COP29 Concludes with Limited Climate Finance Deal and Missed Phaseout Goals

The Baku summit set a modest $300 billion annual climate finance target by 2035 but failed to advance commitments on fossil fuel reduction, drawing widespread criticism.

• COP29, held in Azerbaijan, agreed on a new climate finance goal of $300 billion annually by 2035, far below the $1.3 trillion estimated as necessary for developing nations to transition and adapt to climate change.
• The conference did not secure a recommitment to phasing out fossil fuels, delaying negotiations on this critical issue to 2025 despite mounting evidence of the need for urgent action.
• Global temperatures have already surpassed 1.5 degrees Celsius above preindustrial levels, with 2024 marking the hottest year on record and carbon dioxide emissions reaching their highest levels ever.
• Fossil fuel subsidies, estimated at $7 trillion in 2023, continue to outpace climate financing commitments, exacerbating the challenges of transitioning to renewable energy sources.
• Critics highlighted the lack of equitable representation and the influence of fossil fuel interests during COP29, calling for reforms to ensure stronger accountability and implementation of climate agreements.

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