COP29 insufficient finance goal threatens global climate action

Climate Reality Project PhilippinesAfter two weeks of grueling negotiations, the conclusion of the 29th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change in Baku, Azerbaijan, left developing countries feeling disappointed. While perfection was not expected, hopes for a more ambitious and equitable outcome were high.

Another critical point is that under this new goal, developed countries are not the sole contributors to fulfilling the $300 billion annual goal. The inclusion of private finance as a source of the new finance goal, while seemingly expanding the funding pool, introduces accountability issues as private actors are not bound by international climate agreements. Plus, the new goal mentioned developing countries as contributors in the guise of South-South cooperation.

Climate activists staged actions up to the last minute of COP29 to demand that countries reject the climate finance decision.

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Philippines Praises at COP29 Amidst Global Finance Goal DisappointmentDespite an alarming failure in negotiations for a new global finance goal at COP29, the Philippines has been praised for its strong stance on including loss and damage in the finance discussions, reflecting its leadership in climate governance.
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COP29 Concludes in Overtime with $300 Billion Climate Finance GoalThe United Nations Climate Change Conference COP29 concluded with late-night negotiations, introducing a new finance goal of $300 billion by 2035. The session faced drama and controversy, with some delegations exiting in protest over insufficient mitigation measures.
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