COP29 Ends in Disappointment and Frustration for Developing Nations

The 29th session of the United Nations climate talks (COP29) ended last Friday in Baku, Azerbaijan, much to the chagrin of negotiators from developing nations. It was not the end, but the lack of decision on climate finance that characterized negotiators’ frustration during the final days of the conference. 

This year’s talks were called the "Finance COP" by many, due to the stricter focus on settling the decades-long negotiations around climate finance for developing countries. The most recent goal, established in 2009, was for developed countries to contribute a collective $100 billion per year by 2020. That goal was not reached for the first time until 2022. 

Developing countries that endure disproportionate climate impacts compared to their carbon emissions would need $1 trillion per year to adapt and build resilience, according to a study by the Independent High Level Expert Group on Climate Finance. 

Frustrations erupted Thursday evening and leading into Friday, sparking multiple protests due to the lack of agreement on a new financing goal. Under the urging of COP29 President Mukhtar Babayev as the conference entered extra time, developed countries agreed to put $300 billion toward climate change mitigation and adaptation annually — several hundred billion dollars short of what experts say is needed. 

As a result, Climate advocates like Mohamed Adow, founder of Power Shift Africa, are calling this year’s COP “the worst in recent memory.”

Lidy Nacpil of the Asian Peoples’ Movement on Debt and Development called the outcome an "insult" in a press conference on Friday, saying: “We’d rather fight for another year than accept a bad deal,” Sky News reports. 

This push for climate finance isn’t meant to lay responsibility at the feet of the citizens of the developed world. The leaders and governments are responsible for creating policies to regulate the major corporations that emit carbon in mass from developed countries. These funds are not only meant to help countries bounce back from climate change impacts like extreme weather but also to help them achieve just energy transitions. The trillion dollars is not a demand, it is a need.

Another development sprouting from these finance negotiations is the approval of the UN’s rules to standardize the global carbon credit market. Though voluntary, self-regulated markets already exist, some were criticized for improper oversight, lack of effectiveness and other issues. The UN regulations were created address those concerns. This regulated market is meant to bring in an additional 250 billion dollars to fund projects that reduce greenhouse gas emissions, Paul Beckwith, climate systems scientist and University of Ottawa professor, said in a statement. 

Still, tensions among developing nations are high as this final development echoes into the global space. The Alliance Of Small Islands States expressed this in a statement, saying: “We cannot be expected to agree to a text which shows such contempt for our vulnerable people. We will not be placated by a shoddy placebo goal. We appeal to the moral conscience of those who proclaim to be our partners to stand with us, give us a hand, do not leave us further behind. For 30 years, [Small Island Developing States] have been bearing the costs and the burden of climate impacts. All we ask is that we are guaranteed and receive the protection that is promised to us under the Paris Agreement. This ask is not a threat. It is just a matter of justice”

This year’s conference is the culmination of three decades of negotiations that calls into question the effectiveness of this gathering and its processes. Last year, for instance, a similar shutout was staged, and agreements were only achieved after forcing the conference into extra time. 

“Our calls to adequately fund climate action were met with a bare minimum pledge,” Ilan Zugman, director for Latin America and the Caribbean at 350.org, said in a statement. “Our demands for rich countries and polluters to pay up were reduced to a bargaining chip. We’re tired of seeing profits and national interests put before the safety of people and the planet. A silver lining is that countries have recognized the target as a starting point, and have committed to a roadmap for mobilizing additional funding. As Brazil takes on the COP presidency it’s a chance to course correct.”

Every year the conference bears fruit, though it is a slow process and the fruits themselves sometimes fall short. The question for many developing nations at the end of COP29 becomes: Is this process worth it if, after three long decades, we’ve only scratched the surface of our needs? The answer lies in the attendance at COP30 in Brazil next year.