COP29 ended with an inadequate climate finance agreement of US$300 billion by 2035, failing to address essential measures for combating climate change. While some progress was made, including the commitment to phase out fossil fuels, civil society’s demands for justice were compromised by last-minute changes. Despite these challenges, the spirit of determination among attendees remains strong as the focus shifts to COP30 in Brazil with hopes for more robust climate action.
The 29th UN Conference on Climate Change (COP29) concluded after lengthy negotiations, yielding a disappointing agreement that set a mere US$300 billion as the new annual public climate finance target for 2035. In addition to this inadequate figure, the agreement included numerous loopholes regarding carbon markets and displayed minimal ambition for addressing climate issues. While the outcome did not retract from the COP28 commitment to phasing out fossil fuels, civil society expressed discontent as references to the Make Polluters Pay principle were omitted at the last moment, undermining efforts of those suffering the consequences of climate change. Although expectations for ambitious climate finance were largely unmet, the presence and determination of civil society highlighted a critical desire for substantial climate action moving forward.
The COP29 was expected to be a significant milestone in climate negotiations, as it was termed a ‘finance COP.’ Countries arrived in Baku, Azerbaijan with the anticipation of presenting comprehensive financial strategies aimed at bolstering the global response to the escalating climate crisis. The conference followed the commitments made at earlier summits, including COP28 and COP16 on Biodiversity, which raised hopes for a decisive direction toward enhanced climate financing. Unfortunately, the results fell short of the urgent demands from vulnerable communities affected by climate change.
In summary, COP29 concluded with a lackluster agreement on climate finance, highlighting the need for increased financial commitments to combat climate change. Despite the setbacks, the passionate involvement of civil society suggests a continued push for meaningful action. As the next conference, COP30, approaches, there remains a pressing need for resolute strategies that address both adaptation and mitigation in climate-vulnerable regions. The fight for climate justice persists, fueled by the recognition that urgent action is paramount for a sustainable future.
Original Source: www.greenpeace.org
