COP29 Climate Finance Deal Criticized as 'Abysmally Poor'

Yalchin Rafiyev, Azerbaijan's Cop29 lead negotiator , talks with Simon Stiell, the UN climate chief , and Mukhtar Babayev, the Cop29 president at the summit.Yalchin Rafiyev, Azerbaijan's Cop29 lead negotiator , talks with Simon Stiell, the UN climate chief , and Mukhtar Babayev, the Cop29 president at the summit.The climate conference came to a dramatic close early on Sunday morning when negotiators struck an agreement to triple the flow of climate finance to poorer countries.

For Raina, who is an adviser to India’s department of economic affairs, it was not only the goal itself that sparked ire, but also the process by which it was finalised. “Developing countries have been forced to accept half measures, Cop after Cop, but at Cop29 these half measures push the costs of climate change on to the people least responsible but suffering the worst consequences,” she said.“That the developed countries are saying that they are taking the lead with $300bn by 2035 is a joke,” a delegate fromDeveloping countries such as Nigeria, which is a major oil producer, will need far more assistance to cut their emissions, she said.

Sunday’s deal destroyed three years of negotiations on the climate finance goal, the least developed countries negotiating bloc, which represents 45 nations and 1.1 billion people, said in a statement. “It was hard fought over, but at $300bn per year led by developed to developing countries, we have arrived at the boundary between what is politically achievable today in developed countries and what would make a difference in developing countries,” said Avinash Persaud, an expert on climate finance at the Inter-American Development Bank, who has served as an adviser to Barbados prime minister, Mia Mottley.

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