The recently concluded COP29 climate summit in Baku will be remembered not for bold climate action but for deepening mistrust and missed opportunities. While wealthy nations tout the agreement to mobilise $300 billion annually for climate finance by 2035 as a step forward, for much of the developing world, the summit was a travesty — a bitter reminder of the imbalance of power in global climate negotiations.
The most contentious outcome of COP29 was the financial package that wealthy nations agreed to provide to poorer countries for mitigating and adapting to the effects of climate change. The $300 billion annual pledge — up from a long-overdue $100 billion — was slammed by developing nations as grossly inadequate. India’s delegate Chandni Raina called it an optical illusion that fails to address the enormity of the crisis. Similar sentiments were echoed by representatives from nations like Nigeria, Bolivia, and small island states, who decried the deal as a death sentence for the vulnerable.
READ | COP29 debates China’s status – developing country or a developed giant
Independent estimates suggest that the global south needs $1.3 trillion annually to transition to greener economies and build resilience against worsening disasters. The $300 billion pledge is not only a fraction of this requirement but also disproportionately reliant on private financing and international lenders. This allows wealthy nations to sidestep their moral and historical responsibilities, leaving developing countries to grapple with the dual burden of climate adaptation and debt.
A fractured trust
The Baku summit exposed the glaring inequities in global climate governance. Negotiations were marred by procedural irregularities, backroom deals, and coercion, with last-minute drafts pushed through without consensus. Developing nations accused the Azerbaijani presidency and powerful countries like the US and the EU of stage-managing the process to suppress dissent. Small island nations and least-developed countries walked out of meetings in protest, highlighting the growing frustration among the global south.
The failure to address financing for the transition away from fossil fuels further eroded trust. Saudi Arabia, Russia, and other petroleum exporters worked behind the scenes to dilute commitments made at COP28 to phase out fossil fuels. Germany’s Foreign Minister Annalena Baerbock accused these nations of engaging in a geopolitical power play on the backs of the world’s most vulnerable.
The shadow of climate injustice
For decades, the global south has borne the brunt of a crisis it did not create. The industrialised north, responsible for the majority of historical emissions, has continually dragged its feet on providing adequate climate finance. This summit’s outcome underscores the systemic inequities in the global climate framework, where wealthy nations dictate terms and developing countries are forced to accept half-measures out of fear of derailing multilateral processes.
The $300 billion pledge is not just insufficient — it is a stark reminder of the persistent north-south divide. It does little to recognise the disproportionate vulnerability of the least-developed countries and small island states. Without targeted funds, these nations face the grim reality of rising seas, extreme weather, and collapsing ecosystems.
The road ahead
COP29’s failure to deliver meaningful climate finance and robust fossil fuel commitments is a wake-up call. If global leaders truly care about averting climate catastrophe, they must prioritise equity and ambition at COP30 in Belém, Brazil. The focus must shift from rhetorical assurances to concrete action. Wealthy nations must scale up climate finance to meet the $1.3 trillion annual requirement for developing countries, with funding coming primarily from public sources to ensure accountability and fairness. Additionally, there must be a clear timeline for phasing out fossil fuels, accompanied by significant investments in renewable energy transitions for the global south.
To rebuild trust, the negotiation process must undergo reforms to ensure inclusivity and transparency. The voices of the most affected must guide climate action, rather than being overshadowed by the interests of powerful nations. Wealthy countries and fossil fuel companies, which have profited enormously while contributing to the crisis, must be held accountable and bear their share of the burden.
The Baku summit was not the “finance COP” the world hoped for — it was a stark reminder of the barriers to achieving climate justice. While the multilateral process may have been preserved, its legitimacy is in jeopardy. As the planet inches closer to climate tipping points, half-measures will no longer suffice. COP30 must mark a turning point where ambition, equity, and justice guide global climate action. The stakes are too high to settle for anything less.