Baku COP29 summit ends with US$300b funding criticism
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The news: The COP29 summit in Baku concluded with a USD300 billion ($461.33 billion) annual climate finance target by 2035 to assist developing nations.
The numbers: The agreement, replacing the USD100 billion annual target set in 2009, drew heavy criticism from several quarters.
The agreed USD300 billion fell well short of the USD1.3 trillion in annual funds developing countries were seeking, and which experts say are needed to address climate change.
The text, however, did include a call for public and private contributions to boost climate finance to that target by 2035.
The context: The summit centred on the core debate over financial responsibility for climate change, with industrialised nations blamed for the bulk of emissions and developing countries demanding more funding for escalating climate impacts.
Wealthier countries sought contributions from emerging economies like China, now the second-largest economy, and oil-rich Gulf states, but the agreement only encouraged voluntary contributions from these nations.
Tensions also arose over Saudi Arabia’s reported resistance to renewable energy targets, while geopolitical headwinds, such as Donald Trump’s election victory and his pledge to withdraw the US from climate pacts, cast doubt on future funding commitments.
Talks extended 30 hours past a Friday deadline to reach an agreement in the early hours of Sunday, local time.
What they said: UN climate chief Simon Stiell called the agreement an “insurance policy” contingent on full and timely payments.
Indian delegation representative Chandni Raina labelled it "an optical illusion" that would not address the scale of the climate crisis, while African negotiators deemed it "too little, too late."
US President Joe Biden welcomed it as progress but acknowledged more work is needed.
The sources: COP29 statement , Associated Press , Reuters , BBC
