The world finalized a controversial climate finance deal of $300 billion annual pledge from wealthy countries, at COP29 on November 24, which the poorer nations deemed as woefully inadequate.
The agreement, reached at the annual conference in Azerbaijan’s capital Baku after two weeks of tense negotiations between nearly 200 nations, was met with criticism for failing to address the scale of the global climate crisis.
The deal, commits wealthy nations to provide “at least” $300 billion annually by 2035, sourced through public and private channels, as well as bilateral and multilateral agreements. The text also encourages developing nations, such as China, to contribute voluntarily. Zhao Yingmin, leading China’s delegation, reaffirmed that mandatory contributions should remain the responsibility of developed nations.
The figure represents a modest increase from the $250 billion proposed earlier but falls short of the trillions demanded by developing countries.
The summit, attended by over 50,000 participants, including 80 world leaders, concluded two days past its scheduled end.
Frustration and criticism from Global South
Frustration boiled over as delegations from least-developed countries and small island states staged walkouts, claiming they were sidelined during critical discussions.
Cedric Schuster, chair of the Samoan delegation, expressed disappointment, stating, “We came here for a fair deal and feel we haven’t been heard.”
Critics from the Global South argued that the deal prioritized loans over grants, exacerbating the debt burdens of vulnerable nations.
The agreement falls well short of the $1.3 trillion annually needed to effectively combat climate impacts. countries were pushing for. The African Group of Negotiators described the final pledge as “too little, too late.”
India’s delegate, Chandni Raina, dismissed the pledge as an “optical illusion” and “paltry sum,” asserting it could not meet the challenges posed by climate change. Similarly, Sierra Leone’s climate minister Jiwoh Abdulai criticized developed nations, including the U.S., Japan, and the EU, for their perceived lack of goodwill.
“We are extremely disappointed in the outcome,” he stated.
Despite backlash, COP29 President Mukhtar Babayev finalized the agreement, triggering objections from India, Panama, and Nigeria. Raina reiterated India’s rejection, emphasizing the urgent need for “conducive climate action” to ensure survival.
The final text includes a roadmap, the “Baku to Belem Roadmap to $1.3 trillion,” to scale up climate finance for low-emission and resilient development pathways.