Countries attending the COP29 summit in Baku reached a landmark agreement on Sunday to channel $300 billion annually by 2035 to support poorer nations in coping with climate change impacts. While some delegates hailed the deal as a vital step forward, others criticized it as insufficient given the escalating climate crisis.
The agreement, achieved after extended negotiations in Azerbaijan’s capital, aims to boost previous commitments of $100 billion per year by 2020, which were only fulfilled in 2022. It also sets a broader target of raising $1.3 trillion annually by 2035, leveraging both public and private funding. United Nations climate chief Simon Stiell described the deal as an “insurance policy for humanity,” but stressed that its success hinges on timely and full financial contributions.
#Bakubreakthrough: a result of months of intensive diplomacy by the COP29 Presidency, delivering some of the most complex tasks in multilateral #ClimareAction. As we conclude #COP29Azerbaijan, these achievements mark a critical step in putting in place the means to deliver a… pic.twitter.com/ZmvEizKTX5
— COP29 Azerbaijan (@COP29_AZ) November 24, 2024
Despite its adoption, the deal faced strong opposition. India’s delegate Chandni Raina called the agreement “nothing more than an optical illusion,” arguing it fails to adequately address the scale of the challenges. Many developing nations voiced frustration over perceived delays and limited ambition, with some delegates walking out of talks before the final compromise.
Financial Divisions and Key Challenges
The agreement underscores ongoing tensions between industrialized nations, responsible for much of the historical greenhouse gas emissions, and developing countries disproportionately bearing climate change’s consequences. Wealthy nations face pressure to increase their contributions, while also demanding that emerging economies like China and oil-rich Gulf states pay their share.
The deal stops short of mandating contributions from developing nations but encourages voluntary support. Additionally, it sidesteps specific measures to phase out fossil fuels or triple renewable energy capacity, with negotiators citing opposition from oil-producing nations like Saudi Arabia.
Climate Impacts Highlight the Stakes
The urgency of climate action was underscored by a year expected to be the hottest on record, with catastrophic flooding, landslides, and droughts affecting millions worldwide. Developed nations, too, faced devastating events, including deadly floods in Spain and a record number of billion-dollar disasters in the United States.
Looking Ahead
Next year’s climate summit in Brazil’s Amazon rainforest is expected to refine strategies for achieving the Paris Agreement’s goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels. With current emissions trends pointing to a potential rise of 3.1°C by century’s end, the need for robust and equitable climate action remains urgent.
U.S. President Joe Biden praised the agreement as a critical milestone but warned that significant work lies ahead to meet global climate targets. His remarks stand in contrast to Republican presidential frontrunner Donald Trump’s skepticism about climate initiatives, which has raised concerns about the U.S.’s future role in international climate finance.
While the COP29 deal marks progress in aligning global efforts, the scale of climate finance remains a contentious and unresolved issue, leaving many nations demanding stronger commitments to ensure a sustainable and equitable future.
