The COP29 climate change conference concluded in Azerbaijan on Friday with the United Nations reaching a $300 billion agreement to support poorer nations affected by climate change. While the pact aims to address pressing environmental challenges and aid these countries in transitioning away from fossil fuels, it has drawn criticism for being insufficient to meet the scale of the crisis.
According to a report by Reuters, the agreement was finalized during a UN-led climate consultation session held in Baku, Azerbaijan. The discussions also addressed the role of the oil industry in contributing to global warming. The funds are intended to assist underdeveloped nations in phasing out coal, oil, and gas, key drivers of climate change, while also covering climate-related damages and other associated challenges.
The amount, though substantial, falls far short of the $1.3 trillion demanded by developing nations. However, it represents a significant increase from a 2009 agreement that committed $100 billion annually, which is now nearing its end. Some delegates expressed cautious optimism, noting that the deal could pave the way for securing additional funds in the future.
Despite this, the pact faced resistance, particularly from developing countries that felt sidelined during negotiations. COP29 President Mukhtar Babayev approved the deal but described it as “inadequate and unfair,” accusing wealthy nations of being “stingy.” Indian representative Chandni Raina labeled the sum “trivial” and declared it unacceptable, expressing distrust in the UN’s mechanisms during a subsequent interview with the Associated Press.
Nigeria’s National Security Council CEO echoed these sentiments, calling the agreement “insulting and a joke.” He emphasized that countries have the right to reject it and suggested revisiting the terms. Other nations also voiced dissatisfaction, though some held out hope that further negotiations might bring about greater relief for vulnerable countries.