At the recent COP29 climate summit held in Baku, Azerbaijan, developing nations expressed outrage over what they termed as "insultingly low" climate finance commitments from wealthier countries. The deal reached—a pledge of at least $300 billion annually by 2035—was intended to help poorer countries tackle climate change and transition to greener energy sources. This commitment, though significantly higher than the previous goal of $100 billion, fell far short of the $500 billion some countries had demanded, hence drawing sharp criticism from various delegations attending the summit.
After two weeks of intense negotiations involving nearly 200 countries, the deal was finalized at 2:40 AM local time, following what had been described as chaotic discussions, sleep deprivation among diplomats, and disputes over financial commitments. COP29 brought together over 50,000 participants, including government leaders, civil society advocates, and representatives from the fossil fuel industry, underscoring the multifaceted stakeholders involved in climate policy discussions.
Many representatives from the Global South, including India, Sierra Leone, and members of the Alliance of Small Island States, voiced their deep disappointment. Indian negotiator Chandni Raina lambasted the proposed amount as "abysmally poor" and insufficient for the survival of her nation amid rising climate challenges. "This document is little more than an optical illusion," she stated, emphasizing the gap between current pledges and what is scientifically deemed necessary to combat climate change effectively.
Throughout COP29, developing nations had been lobbying for "trillions, not billions" to support their financially strained efforts against climate change. Many argued for grant-based funding rather than loans, considering the existing debt burdens many developing nations already face. Cedric Schuster, chairman of the delegation from Samoa, remarked on the lack of consultation from wealthier nations, explaining their delegation felt ignored, leading to several nations walking out of negotiations.
While the framework set forth by the UN indicates developed economies should hold primary responsibility for funding climate action, the agreement also included voluntary contributions from developing nations like China—a point of contention as China currently holds the position of the world's largest emitter of greenhouse gases. Zhao Yingmin, leading China's delegation, indicated unwillingness to adjust its status and reiterated the call for developed nations to bear the responsible fiscal load under the New Collective Quantified Goal.
UN climate chief Simon Stiell characterized the agreement as both necessary and inadequate. His statement reflected the sense of urgency felt at COP29, as developing countries grappling with climate effects are dependent on financial commitments. He mentioned, "This is no time for victory laps," acknowledging the need for enhanced action and cash flow to back promises made on paper. He added, "This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country."
The final deal also introduces the "Baku to Belem Roadmap to $1.3 trillion," setting the stage for future efforts to address climate finance gaps highlighted during the negotiations. Nonetheless, numerous delegations like the Least Developed Countries bloc emphasized their needs far exceeded what was on the table, criticizing this pledge as insufficient to meet their significant adaptation and mitigation challenges.
One notable absence from the final agreements was any explicit commitment to transition away from fossil fuels, which had been heavily discussed during COP28. Following pressure from oil and gas exporters like Azerbaijan and Saudi Arabia, this pivotal topic was largely omitted. The cancellation of fossil fuel phase-out clauses worried many advocates depose of climate action who felt this could be detrimental to future progress.
With rising desperation, developing nations express their struggles against the backdrop of perennial climate disasters marked by floods, droughts, and fires. Many leaders cite the urgency of climate adaptation and resilience as nations deal with the increasing natural disasters driven by climate change. For example, the Marshall Islands, represented by climate envoy Tina Stege, remarked on the inadequacy of the funds available: "It isn’t nearly enough, but it’s a start,” highlighting the precarious situation small island states find themselves facing.
Meanwhile, experts declared the total funding needed by developing countries to mitigate climate impacts would require upwards of $1.3 trillion annually, highlighting the gap between what wealthier nations are offering and what is actually needed to combat the climate crisis proactively.
While COP29 has concluded with this controversial deal, criticism from developing nations was unyielding, as many of the bloc's delegations threaten to make future negotiations increasingly difficult if scant funding levels remain. The looming specter of climate change continues to haunt not just those at risk but the global community at large as they grapple with the realization of broken fiscal promises and insufficient action.
