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COP29 Day 9 Summary: 20th November 2024

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On the ninth day of COP29 in Baku, Azerbaijan, discussions brought to light significant disagreements between developed and developing nations, particularly regarding climate finance and priorities for climate action.

Developing Nations Reject Proposed Climate Finance Target

A proposed range of $200–300 billion per year for public climate finance under the New Collective Quantified Goal (NCQG) was rejected by large developing countries, including members of the Like-Minded Developing Countries (LMDC) group. Representatives from these nations argued that the proposed figure were inadequate to meet their climate needs. Diego Pacheco, speaking on behalf of the LMDC, stated that the suggested amount was insufficient to fund necessary emissions reductions, adaptation measures, and capacity building.

Additionally, some least developed countries expressed concerns about being included in the donor pool for the NCQG. They argued that contributing to such a large financial target would place strain on their own resources, which are already limited. This pushback added another layer of complexity to the negotiations, highlighting disparities in responsibilities and expectations between countries.

COP29 Summary

Concerns Over Mitigation and Adaptation at COP29

Developing nations at COP29 criticised the focus on mitigation, arguing it overshadowed urgent adaptation needs. They expressed frustration that the talks prioritised emissions reduction without addressing the funding and support required to help vulnerable countries cope with the impacts of climate change, such as extreme weather and rising sea levels.

Adaptation negotiations also stalled due to disagreements over funding and measurement indicators. Developing countries emphasised that the current commitments from wealthier nations are far below the estimated $215 – 387 billion needed annually. African representatives and other negotiators called for significantly increased adaptation funding by 2025, while developed nations reiterated their pledge to double funding to $40 billion, a target many consider inadequate given the growing scale of climate impacts. These divisions continue to prevent progress on key outcomes.

Financial Commitments for Loss and Damage

Australia and New Zealand announced pledges to fund loss and damage caused by climate change, aiming to support nations facing irreversible impacts like floods and displacement. These funds are expected to help recovery efforts and improve resilience in affected regions. While details were limited, the pledges were welcomed as a step toward addressing the urgent needs of vulnerable countries and setting a precedent for further contributions from developed nations.
As COP29 nears its end, divisions between developed and developing nations remain unresolved. Disagreements over the amount and distribution of climate finance, the focus on adaptation versus mitigation, and expectations for contributions to the NCQG continue to stall progress. The outcomes of these negotiations will play a critical role in shaping the global response to climate change and ensuring that the needs of all countries are addressed.

Catch Up On Previous COP29​ Updates

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