Motaher Hossain

The recently concluded global climate summit in Baku, Azerbaijan, failed to meet the lofty expectations of vulnerable nations. Hopes had been high, but the outcomes did not align with the aspirations of countries heavily impacted by climate change. A significant setback was the inadequate financial commitments made and the conspicuous absence of leadership from major carbon-emitting nations. Even the efforts of their representatives raised concerns.

However, there is a glimmer of hope: at the very end of the conference, after protests and walkouts by representatives of Least Developed Countries (LDCs) and Small Island Developing States (SIDS), an agreement on climate financing was reached. Developed nations agreed to allocate $300 billion—far below the $1.3 trillion demanded by developing nations to address global climate crises.

The summit, originally scheduled to conclude on November 22, extended by two days due to sharp disagreements over financing. Developed countries had initially proposed a meager $250 billion annually, which was outright rejected by developing nations, including Bangladesh. The consensus eventually settled on $300 billion annually, a figure still insufficient to meet the demands of vulnerable countries.

The United Nations has hailed the agreement as a vital step forward for helping poor nations combat climate change. Yet, environmentalists have criticized the funding as "insultingly inadequate" and labeled it a form of betrayal by developed nations responsible for creating the crisis.

Some dissent persists. A representative from India stated, “This proposed target doesn’t solve our problems or align with the measures necessary for our survival.” Meanwhile, countries like Switzerland, the Maldives, Canada, and Australia expressed dissatisfaction with the weak stance on reducing global fossil fuel usage.

Prolonged Negotiations and the Final Agreement:

The first week of the two-week summit saw developing nations demand $1.3 trillion annually for the next five years. Developed countries responded with an offer of $250 billion, leading to a deadlock. Interventions by Azerbaijan and pivotal talks led by key nations—China, the European Union, Saudi Arabia, Brazil, the United Kingdom, and the United States—helped broker a deal. Developed nations increased their commitment to $300 billion annually.

This deal, known as the Baku Agreement, promises that developing nations will receive $300 billion annually until 2035. While this is a fraction of the requested amount, it provides a framework for climate action funding. A significant portion of the agreed $1.3 trillion will come from private sectors, including oil and gas companies, as levies on profits. However, details on how the private sector contributions will be managed remain unclear.

The agreement also introduces a global carbon market where countries can trade carbon credits. Developing nations can earn credits by reducing greenhouse gas emissions through initiatives like reforestation and renewable energy projects.

Challenges for Vulnerable Nations:

LDCs and SIDS, including Bangladesh, continue to struggle under the dual burden of escalating climate-induced disasters and mounting debts. These nations are lagging in renewable energy investments and face an urgent need for fresh financing to mitigate climate risks.

The new financial commitments were essential to combat global warming and maintain the 1.5°C temperature rise limit. The consensus on financing offers a ray of hope, but swift action is needed to translate pledges into tangible outcomes.

It is imperative to transform the commitments made at COP 29 into real, accessible funds. Protecting the planet and achieving new climate targets requires collective and coordinated global action.

The writer is a, journalist & the Secretary-General of the Bangladesh Climate Change Journalists Forum.