How the developed world defeated Baku negotiations
The 29th Conference of Parties, held in Baku, Azerbaijan, was to deliver a new climate finance agreement that matched the scale of our global challenge. They were collectively driven by the need to support development priorities and national climate plans which would be impossible to achieve simultaneously in the absence of meaningful climate finance flowing in a time-bound manner from the developed world. The Paris Agreement’s Article 9.1 says developed countries “shall” provide financial resources to help the developing world adapt to and mitigate climate impacts. While $1.3 trillion makes for meaningful finance, the final text makes it meaningless, by including all sources, even private sector funding from within the developing world. Given this context, the developing world’s ask of $441-900 billion in annual grants by 2035 specific to climate finance appears to have been more of a bargaining chip in negotiations.
Why developing nations like India are unhappy about the $300 billion COP29 deal
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