A commitment to energy transition is widely advocated by many, yet the question of who should take the lead remains a matter of debate—this encapsulates the essence of COP29’s progress.
How do countries seem to view outcome of COP29, Well that depends on which country are we talking about. Developing countries largely expressed disappointment, accusing wealthier nations of failing to address the climate crisis they are most responsible for creating. In contrast, developed countries praised the agreement, touting it as a realistic and balanced approach.
Why are developing countries (global south) are upset with the outcome?
The target is 1.3 trillion dollars a year by 2035 to help developing countries mitigate and adapt to climate change. But only 300 billion will be provided in the shape they need most: grants and low-interest loans from developed countries.
How have different countries voiced their opinion and have influenced the COP’29 outcome?
Eleonora Cogo, an international finance expert at ECCO, an Italian climate think tank indicated, the influence of fossil fuel economy-related interests, through producing countries such as Saudi Arabia and Russia, and fossil fuel companies, which together preach technological neutrality to maintain the status quo, predominated at both COP29 and G20 Rio, blocking the actions needed for the green transition.
China called on developed countries to earnestly fulfill their obligations and responsibilities of providing funding support to developing countries to boost global climate actions.
U.S President Joe Biden congratulated the Parties and the COP29 Presidency on reaching this outcome. However, the outcome of 300 billion being provided compare to 1.3 trillion dollar a year by 2035 hasn’t gone down well among developing nations who have been facing the brunt of actions that developed world had taken.
India stood up for global south and objected to unfair means of adoption after a new text on the New Collective Quantified Goal (NCQG) was suddenly gavelled by the Azerbaijan Presidency.
The views from Africa expressed disappointment
“The short-sighted inability to challenge the Global North’s un-ambition will likely be regretted, as will the COP Presidencies Troika’s insistence on closing any deal regardless of its contents.” – [ Iskander Erzini Vernoit is executive director of the Imal Initiative for Climate and Development, a think tank based in Rabat, Morocco]
The LDC [Least Developed Countries] Group is outraged and deeply hurt by the outcome of COP29. Once again, the countries most responsible for the climate crisis have failed us.
This is not just a failure; it is a betrayal. Three years of relentless effort by the Least Developed Countries (LDCs) engaging in good faith, building solutions, and striving for justice have been casually dismissed. Powerful nations have shown no leadership, no ambition, and no regard for the lives of billions of people on the frontlines of the climate crisis.” – [ Evans Njewa is the Chair of the Least Developed Countries Group at UN Climate Change negotiations]
Fadhel Kaboub is an associate professor of economics at Denison University and president of the Global Institute for Sustainable Prosperity suggests “The Global South will keep losing until it uses its geopolitical leverage”
When Africa loses, the world loses its minerals, biodiversity, and stability. The fate of this continent is tied to the stability of the entire planet and ignoring Africa’s call for fair and adequate climate finance risks global repercussions. No deal is better than a bad deal. This process cannot become a playground for profit-driven schemes like carbon markets or geoengineering. Climate finance must be public, equitable, and designed to address real loss and damage – not serve as a token gesture of charity. Africa will not back down. – [ Wafa Misrar is Campaign and Policy lead at Climate Action Network (CAN) Africa ]
“We demanded clear targets and received none” – [Ali Mohamed, Chair of the African Group of Negotiators (AGN) at UN Climate Change negotiations]
“A reminder that the system is designed to protect wealth, not justice” – [ Thato Gabaitse is the Development & Administrative Director at WE, The World ]
“Rich countries staged a great escape, and a betrayal of people and planet” – [Mohamed Adow, Director of Power Shift Africa]
German Foreign Minister Annalena Baerbock, called it an “approach that does not overpromise large funds, but actually delivers for those most vulnerable”.
Austrian Climate Minister Leonore Gewessler said the outcome meant “no progress, no regression. That is not much—but it is all that was possible this year”.
While the developed countries seem to have concluded the COP’29 with offering of 3 billion, it’s not just the global south – (developing countries) who seem to have felt injustice has been done, the economists suggests that a failure to factor in inflation means the $300bn climate finance deal agreed at Cop29 is not the tripling of pledges that has been claimed.
On paper, this is a tripling of the previous climate finance target of $100bn a year by 2020.But the text makes no mention of inflation, missing an important recommendation from leading economists upon which the target is loosely based.
It means the world’s poorest countries will receive a sum they already consider inadequate for their needs, but that it will in effect be billions of dollars lower still as the money will lose its value over time, according to Guardian analysis.
The COP’29 leaves behind several questions about how serious countries are to make successful energy transition a reality, will the progress be slower. At times we may have seen profits over people, will this time be of profits, comfort over most severely affected people due to climate change.
Sources: [Renewable Matter.EU , The Guardian , Fmprc.gov.cn (Ministry of foreign affairs,China) , African Arguments.Org , Hindustan times , White House.gov, Euractiv ]