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COP29 Day 11 Summary: 22nd November 2024

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The 11th day of the COP29 climate summit in Baku, Azerbaijan, concluded with an agreement on a new climate finance target of $300 billion annually by 2035. The summit, originally scheduled to end on Friday, was extended by 33 hours due to prolonged debates over the finance framework.
COP29 Summary

Extended Negotiations

Discussions on climate finance dominated the extended talks. The initial proposal of $250 billion annually by 2035 was met with resistance from many developing nations, including the African Group, which called the figure inadequate. These nations emphasised the growing financial needs of vulnerable countries facing the impacts of climate change and advocated for a higher target.

Negotiators worked to find common ground, with developed countries emphasising the need for a realistic and achievable goal. After intense deliberations, parties agreed on a compromise of $300 billion annually, starting in 2026.

Details of the Agreement

The $300 billion annual target is intended to support developing nations in climate adaptation, mitigation, and addressing loss and damage. The new target reflects an increase from the previous $100 billion goal. However, it remains below the estimated $2.4 trillion required annually by 2030 to meet global climate needs, according to UN assessments.

The target includes provisions for evaluating progress in delivering these funds to ensure accountability and transparency in how the money is raised and distributed. Additionally, mechanisms for implementation – such as criteria for accessing funds, timelines for disbursement, and safeguards to prevent misuse – will be further developed and clarified in upcoming climate summits.

Responses to the Agreement

Reactions to the agreement varied. Some parties considered it a positive step forward, noting that it marked an increase in global financial commitments. The announcement of the deal was received cheers and applause from the crowd. Others, however, criticised the outcome, arguing it falls short of the funding required to address the full scale of climate challenges. Head of the COP29 Greenpeace delegation Jasper Inventor expressed disappointment, calling the $300 billion target “woefully inadequate.”

The extended talks and eventual agreement on climate finance illustrate the ongoing challenge of addressing the financial needs of vulnerable countries. While the $300 billion target marks progress, many stakeholders emphasised the importance of ensuring these funds are collected and used effectively and fairly.

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