Countries at the COP29 climate summit in Baku reached an agreement on Sunday to establish a $300 billion annual global finance target to support poorer nations in addressing the impacts of climate change. However, the deal has drawn sharp criticism from its intended recipients, who argue it falls far short of what is needed.
A Contentious Agreement
The deal, finalized after extended negotiations at the two-week conference in Azerbaijan’s capital, aims to bolster international efforts to combat global warming in what is poised to be the hottest year on record. While some delegates celebrated the agreement with a standing ovation, others expressed discontent, accusing wealthy nations of insufficient action.
“This document is nothing more than an optical illusion,” Indian delegation representative Chandni Raina said during the summit’s closing session. “It will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document.”
A Step Forward or Not Enough?
UN climate chief Simon Stiell acknowledged the challenging negotiations but framed the agreement as a necessary step forward. “This deal will keep the clean energy boom growing and protect billions of lives,” Stiell said. However, he cautioned, “Like any insurance policy, it only works if the premiums are paid in full and on time.”
The agreement sets a goal of $300 billion annually by 2035, building on the previous pledge by wealthier nations to provide $100 billion per year by 2020—a target met two years late and due to expire in 2025.
The Road Ahead
The deal also sets the stage for next year’s COP30 summit in Brazil’s Amazon rainforest, where countries will outline the next decade of climate action. However, Sunday’s agreement stops short of detailing plans to phase out fossil fuels or triple renewable energy capacity by the end of the decade, as pledged during last year’s climate talks.
Negotiations revealed stark divisions between industrialized nations, developing countries, and small island states. Talks stretched into overtime after some delegates walked out in frustration on Saturday.
“We are leaving with a small portion of the funding climate-vulnerable countries urgently need,” said Tina Stege, climate envoy for the Marshall Islands. “It isn’t nearly enough, but it’s a start.”
Funding Challenges and Broader Goals
The deal includes a long-term target to mobilize $1.3 trillion annually by 2035, incorporating contributions from public and private sectors. However, debates persist about which countries should contribute. While the roster of contributors dates back to a 1992 UN climate agreement, wealthier nations have called for additional contributions from nations like China and oil-rich Gulf states.
A Year of Mounting Climate Woes
This year’s record-breaking climate impacts underscore the urgency of action. Catastrophic flooding, droughts, and landslides have devastated regions across Africa, Asia, and South America. Developed nations have also faced severe climate events, with Spain and the United States experiencing deadly floods and billion-dollar disasters.
Despite the progress made in Baku, the summit revealed the ongoing struggle to align global priorities and resources to effectively combat climate change.
