Picture Credit: International Atomic Energy Agency
The COP29 climate summit, which took place in Azerbaijan's capital city of Baku, came through with a path-breaking financial commitment to assist poor countries in dealing with climate change. Developed countries agreed to deliver $300 billion each year by 2035, a much bigger jump than the previous $100 billion pledge. Yet, several developing nations, such as India and island countries, expressed their dissatisfaction with the agreement. They held the view that it does not meet their needs. An Indian delegate, Leena Nandan remarked, “The amount that is proposed to be mobilized is abysmally poor. This document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face.”
Even though the sum of $300 billion is perceived as a step forward, it remains a long distance from the $1.3 trillion that the 134 developing countries had been insisting on. These nations recommended that the funds be utilized to replace fossil fuels, adapt to the impacts of climate change, high sea levels and severe weather events, and to reconstruct the part of the environment that has been destroyed by natural disasters. Along with the deal is a more grandiose goal of persuading both the public and private sectors to make a $1.3 trillion contribution, although the bulk of the money is supposed to come from private investors, which many people consider unstable and unpredictable.
The negotiations were tense, extending 33 hours beyond schedule and at periods almost ending due to stalemates. Certain delegations walked out, mainly frustrated by the lack of progress on funding and perceived disregard for their needs. The agreement was reached in the end, however, there was still resentment, especially among countries that are facing the most immediate impacts of climate change.
This year's summit also highlighted growing divisions within the global climate negotiations. The U.S. withdrawal from the Paris Agreement under former President Trump loomed large, with many fearing that his potential return to office could further derail progress. In this context, some negotiators viewed the deal as a necessary compromise, acknowledging that a larger agreement may not be achievable given the current geopolitical landscape.
When COP29 came to an end, environmental bodies came forward with a criticism of the deal saying that it is not enough, they went on to argue that it is still not in the right path. With next summit being in Brazil, the battleground will be over whether the different sides reach a more robust agreement or not. Meanwhile, the results of COP29 are actually a reminder of the endless suffering of poor countries who take the brunt of the worst parts of climate change, because they will now suffer from both the lack of technology and recovery funds.
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