COP29 concluded with a commitment of $300 billion annually by 2035 to support developing nations in combating climate change, tripling the previous $100 billion annual pledge.
This agreement, achieved after tense negotiations in Baku, Azerbaijan, marks progress but has faced substantial criticism for being insufficient. Developing countries, particularly those most vulnerable to climate impacts, had sought $1.3 trillion annually—a figure acknowledged in principle but not operationalised in the deal. Critics argue that the funding falls short of the transformative finance needed to meet the urgency of the climate crisis.
The negotiations highlighted the complexities of balancing diverse priorities. Oil-producing countries, for instance, advocated for a pragmatic approach to transitioning away from fossil fuels, ensuring that energy security and economic stability remain intact. As a result, while the final agreement does not explicitly advance last year’s fossil fuel transition commitments, it underscores the importance of “transitional fuels” and emerging technologies as part of the global strategy.
Key provisions in the agreement include easing access to climate funds for developing nations and reducing the debt burden associated with climate adaptation and mitigation projects which are necessary to curb the damage historically created by developed nations. However, some delegates and activists voiced concerns over the absence of firm targets for climate adaptation or loss and damage compensation, resulting in walkouts and protests at the conference.
Another key element that drew attention was the United States’ latest election outcome, highlighting a radical shift in global climate leadership. The high likelihood of the US withdrawing from the Paris Agreement climate goals raised questions and concerns about climate ambitions on a global stage. China – now the world’s largest emitter – could potentially fill the void left by the US. COP29 highlights emerging geopolitical shifts, and potential realignments in international climate negotiations, suggesting a dramatic transformation in global climate advocacy.
Despite the challenges, COP29 reinforced a collective commitment to combating climate change and set the stage for continued collaboration. Other than the focus on raising finance, COP29 resulted in an agreement on global carbon markets standardisation. After decades of work, countries have agreed on the final building blocks that set out how carbon markets will operate under the Paris Agreement – this will enable country-to-country trading and a carbon crediting mechanism that is fully operational. Other key outcomes that are worth highlighting are building more transparent climate reporting, the implementation of National Adaptation Plans (NAPs) for developing countries, enhanced gender equality alongside civil society participation, children and youth inclusion initiatives.
All while holdings its share of controversies, such events foster cross-border environmental cooperation, where sustainability professionals are making new grounds in traditional fossil fuel economies. Such initiatives demonstrate that transformative change can emerge in the most unexpected contexts, paving the way forward for global action on the climate crisis.
With that said, the general outcome of discussions remains ambiguous. The agreed figure is not only below the ask of developing countries but also falls short of the $2.4 trillion cited by many climate experts. Nonetheless, the “Baku to Belem Roadmap,” which aims to mobilise additional funding and refine implementation strategies leading into COP30, represents a significant commitment to keep an eye on.
With initiatives from COP28 being watered down this year, this leaves the question as to whether the progress being made at COP events in their current form will enable us to achieve global climate goals, or if it’s time for a different approach. COP29 has laid the groundwork for the next phase of climate action.
With revised National Determined Contributions (NDCs) expected in early 2025 and the next global summit taking place in Brazil, the world must confront the reality of this challenge. The crucial question is whether COP29 commitments are enough to prevent catastrophic climate change or if more ambitions action is needed.
With that said, I think the general outcome of discussions is disappointing. The agreed figure is not only below the ask of developing countries but also falls short of the $2.4 trillion cited by many climate experts. “Baku to Belem Roadmap,” which aims to mobilise additional funding and refine implementation strategies leading into COP30, represents a significant commitment to keep an eye on as initiatives from COP28 were watered down this year. This leaves the question of whether the progress being made at COP events in their current form will enable us to achieve global climate goals or if it’s time for a different approach.
Calum
