COP29 Deal Criticised by Developing Nations Over Inadequacy

Participants at the last COP29 summit in Azerbaijan committed global finance to poorer nations struggling with the worsening effects of climate change at $300 billion (€288bn) per year. Unfortunately, this landmark decision has elicited major concerns, and many benefiting from the aid have referred to the money as inadequate to tackle the level of tragedy that seems to have engulfed the world.

The COP29 agreement reached in Baku, in the final hours of the two-week conference, was aimed at spurring efforts to fight climate change in 2024 – termed as the hottest year on record across the globe.

While some delegates leaped up and applauded the agreement, many were far from pleased: some accused wealthier countries of shifting more of the burden on to those below them and others criticised Azerbaijan for having presented the plan just when some disagreements had caught the public eye.

Contentious Outcomes at COP29

The COP29 agreement reveals that the division between the industrialised states that bore the brunt of emissions of GreenHouse gases and the developing countries that are now suffering most due to climate change disasters is widening. Thus, the summit highlighted the crucial discussion of financial accountability and the shift to the discourse of non-action, but with promises.

Indian delegate Chandni Raina encapsulated the frustrations of many when she remarked, “I regret to say that this document is nothing more than an optical illusion,” moments after the deal was adopted. Her comments were similar to many climate vulnerable nations that stormed out of negotiations in disgust in the last few days of the conference.

Tina Stege, climate envoy for the Marshall Islands, expressed a bittersweet acknowledgment of the deal: “We’re going home with only a fraction of the funding climate-vulnerable countries so urgently require,’ More than 700 million people live in least developed countries, many of which are vulnerable to climate change. It is not nearly enough, but it is the first step.”

Financing Climate Action: A Big Challenge

The expected $300 billion annual fund to be delivered by 2035 has followed up on the earlier goal of $100 billion per year in climate finance which was achieved two years earlier in 2022. But critics point out that this increment does not capture the essence of what could be done to address the issue of global warming. It also has aspirations to mobilise $1.3 trillion (€1.3tn) each year by 2035, including from both public and private sectors.

United Nations climate chief Simon Stiell described the outcome as an “insurance policy for humanity,” but cautioned that its success depends on timely and full payments: “This deal will sustain the growth of clean energy and save billions of lives around the world. But like any insurance policy, it only works if the premiums are paid in full and are on time.”

However, there are critical deficiencies in this COP29 deal as well. It does not include specific measures on how the shift from fossil fuels will occur and the tripling of renewable energy by the end of the decade, a commitment made at last year’s summit. 

There were allegations by some negotiators that Saudi Arabia is responsible for slowing down these plans, making another revelation of the fact that geopolitical issues exert a significant influence on such negotiations.

Growing Dissatisfaction and Conflicting Objectives

The COP29 deal underlined the problem of reaching a common strategy among nearly 200 participating countries. Stress rose as the emerged deadline, with developing countries pushing for deeper efforts and industrialised nations citing budgets.

The summit took place while world challenges were escalating such as systemic inflation together with geopolitical risks and disasters. The western governments pinning their attention on the fighting like the Russian invasion of Ukraine or the conflict in Gaza, Syria and many more have failed to accord adequate attention to climate change.

However, the United States has been more often at the receiving end of criticism. While President Joe Biden lauded the COP29 participants for reaching what he called a “historic agreement,” he acknowledged the substantial work ahead: “Today’s outcome brings us one distinct step closer. But for those who will come after us, we need to increase our efforts to sustain such a desirable cleaner, safer, healthier world”.

However, concerns persist about the future trajectory of U.S. climate policy, especially with the looming return of Donald Trump, who has historically dismissed climate change as a “hoax” and pulled the U.S. out of previous international agreements..

A Ray of Hope Amid Continuous Challenges

Despite its shortcomings, the COP29 agreement provides a framework for next year’s climate summit in the Amazon rainforest, where nations will map out the next decade of climate action.Unresolved issues such as specific timelines for the transition to renewable energy, and the complete phase out of fossil fuels are expected to be discussed during this upcoming conference.

Climate action is perhaps the single most important issue that has ever demanded immediate attention. The UN Emissions Gap Report also reveals that the world is heading toward a 3.1°C global temperature increase by the end of the current century. The consequence of such delay is disastrous, ranging from increased storm intensity and frequency to the degradation of ecosystems beyond which they could be salvaged.

The recent disasters point toward the climate crisis as a global one. Africa floods have killed thousands while Asia landslides have entombed families and a severe drought in South America has reduced Great rivers. Not even the richest of countries has been exempted, Spain has experienced deadly floods and in the United States, climate related disasters have hit $24 billion this year alone.

The AfterMath Of COP29 Summit

COP29 Summit did not bring about the kind of quantum leap that many expected, but at least it has kept the issue of climate finance open for debate. In the words of Simon Stiell, the global agreement will be as good as the level of compliance with the agreement.

The world now turns to Brazil’s Amazon rainforest in 2025, COP30, to fill in the gaps that COP29 is unable or unwilling to fill so that no country is left behind in the fight against climate change. The path is long, but the global community must have a relentless pursuit to chart a path toward a sustainable future.

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