BAKU, Azerbaijan — The clock is ticking as global leaders gather for the COP29 climate negotiations, which kicked off this week with the urgency of addressing climate change at the forefront. Different from last year's exhilarating discussions, this year appears less glamorous, devoid of the participation of key figures, such as the leaders from the world’s top two carbon-emitting nations, the United States and China.
The stakes for these negotiations have never been higher. Delegates are confronted with the monumental challenge of financing the transition of poorer nations away from fossil fuels to cleaner energy sources. According to numerous reports, the bill for curbing and dealing with the increasing effects of climate change — including catastrophic heat waves, floods, and droughts — could run up to trillions of dollars. Frustrated by the continual call for action without resources, poorer nations are bringing their cries to the table: they simply cannot manage these demands without external help.
At the core of negotiations is the $100 billion per year commitment made during the 2009 climate conference, which remains unfulfilled. Experts believe this falls short of the estimated $1 trillion needed annually to help these nations adapt and thrive amid climate change. Bill Hare, CEO of Climate Analytics, boldly stated, “It’s a game with high stakes; right now, the fate of the planet depends very much on what we’re able to pull off in the next five or ten years.”
The discussions aren't merely about summoning funds; they also revolve around justice and accountability—where the world’s wealthiest countries must accept responsibility. Notably, approximately 77% of the greenhouse gases currently choking the planet are emitted by G20 nations, illustrating the disparity between the countries generating high emissions and those bearing the brunt of climate disasters.
Among those demanding action is the United States, represented by outgoing climate envoy John Podesta. Despite being labeled a 'lame duck' administration with Donald Trump poised to resume office shortly, Podesta is working diligently behind the scenes at COP29. He emphasized the Biden administration's commitment to maintaining the momentum of climate policies and rallying allies around ambitious funding goals. “Our meetings and discussions are about ensuring the continuity of action on climate, regardless of changing political winds,” he said, referencing past struggles in the U.S. to enact lasting reforms.
Podesta and his team have made it clear: they expect to negotiate harshly, eyeing a tenfold increase of climate financing, aiming toward the $1 trillion per year objective pushed by many participating nations. This ambitious target, if achieved, could fundamentally shift how poorer countries address climate challenges, transitioning them from fossil fuel dependency to renewable energy.
Reflecting on the climate funding discourse, United Nations experts have underscored the precarious position of developing nations forced to bear the costs of climate change — often exacerbated by those who have historically contributed the least to the crisis. For example, Ani Dasgupta, president of the World Resources Institute, pointed out, “The countries which are rich today have become rich by polluting the Earth.” The irony is palpable: it’s not just about charity but recognizing mutual benefit as the planet faces collective ruin.
The financing dilemma resonates deeply with delegates from smaller nations, especially those vulnerable to rising sea levels and extreme natural events. Chukwumerije Okereke from the Center for Climate Change and Development noted, “Should the global community fail to reach financial goals, this is really just signing the death warrant of many developing countries.”
Perhaps adding fuel to the fire of urgency is the contentious economic backdrop. The discussion isn’t solely focused on direct government aid, as multilateral development banks and private investments are equally part of the equation. Climate scientists testify to the stringent need for countries to combat overwhelming debts recorded at $29 trillion globally, which furthers the plight of nations trying to remain economically viable amid climate pressures.
While the clock counts down, countries across the globe are expressing increasing frustration over unmet pledges and lack of actual fiscal support. Sunita Narain, director general of the Centre for Science and Environment, articulated the sentiment shared by many when she declared, “The Global South has been repeatedly let down by unmet promises.”
Given the connections made by climate movements since COP26, pledges from wealthy nations are constantly being cross-checked, with the spotlight increasingly on their functionalities and results. Many leaders are also aware of the looming Trump presidency and want to avoid the specter of past divisive stances on climate issues returning to center stage.
Discussions surrounding who bears financial responsibility are intensifying, especially considering the economic ascent of countries like China. Some developed nations demand contributions from nations considered part of the global South who are now financially thriving, leading to complex negotiations about obligations and expectations. “It’s very fraught to think about the scale-up of existing climate finance,” said E3G analyst Alden Meyer, aware of the delicate balance between developed and developing nations during these negotiations.
Meanwhile, whispers around the COP29 corridors suggest some nations fear courting controversy by placing bold demands on the United States, expecting more modest proposals as election sentiments drift. Rachel Cleetus from the Union of Concerned Scientists advocated for international cooperation, emphasizing, “Countries should not excuse themselves from making the right decisions, as everyone knows the realities we’re facing.”
Despite the uncertainty of commitments and funding, other delegates echoed the sentiment shared by Jennifer Morgan, Germany's climate negotiator, who stated, “The mood here is very determined to move forward and reach ambitious targets.” This resolve emerges even as the U.S. heads toward potential instability once Trump assumes office—an instability many delegates hope doesn’t hinder progress made so far.
Finance discussions are poised to be pivotal, with negotiations continuously enveloped by the ghosts of unfulfilled promises and doubt about future civil climate actions. The world is watching, and with lives and environments hanging in the balance, COP29 stands as both a challenge and opportunity to reshape the discourse around climate justice, accountability, and unequivocal support for those most vulnerable to climate catastrophe.
Balancing these discussions won’t be easy, but nations involved recognize the historical significance of these talks. The entire planet’s fate hinges on their ability to work collaboratively and transcend the boundaries of wealth and capability for the greater good. The coming weeks may prove pivotal, as negotiators seek mutual benefit amid the urgency demanded by climate change.
