UPDATED: COP29: World Leaders Reach $300 Billion Climate Finance Deal for Developing Countries

After intense negotiations lasting nearly two weeks, world leaders at the 29th United Nations Climate Summit (COP29) in Baku, Azerbaijan, reached a significant agreement on the “Baku Finance Goal.” The deal was announced during the summit’s closing plenary on Sunday by COP29 President Mukhtar Babayev.

The agreement sets a new global target to mobilize $1.3 trillion in climate finance for developing nations by 2035, marking a substantial increase in funding to support climate adaptation and mitigation efforts. As part of this framework, wealthy nations have pledged to provide $300 billion annually to assist poorer countries in addressing the challenges posed by climate change.

Although the new financial commitment triples the $100 billion target set in 2009, it fell short of the expectations of many negotiators, particularly those from the Global South. Delegates from Africa and other climate-vulnerable regions expressed disappointment, with Nigeria’s delegation describing the agreement as “insulting.”

Throughout the negotiations, there were frustrations over the process, with accusations that wealthier nations and even some developing countries were impeding progress. The summit, which began on November 11, was initially scheduled to end on November 22 but extended by over 33 hours due to disagreements. Some negotiators even staged a walkout, citing weak commitments from wealthier nations.

The final agreement on Sunday came after two earlier drafts, which were rejected by the Global South. Many felt the proposed deals were insufficient and unrealistic, with some delegates arguing that it would be better to have no deal at all than one that was unachievable without proper climate finance.

Nigeria and UN Reactions

Nigeria’s delegation, led by Nkiruka Maduekwe, the Director General of the National Council on Climate Change (NCCC), strongly criticized the deal. Maduekwe called the new climate finance goal “unrealistic” and an affront to the principles of the UN Framework Convention on Climate Change. She argued that the $300 billion target would not allow developing nations to meet their ambitious climate goals, particularly in vulnerable regions, and deemed the agreement an “insult” to the spirit of climate justice.

UN Secretary-General Antonio Guterres also expressed disappointment with the outcome, calling for the commitment to be fulfilled fully and on time. He emphasized that the financial pledges must quickly translate into actual cash and that all countries need to come together to ensure the full implementation of the new goal.

Despite the mixed reactions, the deal sets the stage for further efforts to address the pressing issue of climate finance, as world leaders continue to face pressure to deliver meaningful support to developing nations struggling with the impacts of climate change.