The recent COP29 climate summit in Baku concluded with a deal that fell short of expectations.
FINALLY, THE DEVELOPED world seems to have recognized its past omissions. At the COP29 meeting in Baku, most Western nations agreed to a new Climate Fund to mitigate catastrophic climate change caused by harmful emissions. However, India, Malawi, Bolivia, and Nigeria rejected the deal, deeming it insufficient.
Last week, a historic moment unfolded as 200 countries, primarily from the Global South, successfully pressured the Global North to compensate for its past environmental damage. This agreement allocates funds to help the Global South address the severe economic and social consequences of rapid climate change.
The world reached a new climate deal at COP29 in Baku, Azerbaijan, last Saturday. Wealthy countries pledged to provide $300 billion annually by 2035 to poorer nations to help them cope with the increasingly devastating impacts of the climate crisis. Many developing countries criticized this figure as grossly inadequate.
This agreement emerged after more than two weeks of contentious negotiations marred by boycotts, political disputes, and open celebrations of fossil fuels. At times, the talks teetered on the brink of collapse, as groups representing vulnerable small island states and the least-developed countries staged walkouts. However, on Sunday, more than 30 hours after the deadline, the gavel finally fell on the agreement between nearly 200 countries.
The Deal
The agreement commits to providing $300 billion annually by 2035, surpassing the previous pledge of $100 billion per year by 2020 from wealthy nations. The earlier goal was met two years late, in 2022, and expires in 2025. The deal also lays the groundwork for next year’s climate summit, to be held in the Amazon rainforest of Brazil, where countries will map out the next decade of climate action.
The summit delved into the core issue of financial responsibility. Industrialized countries, whose historical reliance on fossil fuels has contributed significantly to greenhouse gas emissions, are expected to compensate others for the worsening climate damage.
The summit also exposed the deep divisions between wealthy governments constrained by tight domestic budgets and developing nations grappling with the costs of storms, floods, and droughts.
United Nations climate chief Simon Stiell acknowledged the challenging negotiations but hailed the agreement as an insurance policy for humanity against global warming. “It has been a difficult journey, but we’ve delivered a deal…This deal will keep the clean energy boom growing and protect billions of lives,” Stiell said.
Climate Red Lines
Collectively, nations have been so slow to curtail their use of fossil fuels that many scientists now consider the 1.5-degree Celsius goal practically unattainable.
Countries are expected to submit updated emissions-reduction pledges in the coming months, before a February 2025 deadline. All eyes are on China and the United States, the world’s top two greenhouse gas emitters, albeit for different reasons.
China accounts for 30% of global emissions and nearly all of the world’s emissions growth over the past decade. The US pledge will indicate the extent to which the current administration believes its climate legislation can withstand potential environmental rollbacks.
Saudi Arabia also played a highly obstructive role at the conference, according to many insiders. A Saudi official reportedly attempted to alter a key text without proper consultation. The petro-state repeatedly tried to remove references to the “transition away from fossil fuels,” a point agreed upon at last year’s COP28 summit.
“It was clear from day one that Saudi Arabia and other fossil fuel-producing countries were going to do everything in their power to weaken the landmark COP28 agreement on fossil fuels. At COP29, they deployed obstructionist tactics to dilute action on the energy transition,” said Romain Loualalen of the pressure group Oil Change International.
At last year’s climate summit in Dubai, United Arab Emirates, nations acknowledged for the first time the link between fossil fuels and global warming, and agreed to “transition away” from fossil fuels by mid-century.
The finance agreement ultimately reaffirmed the commitment to last year’s consensus on transitioning away from fossil fuels. However, delegates rejected a separate document that, despite initial focus on the fossil fuel transition, ultimately failed to mention them.
Many negotiators and diplomats suggested that the ongoing political climate in the United States had created a sense of urgency to accelerate the transformation of increasingly interconnected economies, many of which still heavily rely on fossil fuels.
“I think when we came in here, the question was, ‘Does the US have no juice?'” said John Podesta, the US climate envoy. He affirmed his team’s active role in the negotiations and emphasized the country’s commitment to reducing emissions.
The agreement, non-binding and reliant on diplomatic pressure, followed two weeks of divisive debate over financial responsibility and allocation.
Indian Stand
India rejected the new $300 billion climate finance deal for the Global South. India raised its objections after the package’s adoption, deeming it insufficient.
Chandni Raina, head of the Indian delegation, expressed disappointment with the outcome, stating, “We are disappointed in the outcome which clearly brings out the unwillingness of the developed country parties to fulfill their responsibilities.”
“I regret to say that this document is nothing more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document,” she further added.
“$300 billion does not address the needs and priorities of developing countries. It is incompatible with the principle of Common But Differentiated Responsibilities (CBDR) and equity, regardless of the battle with the impact of climate change,” Raina noted.
Nigeria echoed India’s sentiments, calling the $300 billion climate finance package a “joke.” Malawi and Bolivia also voiced their support for India’s position. 
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Asad Mirza
The author is a political commentator based in New Delhi. He was also associated with BBC Urdu Service and Khaleej Times of Dubai. He writes on Muslims, educational, international affairs, interfaith and current affairs.
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