During the COP29 summit held in Azerbaijan, countries came together to endorse a staggering global finance target of $300 billion per year, aimed at supporting poorer nations deal with the relentless impacts of climate change. However, the deal received pointed criticism from its intended beneficiaries, who felt that this financial aid was grossly inadequate.
After a grueling two-week conference in Baku, where discussions often extended into overtime, this agreement was reached to reignite global efforts toward combating climate change, particularly in a year that is set to break temperature records.
While some delegates celebrated by giving the deal a standing ovation in the plenary hall, others expressed outrage. They called out wealthier nations for their lack of action and slammed Azerbaijan for pushing the contentious agreement through hastily. “I regret to say that this document is nothing more than an optical illusion,” remarked Indian delegation representative Chandni Raina during the closing session, moments after the deal was finalized.
United Nations climate chief Simon Stiell recognized the arduous negotiations that paved the way for this agreement but still praised its significance as a protective measure for humanity against the dire consequences of global warming. “It has been a difficult journey, but we’ve delivered a deal,” he stated. “This agreement will bolster the clean energy movement and safeguard billions of lives. However, just like any insurance plan, it requires consistent premiums that must be paid punctually.”
The newly forged agreement aims to provide $300 billion annually by 2035, significantly ramping up from the previous target set by rich nations to provide $100 billion a year in climate finance by 2020. This earlier goal was only met two years late in 2022 and is set to expire in 2025.
Additionally, the new agreement lays crucial groundwork for the next climate summit scheduled to be hosted in the Amazon rainforest of Brazil in the coming year, where participating nations will be expected to plot the decade ahead regarding climate actions.
Meanwhile, Eamon Ryan, the outgoing Minister for the Environment, Climate and Communications of Ireland, welcomed the “hard-fought” deal achieved at the conference, although Irish activists and aid organizations were vocal in their criticism. Ryan characterized the agreement as a “hopeful step” towards aiding impoverished nations facing the catastrophic effects of climate change.
For the very first time, financial support became the focal point of a COP agenda, reflecting a significant shift in discussions. The summit tackled the complex issue of financial accountability among industrialized nations, whose historic reliance on fossil fuels has largely driven greenhouse gas emissions. This dialogue also highlighted the stark divide between wealthier governments grappling with budget constraints and developing nations suffering immense economic losses due to increasingly severe storms, floods, and droughts.
Even as negotiations were supposed to wrap up on Friday, the talks extended into extra time as nearly 200 countries struggled to find a common ground. Frustrations mounted, leading to walkouts by representatives from developing countries and island nations. “We are leaving with just a fraction of the funding needed by climate-vulnerable nations. It’s not nearly enough, but it’s a step forward,” said Tina Stege, Ambassador for the Marshall Islands on climate issues.
Countries are striving for the financing necessary to fulfill the Paris Agreement’s goal of keeping global temperature rise below 1.5 degrees Celsius above pre-industrial levels—a critical threshold beyond which we could face catastrophic climate consequences.
Right now, projections suggest a potential warming of up to 3.1°C by the century’s end, according to the latest 2024 UN Emissions Gap report, highlighting the ongoing rise in global greenhouse gas emissions and fossil fuel reliance.
However, the agreement fell short in detailing specific actions that countries must take to fulfill last year’s pledges from the UN climate summit, which focused on moving away from fossil fuel dependence and amplifying renewable energy capacity over the next decade. Some negotiators alleged that Saudi Arabia attempted to obstruct these essential plans during discussions. “Getting greater ambition can be tough, especially when negotiating with the Saudis,” commented US climate adviser John Podesta. A Saudi representative was yet to comment on these claims.
A question arose as to how we even define a “developed” nation. The roster of countries required to contribute—approximately two dozen industrialized nations, including the US, European countries, and Canada—dates back to an agreement made during UN climate talks in 1992. European nations have been pressing others, including China, which stands as the world’s second-largest economy, and affluent Gulf states to contribute. The deal encourages contributions from developing countries but does not mandate them.
A broader ambition is articulated within the agreement, targeting an ambitious $1.3 trillion annually in climate financing by 2035, an estimate deemed necessary to effectively combat global warming, incorporating both public and private sources.
Moreover, nations also settled on guidelines to establish a global carbon credit market, which advocates argue could inject additional billions into innovative initiatives combating climate change, ranging from reforestation efforts to advancing clean energy technologies.
Lastly, securing this climate finance deal posed numerous challenges from its inception. The recent presidential election victory of Donald Trump in the US has raised doubts among negotiators about the world’s largest economy’s commitment to achieving the climate finance targets agreed upon in Baku. Trump, who takes office in January, previously labeled climate change a hoax and expressed intentions to withdraw the US from international climate cooperation initiatives once again.
President Joe Biden congratulated the COP29 attendees for what he termed a historic agreement, asserting it would facilitate the mobilization of essential funding, though emphasizing more action is required. “We still have a significant path ahead to realize our climate objectives, but today’s results move us a notable step forward,” Biden remarked. “On behalf of the American people and future generations, we must strive to maintain a cleaner, safer, and healthier planet within our reach.”
With escalating geopolitical tensions, such as Russia’s aggression towards Ukraine and ongoing conflicts in the Middle East compounded by rising inflation, climate change has unfortunately slid down the priority lists of many Western governments.
This urgency is showcased by a year that scientists predict will become the hottest on record. The litany of climate disasters continues to accumulate, as catastrophic flooding has claimed thousands of lives across Africa, landslides have buried entire villages in Asia, and droughts have shrunk vital rivers in South America.
Wealthier nations have also felt the impact. Torrential rainfall led to devastating floods in Valencia, Spain last month, resulting in over 200 fatalities. Meanwhile, the US has recorded 24 billion-dollar disasters so far this year—just a few less than the prior year’s haunting figures.
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
