Nearly 200 countries have agreed to triple climate finance to developing countries to US$ 300 billion annually by 2035 at the 29th United Nations (UN) Climate Change Conference (COP29).
After two weeks of negotiations in Baku, Azerbaijan, a deal was reached late last night (Saturday, November 23), which, however, has been met with criticism by developing countries and environmental organisations.
UN climate change executive secretary, Simon Stiell said reaching a deal has been a “difficult journey”, adding that “no country got everything they wanted, and we leave Baku with a mountain of work to do”.
“This new finance goal is an insurance policy for humanity amid worsening climate impacts hitting every country. But like any insurance policy, it only works if premiums are paid in full and on time. Promises must be kept to protect billions of lives,” he said.
Negotiating countries at COP29 also agreed to “secure efforts” of all actors to work together to scale up climate finance to developing countries, from public and private sources, to US$ 1.3 trillion per year by 2035.
COP29
More than 55,000 people attended the climate conference in Baku. World leaders at COP29 were joined by civil society, subnationals, business, indigenous peoples, youth, philanthropy, and international organisations.
The agreed US$ 300 billion finance goal to help developing countries to deal with the impacts of climate change has been described as “woefully inadequate” by the head of Greenpeace’s delegation at COP29, Jasper Inventor.
The new climate finance goal is a “bitter disappointment”, climate politics expert at Greenpeace International, Tracy Carty said, adding that “developed countries came here with empty pockets and shamefully squeezed developing countries to agree”.
An agreement on carbon markets was also agreed at COP29, which the UN said “will help countries deliver their climate plans more quickly and cheaply, and make faster progress in halving global emissions this decade, as required by science”.
Biodiversity politics expert at Greenpeace International, An Lambrechts criticised the carbon market mechanism agreed at COP29, claiming it “will only provide a lifeline to the polluting fossil fuel industry, allowing it to offset emissions”.
Emissions
The agreement comes as stronger national climate plans, Nationally Determined Contributions (NDCs), become due from all countries next year. These plans must cover all greenhouse gases (GHGs) and all sectors to keep the 1.5° warming limit within reach.
The recently published UN Emissions Gap Report 2024 found that nations must deliver “dramatically stronger” ambition and action in the next round of NDCs or the Paris Agreement’s 1.5° goal will be gone within a few years.
The report shows that current NDCs put the world on track for a global temperature rise of 2.6°-2.8° this century. However, current policies are insufficient to meet these NDCs and without change, the world heads for a temperature rise of 3.1°.
The new NDCs and their implementation must collectively cut 42% off GHG emissions by 2030 to get on a least-cost pathway for 1.5°. Looking out to 2035, emissions must fall by 57%, according to the report.
Ireland
Outgoing Minister for the Environment, Climate and Communications, Eamon Ryan welcomed the “hard-fought” agreement, calling it a “hopeful step” towards ensuring financial fairness for the countries that need it most.
Minister Ryan said that while this agreement “does not go nearly far enough, particularly on mitigation, gender and human rights”, it provides a basis to work from as countries move forward to make COP30 in Brazil “transformational”. He added:
“Negotiations have not been easy here with a lot of fossil fuel interests looking to stop a deal, particularly on mitigation, but multilateralism has prevailed and the world has stood firm together for climate and financial justice.”
Welcoming the agreement on climate financing, Green Party leader Roderic O’Gorman said “it’s hugely positive that we’ve landed there, especially given how close the talks were to ending without any agreement at all”.
“No doubt, we still have a huge amount of work to do if we are to have hope of meeting the Paris objectives. But this deal shows that we in Ireland and in Europe are serious about driving the change needed and putting in place the mechanisms to do so,” O’Gorman said.
