The 29th United Nations Climate Change Conference, commonly referred to as COP29, unfolded recently within the scenic backdrop of Baku, the capital of Azerbaijan. This annual gathering convened political leaders, scientists, and activists from around the globe, all aiming to collaborate on pressing climate issues. Despite the significant absence of heads of state from major carbon-emitting countries such as the United States, China, and France, discussions at the summit remained critically important. The urgency was palpable, as experts warned the world needs to cut greenhouse gas emissions by 43% by 2030 to keep global warming below 2 degrees Celsius.
After approximately 33 hours of negotiations, wealthier nations made a commitment to provide $300 billion annually to developing countries, aimed at helping them combat the detrimental effects of climate change. Simon Steele, head of the UN Climate Change Agency, emphasized the difficulty of the negotiations, describing it as part of "a difficult climate finance path." Despite these pledges, some underrepresented nations, particularly small island states, expressed disappointment, urging for more substantial commitments to tackle climate risks. The discussions, meanwhile, did not achieve consensus on phasing out fossil fuels — another contentious point left hanging.
On the opening day, high expectations lingered around possible breakthroughs—both for climate finance and global assessments of progress made against climate change. Countries engaged deeply on pathways to furnish financial support to impoverished nations struggling with adaptation and recovery from climate disasters. The United Nations Environment Programme reported staggering needs: developing countries require $1 billion daily to address climate challenges, yet current funding only totals around $75 million. UN Secretary-General António Guterres emphasized this situation is urgent, underscoring the need for rapid adaptation to protect the most vulnerable.
COP29's president, Mukhtar Babayev, did not shy away from calling the conference "a moment of truth for the Paris Agreement," amid mounting concerns about fossil fuel companies' influence over decision-making processes. Notably, the U.S. faced challenges, especially with the looming prospect of Donald Trump potentially regaining the presidency, which experts worry could reverse climate policy advancements made under President Joe Biden.
Come the second day of COP29, civil society groups erupted with critiques of the carbon market trading frameworks being discussed. They expressed concerns about how these markets could adversely affect native populations, small farmers, and impoverished citizens throughout the Global South. Global Witness reported the oil and gas sector made record profits totaling $4 trillion last year, which starkly contrasts with the meager contributions to the UN’s Loss and Damage Fund — less than 0.2% of their profits. John Podesta, U.S. Ambassador, claimed halting Trump's climate policy is unfeasible, but noted the continued investments from the Biden administration would fuel the clean energy sector. Meanwhile, the UN Refugee Agency highlighted the plight of over 120 million individuals displaced by climate impacts.
By the third day of the COP, it became apparent from various data released at the gathering, fossil fuel emissions were projected to increase by 8% by 2024 compared to 2015 levels. This rise occurred even amid prior global commitments to shift toward renewable energy sources. While some nations still held hope for maintaining the 1.5-degree Celsius temperature target, they acknowledged immediate and impactful action is necessary to avert disaster.
Delegates from developing countries rallied for climate funding to skyrocket to $1.3 trillion, highlighting the urgency of tackling climate challenges. Sweden committed $20 million to the Loss and Damage Fund as part of this financial surge. UK Prime Minister Keir Starmer announced ambitious carbon emission reduction targets of 81% by 2035. Similarly, Kazakhstan vowed to reach carbon neutrality by 2060. Bangladesh's prominent climate advocate, Muhammad Yunus, threw his support behind initiatives aimed at addressing the climate challenge, pushing for integrated solutions across sectors.
Despite the hopeful pledges, the stark reality remained on the table — many nations voiced concerns over the slow pace of financing and the lack of equitable solutions for the developing world. Although COP29 was termed the "Climate Finance COP," critics called out developed nations for failing to establish new long-term financial mechanisms to support their less fortunate counterparts. Countries affected by climate disasters stressed their need for grants, not loans, and for clear definitions of what constitutes funding for "loss and damage."
At its heart, COP29's discussions circled around creating mechanisms for loss and damage financing, bolstering the use of renewable energy, and controlling rising global temperatures. Yet, progress felt slow, with fossil fuel lobbyists' influence visibly obstructing the pace at which recovery financing commitments were solidified. A staggering representation of 1,773 fossil fuel lobbyists dominated the conference attendee list, outnumbering delegates from many countries.
Experts weighed heavily on the needs of impoverished nations, reiteratively pointing out the estimated need for $1 trillion annually to address the climate crisis, with one-third of this amount sorely needed from developed countries. Economists have argued passionately for exploring innovative funding sources, including potential taxes on plastic production, which remains largely untapped.
From the sharpest critiques to cautious optimism, COP29 showcased the contrasts within global climate governance as nations grapple with the impending realities of climate change. Inter-governmental struggles, economic contexts, and environmental necessities all intertwine, leaving much yet to be resolved as nations set their eyes on COP30, anticipated to be held next year andunderstanding there’s more on the table than political rhetoric — genuine urgency and action are needed now. By pushing for agreements at the 30th COP, leaders will have another opportunity to bridge the gaps between promises and deliveries and to build stronger foundations for climate action.
