climate action | WWF
[viii] UN Secretary-General Statement on COP29 | United Nations Secretary-General
Lauren has extensive experience as an analyst and market researcher in the digital technology and travel sectors. She has a background in researching and forecasting emerging technologies, with a particular passion for the Videogames and eSports industries. She joined the Critical Information Group as Head of Reports and Market Research at GRC World Forums, and leads the content and data research team at the Zero Carbon Academy. “What drew me to the academy is the opportunity to add content and commentary around sustainability across a wealth of industries and sectors.”
