After two weeks of exhausting talks, the COP29 climate summit in Baku, Azerbaijan, concluded with a tenuous agreement, committing wealthy nations to provide $300 billion annually by 2035 to support developing countries in their fight against climate change. However, the deal, while considered as progress by some, leaves many questions unanswered, especially for the world’s most vulnerable nations.
The summit was held under intense scrutiny that saw negotiations stretch into the early hours of Sunday, two days past its scheduled conclusion. Small island nations and impoverished countries expressed outrage, with some delegations staging walkouts over what they viewed as inadequate funding proposals. “This package is an affront to us,” said Tina Stege, climate envoy of the Marshall Islands, echoing the frustrations of many.
The final compromise increases the current $100 billion annual climate fund to $300 billion, but it remains far short of the $500 billion demanded by developing countries to address escalating climate disasters and reduce emissions. A broader target of $1.3 trillion, primarily from private funding, was also proposed but criticized for lacking clear pathways for implementation.
According to reports, a key sticking point during negotiations was whether China, the world’s largest greenhouse gas emitter, should contribute. The final text allows China’s contributions to remain voluntary, continuing a contentious debate about the responsibilities of emerging economies. “We will not allow the most vulnerable, especially the small island states, to be ripped off by the new, few rich fossil-fuel emitters,” said German Foreign Minister Annalena Baerbock, reflecting a broader frustration with resistance from major emitters.
Discussions were further strained by Saudi Arabia’s attempts to dilute language on phasing out fossil fuels, a move that clashed with calls for stronger commitments to clean energy. Azerbaijan’s president, Ilham Aliyev, compounded tensions by praising fossil fuels as “a gift from God” during his opening address, sparking criticism from delegates.
Despite the challenges, COP29 was marked by moments of multilateral cooperation, even as geopolitical tensions loomed large. The summit saw countries like Brazil, set to host COP30, vowing to build on the progress made. “We need to reach some outcome that is minimally acceptable in line with the emergency we’re facing,” said Marina Silva, Brazil’s environment minister.
Yet, the deal’s shortcomings highlight the difficulties of balancing global climate ambition with political and economic realities. The $300 billion commitment, while significant, falls short when compared to the $1.3 trillion needed to achieve the Paris Agreement’s goals or the world’s ongoing fossil fuel subsidies, which dwarf the pledged funds.
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