Baku, Azerbaijan, Nov 24 (Swara) – The UN Climate Change Conference (COP29) concluded today with a breakthrough agreement on a new climate finance goal. Yet, despite the headline-grabbing pledge to triple climate finance for developing nations to $300 billion annually by 2035, many nations left Baku expressing profound disappointment over what they called insufficient ambition from industrialized countries.
The agreement, known formally as the New Collective Quantified Goal on Climate Finance (NCQG), resulted from two weeks of intense negotiations. It aims to mobilize $1.3 trillion annually from public and private sources by 2035. While some delegations lauded the agreement as a significant step forward, others, particularly from the developing world, viewed it as an inadequate response to the escalating climate crisis.
India’s representative denounced the deal as a “paltry sum,” stating, “We seek a much higher ambition from the developed countries. This amount does not inspire trust that we will come out of this grave problem of climate change.”
A representative from a coalition of small island nations issued a stark warning: “After this COP29 ends, we cannot just sail off into the sunset. We are literally sinking.” The group criticized the lack of urgency in addressing their existential threats, noting the disparity between the realities of developed and vulnerable nations.
The NCQG follows years of preparatory work and builds on prior COP agreements, including COP27’s historic Loss and Damage Fund. However, delegates from developing countries pointed out a glaring omission: the absence of any actionable commitment to transition away from fossil fuels—a point of contention during negotiations.
UN Climate Change Executive Secretary Simon Stiell characterized the finance goal as an “insurance policy for humanity” but cautioned, “It only works if premiums are paid in full and on time. Promises must be kept to protect billions of lives.”
Uneven Achievements
COP29 fell short of meeting all parties’ expectations despite the finance deal. While progress was made on carbon markets and climate reporting mechanisms, critics argued that these achievements paled compared to the urgent need for robust, immediate funding and mitigation measures.
Under Article 6 of the Paris Agreement, COP29 finalized the framework for carbon markets, enabling country-to-country trading and a centralized crediting mechanism. These measures aim to attract investment, particularly for least developed countries, but some argue they need to be more robust to close the growing financial gap.
Stiell acknowledged the mixed outcomes as the conference closed, emphasizing the importance of sustained effort: “No country got everything they wanted, and we leave Baku with a mountain of work to do. This is no time for victory laps; we must redouble our efforts on the road to Belem [COP30].”
With updated Nationally Determined Contributions (NDCs) due next year, all eyes are on whether developed nations will deliver on their promises and whether the global community can keep the 1.5°C warming limit within reach. For developing countries, the hope is that future negotiations will bring more equitable and actionable outcomes.
