COP29, the latest UN Climate Change Conference, wrapped up in Baku, Azerbaijan, early Sunday morning after two intense weeks of negotiations. While the summit delivered some outcomes, it left many participants frustrated and questioning the effectiveness of the process.
Photo credit: UN Climate Change - Kiara Worth
Climate Finance: A Controversial Deal
The main headline from COP29 was a new climate finance target. Wealthy nations committed to providing $300 billion annually by 2035 to help poorer countries tackle climate change and transition to cleaner energy. On paper, this sounds like progress—it's more than the $250 billion initially proposed—but developing countries were far from impressed and many were simply outraged (video).
Critics pointed out that the funding could come from private sources and even from countries still classified as "developing," like China and Gulf states. This loophole, they argued, lets the biggest polluters off the hook. Chiara Martinelli, Director of Climate Action Network Europe, sums up the mood:
“Rich countries own the responsibility for the failed outcome at COP29. The talk of tripling from the $100 billion goal might sound impressive, but in reality, it falls far short, barely increasing from the previous commitment when adjusted for inflation and considering the bulk of this money will come in the form of unsustainable loans.
This is not solidarity. It’s smoke and mirrors that betray the needs of those on the frontlines of the climate crisis. Despite promises of leadership, the EU [and other developed nations] has shown a troubling lack of action and ambition, undermining trust and progress when it was needed most.
For vulnerable nations, the money isn’t just about finances—it’s about survival. But with actual climate needs running into the trillions, many felt the agreement was too little, too late.
Fossil Fuels: No Progress
While last year’s COP in Dubai ended with a commitment to “transition away” from fossil fuels, this year’s summit failed to move the needle. Saudi Arabia, a major oil producer, was at the center of controversy, accused of blocking progress and even editing decision drafts behind closed doors. As a result, key decisions on emissions cuts were postponed to next year’s COP in Brazil.
This lack of progress on such a critical issue added to the sense of disappointment surrounding the summit. For many, it highlighted how fossil fuel interests continue to dominate these talks.
Calls for Change
The challenges at COP29 have reignited calls for reforming the entire COP process. An open letter signed by influential figures like the "Architect" of the Paris Agreement, Christiana Figueres and former UN Secretary-General Ban Ki-moon argued for updating outdated systems, including how countries are classified for climate finance. It also questioned whether oil-dependent nations like Azerbaijan should host such critical summits, given the clear conflicts of interest.
Looking Ahead to COP30
In the end, COP29 delivered little in the way of bold solutions. While it offered small steps forward, it left the urgent and bold steps for next year’s summit in Brazil.
For now, the spotlight remains on whether the COP process, as it stands, is still fit for purpose. With the stakes higher than ever, the world will need more than incremental progress to tackle the climate crisis.
COP30 in Brazil will be a chance to prove that these talks can deliver meaningful action—but after Baku, many are (understandably) skeptical.
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