COP29 ends with a deal no one really likes
25 November 2024
The world's biggest climate conference, COP29, in Baku, ended in disappointment and criticism. Developed nations pledged to triple climate finance to $300 billion annually by 2035 after negotiations ran 1.5 days overtime. However, this falls far short of the $1.3 trillion demanded by developing nations.
Critics, including NGOs and vulnerable states, called the sum insufficient, labelling the agreement "a joke" and "an insult." The conference didn't agree to accelerate emission cuts or phase out fossil fuels, with major oil-producing nations blocking and watering down previous commitments. Delegates, particularly from small island nations, described the conference as chaotic and criticised the Azerbaijani presidency for poor organisation, claiming their voices were ignored.
The choice of the hosting country has been criticised as its economy depends on fossil fuels. It's also come under fire for its poor human rights record, crackdown on critical journalists, and its ethnic cleansing of Armenians in Nagorno-Karabakh.
 | Thibault Krause COP29 certainly is a setback, with only a $300 billion pledge, which doesn't cover nearly enough of what the countries hit hardest by the climate crisis need. Yet, a small hope lies in the adoption of global carbon market standards, advancing market-based solutions like cap-and-trade. Such systems can guarantee emission reductions, as demonstrated by the EU emission trading system and similar programmes, and efficiently redistribute billions to developing countries most affected by the climate crisis. World leaders, lobbyists, and activists will reconvene for COP30 in Brazil in November 2025. There, ten years after the historic Paris Agreement, stronger ambitions and achievements will be vital. Without faster action, the already unrealistic 1.5° Celsius target may completely slip away, leaving vulnerable nations with the heaviest burdens. |
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