Mukhtar Babayev, COP29 president, center, during a closing plenary session at the COP29 UN Climate Summit in the early hours Sunday in Baku, Azerbaijan.Joshua A. Bickel/AP
The COP29 climate summit in Baku, Azerbaijan, concluded in the early hours of Sunday, November 24, 2024, with a new agreement on financial aid for developing countries. Wealthy nations committed to providing $300 billion annually by 2035 to help poorer nations address the worsening impacts of the climate crisis. However, the figure has drawn sharp criticism for being inadequate.
The deal was finalized after intense negotiations that extended more than 30 hours past the deadline. Talks nearly collapsed Saturday when representatives of vulnerable island states and the least-developed nations staged a walkout. The session eventually ended at 2:40 a.m. local time with nearly 200 countries reaching a consensus.
COP29 President Mukhtar Babayev, a veteran of Azerbaijan’s state oil company, expressed pride in the agreement. “People doubted Azerbaijan’s ability to deliver. They doubted global consensus. They were wrong on both,” he said. Despite this optimism, many saw the agreement as a small step in addressing an overwhelming crisis.
The $300 billion annual funding aims to help poorer nations recover from extreme weather disasters and transition to clean energy. Simon Stiell, head of the United Nations Framework Convention on Climate Change, called it “an insurance policy for humanity.” Yet, this pledge falls far short of the $1.3 trillion annually that experts deem necessary to meet global needs.
India’s representative, Chandni Raina, delivered a scathing critique of the agreement, describing the sum as a “paltry” and inadequate response to the climate emergency. Other leaders from vulnerable nations echoed her concerns, labeling the summit’s outcome a failure of global leadership. Tina Stege, climate envoy for the Marshall Islands, condemned the influence of fossil fuel interests, accusing them of blocking meaningful progress.
Rich nations, historically the largest contributors to climate change, had pledged $100 billion annually by 2020 but only fulfilled this promise in 2022. The new commitment to $300 billion by 2035 includes both public and private funds. Still, it lacks concrete mechanisms for ensuring a fair distribution or for guaranteeing that funds come in the form of grants rather than loans. Developing nations worry that loans will worsen their financial burdens.
The negotiations also included a proposal for emerging economies like China and Saudi Arabia to contribute. However, the final agreement only encourages voluntary contributions from these nations, leaving them with no binding obligations. Critics called this a missed opportunity to hold all major emitters accountable.
The COP29 summit unfolded against the backdrop of a year poised to be the hottest on record, marked by catastrophic climate events, including typhoons, droughts, and deadly hurricanes. Despite the urgency, the talks were marred by disputes and external pressures. Fossil fuel interests loomed large over the summit, with over 1,700 lobbyists registered to attend, outnumbering nearly all country delegations.
Saudi Arabia openly opposed any mention of reducing oil, coal, or gas use in the agreement. Meanwhile, the shadow of Donald Trump’s return to U.S. politics added uncertainty, with fears that his administration could undermine international climate efforts.
The summit’s chaotic proceedings and limited outcome have drawn widespread condemnation from climate activists and experts. Tasneem Essop of Climate Action Network described the event as one of the most disappointing climate negotiations in years. Friederike Otto, a climate scientist, criticized the pervasive influence of fossil fuel interests, noting that public trust in such summits is at an all-time low.
Despite the criticisms, some view the agreement as a foundation to build upon. Advocates like Harjeet Singh of the Fossil Fuel Treaty Initiative emphasize the need to continue pushing for greater accountability and funding from developed nations.
The COP29 deal represents progress, but for many, it underscores the vast gap between what is politically feasible and what is needed to address the climate crisis. As extreme weather intensifies worldwide, the pressure on global leaders to act decisively will only grow.
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