The COP29 climate summit concluded in Baku, Azerbaijan, with a landmark agreement to channel over $460 billion annually towards helping developing nations combat the impacts of climate change. However, tensions flared as negotiators from small island nations temporarily walked out amid heated discussions over funding.
The deal, struck after two weeks of intensive negotiations and a dramatic extension, commits wealthier nations to lead payments through 2035, tripling the previous climate finance goal of $100 billion annually.
UN Climate Chief Simon Stiell hailed the agreement as an “insurance policy for humanity,” emphasising its role in sustaining the global clean energy boom and protecting billions of lives.
“This deal will deliver bold climate action — more jobs, stronger growth, and cleaner energy for all…But like any insurance, it only works if the premiums are paid in full and on time.”
Despite the breakthrough, dissatisfaction lingered as India’s negotiator, Chandni Raina, criticised the agreement as a “travesty of justice,” arguing that the $300 billion annual commitment fell far short of the $1.3 trillion developing nations had sought.
Raina, advisor at India’s finance ministry and negotiator for India, observed:
“Gavelling and trying to ignore parties from speaking does not behove the UNFCCC’s system and we would want you to hear us and also hear our objections to this adoption.”
Meanwhile, Australia has been accused of being “out of touch with the reality of climate change” by campaigners as it seeks to co-host COP31 in 2026 with Pacific Island nations. President of grassroots advocacy group 350 Pacific, Joseph Sikulu, told BenarNews that Australia cannot have it both ways, accusing it of paying “lip service” to the region’s ambitions.
While leading climate finance talks, Australia was also lobbying to secure the summit, marking the first time multiple nations would co-host the event and its return to the Southern Hemisphere after a decade. Australia’s climate change minister, Chris Bowen, has been lobbying intensively, including diplomatic efforts in Turkey, the other competing bidder.
Australian diplomat Emily Luck stated that her country recognised the importance of a unified and coordinated voice.
“We in Australia certainly recognize our responsibility in addressing the climate crisis through our own transition to net zero and providing support for the Pacific….We certainly recognize our responsibility to reduce our emissions and advocate that others, including the world’s largest emitters, do the same.”
Pacific Islands Forum Secretary General Baron Waqa expressed support for the bid, though civil society groups warn the divide between Australia and the Pacific’s climate ambitions must be addressed.
Fiji’s Deputy Prime Minister Biman Prasad, however, expressed optimism during negotiations. He said:
“When it comes to money, it’s always controversial, but we are expecting a deal tonight.”
The summit also introduced a framework for global carbon trading, which proponents believe could mobilise billions more for climate initiatives such as reforestation and clean energy projects.
While the agreement sets a foundation for progress, UN Secretary-General António Guterres cautioned that the world must translate commitments into action. “Commitments must quickly become cash,” he urged.
“Climate finance is not a hand-out. It’s an investment against the devastation that unchecked climate chaos will inflict on us all. It’s a downpayment on a safer, more prosperous future for every nation on Earth.”
COP host countries are chosen on a rotational basis from five regional groupings: Africa, Asia, Eastern Europe, Latin America and the Caribbean, and Western Europe and Other States. With ongoing tensions and ambitious goals, COP29 leaves global leaders facing a challenging path to the next summit in Belém, Brazil.
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