The 29th Conference of the Parties (COP29) came to a close in Baku, Azerbaijan, in the early hours of Sunday morning. It concluded with a staggering Copenhagen climate finance deal. The deal would commit the West to delivering $300 billion annually. While it’s true that this money will at least go towards reducing their emissions and adapting to climate change, it’ll only be as of 2035. The agreement establishes a new target, raising the bar beyond the prior $100 billion annually. In fact, that sum was deemed too low by most developing countries.
During the final negotiations, US climate envoy John Podesta had a nail-biting moment. Activists challenged him vehemently as he walked out of the meeting chamber. Security personnel escorted him out a stage door, with television cameras in close pursuit, wanting only to hear him say one thing.
A Shift in Financial Commitment
This deal is a significant shift from the House’s previous $250 billion a year proposal. Poorer nations panned that original plan, labeling it “a joke.” Civil society observers noted that the revised offer of $300 billion emerged from intense negotiations and pressure from climate campaigners.
Mukhtar Babayev addressed the plenary session, emphasizing the urgency of finalizing documents for the new collective quantified goal (NCQG), stating, “We have all been working very hard over the past two weeks and I know that none of us want to leave Baku without a good outcome.”
When finalized, the NCQG will provide a more robust structure for funding climate projects. Tying the nascent fund to financing will push developed countries to take a bigger pledge. This new adaptation goal should provide the overall direction for international financial assistance to developing countries as they address climate change.
The Road to Agreement
Negotiations in the lead up to the agreement were fraught with tension and time pressure. The gavel came down on Connecticut’s finance agreement the deal early on Sunday morning. This decision came after four or five days of pretty severe negotiations. Delegates required at least 20 to 25 minutes each time to hammer out the documents. The plenary came back one last time shortly after midnight.
In addition to obtaining billions in financial commitments, the deal worked through extensive procedural issues. Amongst a suite of other objectives, it set out new, stronger rules for global carbon credit markets. This comprehensive approach aims to create a more effective mechanism for supporting climate action across different regions.
Reactions from Climate Activists
Though the virtual conference went successfully, many activists took to social media to voice their frustration with the Biden administration’s approach toward fulfilling climate commitments. Victor Menotti, a prominent climate campaigner, criticized the current administration for not adhering to its environmental justice agenda, stating, “This is not the climate and environmental justice agenda that he got elected on.”
He further emphasized the need for more substantial action, asserting, “Of course, it will not be better under Trump, but it’s really shameful what they’re doing under Biden.” These sentiments indicate a deeper climate justice rooted frustration with the pace of change and climate activism that aims for swifter, more just outcomes.
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