In the early hours of Sunday morning, COP29 finally reached an agreement on climate finance. While it’s being hailed as a step forward, I can’t help but feel a mix of frustration and cautious hope. The deal commits wealthier nations to mobilize $300 billion annually by 2035 to support poorer countries facing the brunt of the climate crisis. But let’s be honest—it’s not nearly enough.
Developing nations had asked for $1.3 trillion per year, a figure experts agree is necessary to tackle the enormous challenges ahead. What they got instead was less than a quarter of that. This gap speaks volumes about the ongoing struggle to align global ambition with global responsibility.
What Does the Agreement Cover?
The funds are supposed to help developing countries transition to clean energy, build climate-resilient infrastructure, and prepare for the increasingly devastating impacts of climate change. For places like the Philippines, which has faced six major storms in just a month, this support is urgently needed.
Hearing stories like those of farmers who’ve lost their crops, livestock, and livelihoods to extreme weather makes it clear how critical this funding is. Imagine rebuilding your life, farm, and income after a storm wipes out everything you’ve worked for—only to know more storms are on the way.
And yet, $300 billion a year feels like a band-aid on a bullet wound when the reality demands transformative action and significant investment in a cleaner, fairer future.
Why Was It So Hard to Get a Deal?
The negotiations were fraught with challenges. Political shifts in major countries, like the U.S., added uncertainty, while divisions within the Global South created delays. On top of that, COP29’s leadership came under fire for poor organization and lack of clear direction.
One thing that stood out was how many smaller nations felt sidelined during crucial discussions. It’s disappointing, but not surprising, that those most vulnerable to climate impacts often have the least influence in these spaces.
Still, the deal was struck. Activists pushed hard for negotiators to prioritize bold action, and while this agreement doesn’t deliver the sweeping changes many of us hoped for, it’s a foundation to build on.
Is This a Turning Point?
COP29’s finance agreement replaces the outdated $100 billion-a-year pledge made over a decade ago, which had failed to deliver meaningful support. The new commitment aims to unlock funding from private investors and international banks alongside public sources.
There’s also a renewed push for all countries to strengthen their emissions targets next year as part of the Paris Agreement process. These targets are critical for keeping global warming under 1.5°C, but with emissions still rising and the planet already at 1.3°C, time is running out.
Looking Ahead: Hope and Urgency
Leaving COP29, I feel torn. On one hand, the agreement acknowledges the need for greater ambition, and it keeps climate finance on the global agenda. On the other, the process felt chaotic and disconnected from the urgency so many communities are facing.
What gives me hope is the growing recognition that a green economy isn’t just the right thing to do—it’s the smart thing to do. Inaction on climate change isn’t just morally wrong; it’s economically and socially self-defeating.
But hope alone isn’t enough. As we look to COP30, I’m reminded that we need to keep holding leaders accountable. This isn’t just about politics or policy—it’s about people, ecosystems, and the kind of world we want to leave behind.
Here’s to recovering from the shortcomings of Baku and fighting for a climate future that’s fair, just, and sustainable for everyone.