The UN climate summit ended on Sunday with a new finance goal to help countries to protect their people and economies against climate disasters, and share in the vast benefits of the clean energy boom
As far as the outcomes of the latest UN climate summit are concerned, it emerges as a step forward, but that is not enough, with many leading climate activists finding COP29 “disappointing.”
Having noticed that, there are still mixed reactions to COP29’s proceedings.
Some consider it a significant step forward, particularly in securing increased climate finance for developing countries and operationalising the Loss and Damage Fund. The agreement on carbon markets under Article 6 is also seen as a positive development.
However, others view the outcomes as insufficient, arguing that the financial pledges do not fully address the needs of vulnerable countries and that stronger commitments are needed to reduce emissions and phase out fossil fuels. There is also concern that the transparency and reporting mechanisms may not be robust enough to ensure accountability.
COP29 ended on Sunday with a new finance goal to help countries to protect their people and economies against climate disasters, and share in the vast benefits of the clean energy boom.
With a central focus on climate finance, COP29 brought together nearly 200 countries in Baku, Azerbaijan, and reached a breakthrough agreement.
Let’s take a look at some significant outcomes of this edition of the annual summit.
Tripling public finance for developing countries:
A breakthrough agreement was reached to increase public finance for developing countries from $100 billion annually to $300 billion annually by 2035. This aims to support their efforts in combating climate change.
Scaling up total climate finance
Efforts were made to mobilize a total of $1.3 trillion per year by 2035 from both public and private sources to assist developing countries.
Carbon market agreement
A long-standing issue, the agreement on carbon markets under Article 6 of the Paris Agreement, was finally reached.5 This could potentially unlock significant financial flows and accelerate emissions reductions.
Loss and Damage Fund operationalisation
The Loss and Damage Fund, established at COP27, became fully operational. This fund will provide financial assistance to vulnerable countries impacted by climate change.
Enhanced transparency and reporting
Progress was made in improving transparency and reporting on climate actions through Biennial Transparency Reports (BTRs).
Leading climate advocates left unhappy
Harjeet Singh, global engagement director at the Fossil Fuel Non-Proliferation Treaty Initiative, expressed disappointment in the COP29 outcomes.
He said, “At COP29, developed nations once again coerced developing countries into accepting a financial deal woefully inadequate to address the gravity of our global climate crisis.
“The deal fails to provide the critical support required for developing countries to transition swiftly from fossil fuels to clean, renewable energy systems or to prepare for the devastating impacts of the climate crisis, leaving them severely under-resourced”.
He also said, “The outcome offers false hope to those already bearing the brunt of climate disasters and abandons vulnerable communities and nations, leaving them to face these immense challenges alone. We must persist in our fight, demanding a significant increase in financing and holding developed countries to account for delivering real, impactful actions.”
Mohamed Adow, the Kenyan director of Power Shift Africa, a think tank and a climate justice advocate, said, “It’s a betrayal of both people and planet by wealthy countries who claim to take climate change seriously.”
He also mentioned, “Not only was this a hugely weak COP29 deal, it was pushed through over the objections of a number of countries. Azerbaijan’s authoritarian regime may be used to bulldoze opposition against its own people, but the UN process cannot be bullied in the same way.”
This is yet more proof that this has been the worst-led meeting in COP history, he concluded.
Evans Njewa (Malawi), chair of the Least Developed Countries Group at UN Climate Change negotiations, said, “Disappointing outcome at COP29. We missed a chance to shield our most vulnerable from the climate crisis and heal our planet. Strong concerns remain over the adopted climate finance goal. Thanks to all who stood with us. We fight on!”
Evans also mentioned, “We exit Baku with pride for our resilience and pain for the vulnerable communities ignored. The fight doesn’t stop here.”
Manjeet Dhakal, an advisor of the Chair of the Least Developed Countries Group at UN Climate Change negotiations, also expressed the same disappointment: “We leave this COP with both pride and pain. Pride in the resilience of our bloc, which we fought valiantly for the survival of the most vulnerable, but we are pained that our hopes for true climate justice have not been met.”
While these outcomes represent important steps forward, it’s crucial to note that COP29 did not fully meet the expectations of all parties. More work is needed to address the urgent climate crisis and ensure the necessary level of ambition to limit global warming to 1.5 degrees Celsius.
