The curtain has fallen on COP29 in Baku, leaving the world with a mixed legacy of progress and lingering challenges. At the heart of the summit was the announcement of a new global finance goal: mobilising at least $300 billion annually by 2035 to tackle the escalating climate crisis.
While this deal marks a critical step towards addressing the urgent financial needs of vulnerable nations, its scale has sparked debate. Is it enough to shield communities from the intensifying impacts of climate change, or does it expose a lack of ambition in the face of mounting global crises?
The target falls short of the $1.3 trillion many experts deemed necessary to address the crisis effectively. While the deal outlines contributions from multilateral development banks aiming to mobilise $185 billion by 2030, significant gaps remain in adaptation funding and equity for developing nations.
Mixed reactions
UK Energy Secretary Ed Miliband called the agreement a “welcome step,” emphasising the importance of collective action but warning that the pace of financial reform must accelerate.
Describing it as “an 11th-hour deal for the climate,” he lauded the UK’s leadership role and the commitment to multilateralism but stressed the need for urgency and ambition. “The updated finance goal is a foundation, but we must now accelerate efforts to ensure it delivers real change.”
“The stakes are too high for half-measures,” he stated, urging wealthier nations to honour their commitments to developing countries. “This deal shows multilateralism still has a pulse, but the scale and speed of action fall desperately short of what vulnerable nations need.”
This sentiment was echoed by E3G’s Rob Moore, who described the outcome as “critical yet imperfect,” highlighting the roadmap from Baku to Belem as an opportunity to close the gap on funding shortfalls.
He described the deal as “a platform on which parties can build,” while acknowledging it “leaves a big gap to fill,” especially for adaptation finance.
UN Climate Chief Simon Stiell framed the finance goal as “an insurance policy for humanity” but warned that its success depends on countries delivering their pledges on time. Critics, including Friends of the Earth, noted that “climate finance questions remain unresolved,” leaving developing nations vulnerable.
The road ahead: From Baku to Belem
The “Baku to Belem roadmap” sets out steps to close the gap between the current pledge and the $1.3 trillion target. This includes plans to triple the size of UN climate funds for developing nations and a review in 2030 that could raise the goal further. However, concerns persist. Developing nations and advocacy groups argue the deal still reflects the disparity between global ambition and the urgency of climate action.
While the COP29 deal marks a step forward, its imperfections are undeniable. As nations look to Belem and beyond, the focus must shift from setting targets to meeting them, ensuring that finance is both sufficient and accessible. For now, the world watches to see if the commitments made in Baku will evolve into actionable change.
Explore our programme, Power Shift: The Renewable Energy Revolution
