Janice R. Andrews
COP29 Summit Finalizes $300bn Climate Finance Agreement
The COP29 climate summit in Baku concluded with a landmark deal in which developed nations agreed to provide $300 billion annually from 2035 onward to help developing countries with emissions reductions and climate adaptation. However, the agreement has faced significant backlash, with climate-vulnerable nations arguing that the funds are too little and come too late.
High Tension and Walkouts
The deal was finalized in the early hours of Sunday after several days of tense negotiations, walkouts, and intense last-minute changes. On Friday, wealthy nations including the U.S., EU, and Japan proposed an annual $250 billion in climate finance, which was quickly rejected by developing nations as insufficient. This led to walkouts by the Least Developed Countries (LDCs) and the Alliance of Small Island States (AOSIS), who voiced their frustration over the offer.
A revised proposal of $300 billion, presented around 3 p.m. Saturday, did little to ease tensions. It still fell far short of the $500 billion demand from the G77+China group, representing nations across Latin America, Africa, and Asia.
U.S. Under Fire
U.S. climate envoy John Podesta was met with harsh criticism as he left the negotiations, with protesters accusing the Biden administration of breaking its promises on climate justice. “This isn’t the climate and environmental justice agenda that Biden campaigned on,” said Victor Menotti of the International Forum on Globalization, reflecting the growing discontent with U.S. leadership on the issue.
Behind Closed Doors: Final Hours
After a series of setbacks, negotiations continued behind closed doors, with COP29 President Mukhtar Babayev urging delegates to push for a resolution. “Time is running out,” Babayev said, as he pressed for a solution to prevent the collapse of talks.
In the following hours, procedural matters and new rules for global carbon credit markets were debated, but the critical finance goal—the new collective quantified goal (NCQG)—remained unresolved until the final plenary session. A brief adjournment after midnight suggested the deal was near completion.
Implications of the Deal
While the $300 billion pledge marks a significant increase from the current $100 billion target, many developing nations insist that it is still inadequate given the escalating climate crisis. Experts argue that the real test of this deal will be in its implementation and how funds are distributed.
“This agreement is a step forward, but it’s not enough to tackle the scale of the climate emergency,” said a representative from the Climate Action Network.
A Divided Outcome
The summit’s conclusion highlights the ongoing divide between rich and poor nations over climate finance. While wealthier nations herald the agreement as a breakthrough, many vulnerable countries remain dissatisfied, feeling their urgent needs have not been addressed.
As COP29 wraps up, the focus now shifts to how the promised $300 billion will be mobilized and delivered, and whether the trust gap between developed and developing nations can be bridged. Though the deal is historic, it is clear that much work remains to meet the scale of the global climate challenge.
