Developing nations, disproportionately affected by climate change, have been fervently advocating for “trillions, not billions” in climate finance from rich countries. This demand has been at the forefront of discussions during the COP29 summit. Nearly 200 countries have agreed to more than triple the available funds to assist developing nations in combating rapidly warming temperatures. The deal was sealed in the early hours of Sunday, long after the scheduled end on Friday. Over 50,000 people attended this two-week summit in Azerbaijan's capital Baku, including 80 world leaders and at least 1,773 fossil fuel lobbyists.
Unraveling the Battle for Climate Finance at COP29
Initial Disagreements and Draft Deals
After days of intense negotiations, rich countries pledged to provide “at least” 0 billion annually by 2035 in climate finance for developing countries. The money will be sourced from various channels such as public and private finance, as well as bilateral and multilateral deals. The text also encourages developing countries like China to contribute on a voluntary basis. Zhao Yingmin, head of China's climate delegation, had previously indicated that the country would only agree to make voluntary contributions, arguing that developed countries should be responsible for mandatory contributions. The final amount represents a significant increase from the 0 billion proposed in a draft deal on Friday, which was widely condemned as “definitely not enough.” It will replace the existing goal of mobilizing 0 billion per year by 2020 for developing countries, which was proposed at COP15 in 2009 but not achieved until 2022.However, Global South negotiators criticized Sunday's deal as “a joke” and “insultingly low.” They had been pushing for “trillions, not billions” throughout the summit and mainly sought grant-based money that would not need to be repaid, as many developing countries are already burdened by debt from previous development assistance.Frustration and Objections from Developing Countries
Several delegations representing least-developed countries and small island developing nations walked out of consultations on Saturday morning as negotiations neared their conclusion. Cedric Schuster, the Samoan chairman of the group, told reporters, “We came here for a fair deal. We feel that we haven't been heard, and there's a deal to be made, but we have not been consulted. We've walked out because at the moment, we don't feel that we are being heard.”As COP29 President Mukhtar Babayev gaveled down the final 0 deal at 2:40 am local time, countries like India, Panama, and Nigeria took to the floor to express their frustration. Indian negotiator Chandni Raina said her country “[did] not accept the goal proposal in its present form,” calling the amount proposed “abysmally poor” and a “paltry sum.” She emphasized that recent reports suggest the amount needed to address climate change consequences is around .3 trillion annually. “It is not something that will enable conducive climate action necessary for our country's survival,” she said. Her statement was met with loud applause from developing country delegates and civil society representatives.Juan Carlos Monterrey Gómez, Panama's special representative for climate change, also questioned the deal's adoption process. He said, “Developed nations always throw text at us at the last minute, shove it down our throat, and then, for the sake of multilateralism, we always have to accept it. Otherwise, the climate mechanisms will go into a horrible downward spiral, and no one needs that.”The Importance of the New Finance Goal
UN climate chief Simon Stiell emphasized the significance of the new finance goal. He said, “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.”A coalition of least developed countries and small island developing states secured language in the final text that establishes a process to boost climate finance towards the .3 trillion goal. This effort will be part of the “Baku to Belem Roadmap to .3 trillion,” which will seek additional resources to “support low greenhouse gas emissions and climate-resilient development pathways.”Reactions from Various Stakeholders
António Guterres, Secretary-General of the United Nations, expressed his hope for a more ambitious outcome but acknowledged that the agreement provides a base to build on. He said, “COP29 comes at the close of a brutal year – a year seared by record temperatures and scarred by climate disaster, as emissions continue to rise. Finance has been priority number one. Developing countries need funds, and an agreement was essential. We must honor this agreement in full and on time.”Inger Andersen, UNEP Executive Director, emphasized the need for transparent and inclusive progress on finance, mitigation, and adaptation. She said, “COP29 has delivered a hard-fought deal, but ambition and promises are only as good as the action that backs them up. We need to see more progress on the ground.”Jiwoh Abdulai, Sierra Leone's environment minister, was disappointed with the 0 billion target, stating that it is less than a quarter of what is needed. Jess Beagley, Policy Lead at the Global Climate and Health Alliance, criticized the deal as weak and inadequate, highlighting the need for wealthy countries to take responsibility and scale up public funding.Jeni Miller, Executive Director of the Global Climate and Health Alliance, pointed out the US and other developed countries' failure to meet their responsibilities under the Paris Agreement. Chiara Martinelli, Director at Climate Action Network (CAN) Europe, criticized rich countries for their failed outcome, stating that the talk of tripling the money falls short and betrays those on the frontlines of the climate crisis.Johan Rockström, Earth system scientist and Co-Director of the Potsdam Institute for Climate Impact Research, emphasized the need for immediate action and full focus on financing and implementing emission cuts. Ottmar Edenhofer also called for additional negotiation formats and linked climate financing to emissions reduction.Seán McLoughlin, climate policy campaigner at Friends of the Earth Ireland, criticized rich countries for bullying developing nations and failing to pay their climate debt while continuing to subsidize the fossil fuel industry.Our non-profit newsroom provides climate coverage free of charge and advertising. Your one-off or monthly donations play a crucial role in supporting our operations, expanding our reach, and maintaining our editorial independence.New
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