COP29 closes with last minute deal on climate funding
Negotiators have agreed to 'at least' $300 billion in climate funding at the UN climate summit after two weeks of tense negotiations that highlighted sharp divides between rich and poorer nations. But is it enough?
Rarely has a climate summit venue so accurately reflected the mood and unfolding of negotiations.
For two bumpy weeks, the labyrinthine corridors in Baku's Olympic Stadium have echoed with the hurried footsteps of negotiators rushing from one windowless meeting room to the next, avoiding dead-ends and wrong turns among the endless passageways.
Further characterized by missing global leaders, major disagreement and shifting geopolitical dynamics, the talks stretched deep into overtime before there was finally light at the end of the tunnel. And an agreement that sets a goal of at least $300 billion in climate financing per year by 2035 flowing from developed to developing countries.
India's representative was scathing of the goal, calling it a "paltry sum." "We seek a much higher ambition from the developed countries," she said, adding that the amount "does not inspire trust that we will come out of this grave problem of climate change."
Failure in Baku was "not an option," said UN Secretary-General Antonio Guterres, speaking on Thursday. But that failure looked possible late on Saturday when delegates from AOSIS (Alliance of Small Island States) and LDCs (Least Developed Countries) walked out of talks on the grounds their concerns were not being heard.
"What is happening here is highlighting what a very different boat our vulnerable countries are in, compared to the developed countries," said Cedric Schuster, the Samoan chairman of the group. "After this COP29 ends, we cannot just sail off into the sunset. We are literally sinking."
What have nations agreed — and is it enough?
COP29's core aim was getting the near 200 countries to agree on a new climate funding target that could replace the current goal of $100 billion (about €95 billion) per year.
This financial package is intended to help developing countries tackle emissions, transition away from fossil fuels and adapt to a warming world.
But the size of the finance pot and which countries should foot the bill were huge sticking points in negotiations.
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A crucial U.N. conference heard calls on its first day for the world's major economies to keep their promises of financial help to address the climate crisis, while big polluters India and Brazil made new commitments to cut emissions. World leaders, environmental experts and activists all pleaded for decisive action to halt the global warming which threatens the future of the planet at the start of the two-week COP26 summit in the Scottish city of Glasgow on Monday. The task facing negotiators was made even more daunting by the failure of the Group of 20 major industrial nations to agree ambitious new commitments at the weekend.