COP29 Climate Deal Draws Mixed Reactions Amid Funding Shortfall

The COP29 climate summit in Baku, Azerbaijan, concluded with a landmark agreement to raise $300 billion annually by 2035 to help poorer nations tackle climate change. However, the deal, reached after 33 hours of extended negotiations, has faced sharp criticism from developing countries, which argue that the funding falls drastically short of their demands.

Developing nations had sought $1.3 trillion per year to address the climate crisis, a figure they argue reflects the scale of the challenge they face. While the agreement includes a commitment to mobilize $1.3 trillion from public and private sources by 2035, the immediate pledge of $300 billion annually was dismissed by many as insufficient.

India’s representative, Leela Nandan, called the amount “abysmally poor,” while Cedric Schuster, chair of the Alliance of Small Island States, highlighted the existential threat faced by low-lying nations. “Our islands are sinking. How can you expect us to go back to the women, men, and children of our countries with a poor deal?” Schuster asked.

The agreement acknowledged the disproportionate impact of climate change on developing nations, which have contributed the least to global emissions. Simon Stiell, head of the UN climate body, admitted the deal was imperfect but emphasized the need to press forward. “No country got everything they wanted, and we leave Baku with a mountain of work still to do,” he stated.

The summit nearly collapsed as talks dragged on past the deadline, but the final deal was met with applause in the early hours of Sunday morning. While some celebrated the funding increase, others voiced their frustration at the slow pace of global action.