Baku (Web Desk): At COP29 in Baku, Azerbaijan, nations gathered to finalize a deal that set a $300 billion annual climate finance goal to help developing countries address the impacts of climate change.
The agreement, aimed at reducing global warming and supporting energy transitions in poorer nations, was met with disappointment from those it was intended to benefit.
Developing countries had pushed for a much higher figure, over $1 trillion, to truly meet the urgent demands of the climate crisis.
"Chaotic, poorly managed, and a complete failure in terms of delivering the ambition required," stated representatives from several of the world's most vulnerable nations.
UN Secretary-General António Guterres shared his frustration on social media, saying he had hoped for more aggressive actions in both finance and emissions reduction to confront the climate challenge.
"The agreement is a base on which to build. It must be honoured in full and on time. Commitments must quickly become cash," he emphasized.
As the talks wrapped up, many developing countries expressed their outrage, with one speaker calling the final deal an "insult." Several delegations, particularly from small island states, walked out in protest, feeling their needs were disregarded.
After two weeks of tense negotiations, the final compromise saw an agreement to provide $300 billion annually, with a long-term target of $1.3 trillion per year by 2035. This amount is intended to support energy transitions in low-income countries, helping them to keep global temperature rise within 1.5°C.
However, scientists warn that exceeding this threshold would lead to catastrophic climate impacts. "Commitments must quickly become cash," Guterres stressed, acknowledging that the funding must be mobilized swiftly to ensure meaningful progress.
Alongside the finance target, COP29 established rules for a global carbon market to incentivize emission reductions through the trading of carbon credits.
This measure aims to create new avenues for funding climate-friendly projects across the world. Another notable outcome was the continuation of programs focused on gender and climate change.
Despite these achievements, tensions were high as delegates from developed and developing countries clashed over the financial terms.
While some saw the deal as a step forward, others criticized it as inadequate in addressing the scale of the crisis.
"We are literally sinking, and the conference outcome highlighted what a very different boat our vulnerable countries are in, compared to the developed countries," a representative from a group of small island states remarked, underscoring the sense of urgency felt by nations most at risk.
In contrast, the European Union delegation offered a more optimistic outlook, claiming the new financial goal would unlock significant private investment, helping to meet the $1.3 trillion target.
The agreement reached in Baku is seen as a partial victory, but many warn that the real work lies ahead.
"This is no time for victory laps. We need to set our sights and redouble our efforts," said UN Climate Change Executive Secretary Simon Stiell, reminding everyone that the challenges are far from over.
With COP30 scheduled for next year in Brazil, the international community will have another opportunity to address the pressing issues of climate finance and emissions reduction, though the divide between developed and developing nations continues to pose a significant challenge.