Reacción a "COP29 agrees rich countries to provide $300 billion to poorer countries for climate finance"

Aspirations for COP29 were low from the start. Given this meeting was held in an oil state with an estimated 1,773 fossil fuel lobbyists present, much concern was focused on simply protecting previous hard won concessions.

The gavel came down at lightning speed to pass the New Quantified Goal in Climate Finance, with the President leaving no time for comment and barely making eye contact with the room. Objections immediately followed thick and fast, with India’s negotiator Chandri Nadan calling the agreement to enable USD$300 billion to support poor nations fighting climate change an 'optical illusion', and other nations including Fiji and the Alliance of Small Island States expressing strong objections to insufficient funding, while the EU and Irish Climate Minister argued effectively that a weak agreement was better than no agreement.

The fragile agreement has also not resolved serious concerns that the funds are insufficient and, if delivered in the form of high interest commercial loans, will simply trap vulnerable counties in greater debt.

Cop29 has focused on supporting the adaptation plans of developing countries with recognition of the IPCC 2022 findings that almost half the world lives in climate vulnerable hotspots, where people are 15 times more likely to die from climate impacts.

However, the UN decision making process relies on unanimity and this has been challenged to near breaking point at this COP, with oil states in particular criticised by vulnerable countries for blocking progress.

The task to rebuild trust, and effective multilateral climate processes is now Herculean.