World leaders at the COP29 climate summit in Baku, Azerbaijan, agreed to provide $300 billion annually to help poorer countries tackle climate change.
While this is a record sum, it is far below the $1.3 trillion requested by developing nations. Many representatives from these countries criticized the deal as insufficient to address their urgent needs.
The summit ran 33 hours late, nearly collapsing before a compromise was reached. Developing nations, despite their frustrations, chose not to block the agreement. Simon Stiell, head of the UN climate body, admitted the deal was imperfect but emphasised the ongoing need for international collaboration.
The pledged funds aim to help poorer nations transition to renewable energy and prepare for climate impacts like heatwaves and storms. However, only 40% of current climate funds are spent on adaptation, leaving vulnerable countries like island nations at high risk. Cedric Schuster, chair of the Alliance of Small Island States, said the deal offered little hope to communities already facing rising seas.
Critics from environmental groups described the agreement as inadequate. Jasper Inventor from Greenpeace labeled it “woefully inadequate,” while Extinction Rebellion called it a “death sentence for millions.” Others highlighted the challenges posed by geopolitical tensions, with nations reliant on fossil fuels resisting stronger commitments.
The deal promises efforts to mobilise $1.3 trillion annually by 2035, combining public and private funds. Richer nations sought to tie this to stronger fossil fuel reduction pledges, but no new agreements were made. The ongoing reliance on oil and gas among some countries, including the summit’s host, Azerbaijan, complicated progress.
Looking ahead, next year’s COP30 in Brazil offers hope for more ambitious action, with the Amazon rainforest’s preservation under President Lula expected to take centre stage. However, many agree that time is running out to address the climate crisis effectively.
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