COP29: Expectations not met, critics say

Richer countries have promised to raise their funding to help poorer countries fight climate change to a record US$300 billion a year, but the deal has come under criticism from the developing world.

The talks at the 29th Conference of the Parties (COP29) in Azerbaijan ran 33 hours late and came within inches of collapse. The conference was supposed to take place from 11 to 22 November.

The agreement falls well short of the US$1.3 trillion developing countries were pushing for.

In an announcement issued by the United Nations Framework Convention on Climate Change (UNFCCC), COP29 brought together nearly 200 countries and reached the breakthrough agreement that will triple finance to developing countries, from the previous goal of US$100 billion annually to US$300 billion annually by 2035.

However, according to reports, the African Group of Negotiators described the final pledge as "too little, too late".

Insurance policy

The agreement will secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of US$1.3 trillion per year by 2035.

Known formally as the New Collective Quantified Goal on Climate Finance (NCQG), it was agreed after two weeks of intensive negotiations and several years of preparatory work, in a process that requires all nations to unanimously agree on every word of the agreement.

"This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country,” said Simon Stiell, UNFCCC executive secretary.

"But, like any insurance policy, it only works if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives.”

"It will keep the clean energy boom growing, helping all countries to share in its huge benefits: more jobs, stronger growth, cheaper and cleaner energy for all.”

Market agreements

COP29 also reached agreement on carbon markets, which several previous COPs had not been able to achieve.

These agreements will help countries deliver their climate plans more quickly and cheaply and make faster progress in halving global emissions this decade, as required by science.

Important agreements were also reached on transparent climate reporting and adaptation, as summarised below.

Stiell also acknowledged that the agreement reached in Baku did not meet all parties' expectations and substantially more work is still needed next year on several crucial issues.

“No country got everything they wanted, and we leave Baku with a mountain of work to do,” said Stiell. “The many other issues we need to progress may not be headlines, but they are lifelines for billions of people. So this is no time for victory laps, we need to set our sights and redouble our efforts on the road to Belém."

The finance agreement at COP29 comes as stronger national climate plans (nationally determined contributions, or NDCs) become due from all countries next year.

These new climate plans must cover all greenhouse gases and all sectors to keep the 1.5°C warming limit within reach.

“We still have a very long road ahead, but here in Baku we took another important step forward,” said Stiell. “The UN Paris Agreement is humanity’s liferaft; there is nothing else. So here in Baku and all of the countries represented in this room, we’re taking that journey forward together.”