Campaigners say that the COP29 climate conference left “a trail of broken promises.”
Speaking on Monday, they also claim it
failed to deliver the outcomes urgently needed to address the escalating climate crisis.
The event in Baku was full of drama throughout the two weeks and concluded in the early hours of Sunday.
After the marathon negotiations, an agreement was reached at the UN Climate Change Conference (COP 29) on developed countries’ financial contribution to climate action in developing countries.
The agreement participants reach establishes a goal of $300 billion a year from a variety of both public and private sources by 2035.
But many wanted the figure to be nearer the $1.3 trillion they say is needed to tackle climate change.
Campaigners say that despite high expectations, rich countries, including the EU,
failed to step up with the bold commitments required to meet the needs of the most vulnerable.
The group, Climate Action Network (CAN) Europe, said,
The talks have been characterized by a lack of transparency, weak leadership, and insufficient action on climate finance and mitigation—falling short of the Paris Agreement’s promises.
Chiara Martinelli, Director at Climate Action Network (CAN) Europe, said:
Rich countries own the responsibility for the failed outcome at COP29.
The talk of tripling from the $100 billion goal might sound impressive, but in reality, it falls far short, barely increasing from the previous commitment when adjusted for inflation and considering the bulk of this money will come in the form of unsustainable loans. This is not solidarity. It’s smoke and mirrors that betray the needs of those on the frontlines of the climate crisis. Despite promises of leadership, the EU has shown a troubling lack of action and ambition, undermining trust and progress when it was needed most.
The CAN statement added,
COP29 marks the end of what we have liked to call the ‘international climate leadership’ of the EU. Here it was crystal clear that the EU did not step up to its responsibility or opportunity to be on the right side of history.
Instead of leading by example and proactively forging new solutions to the main question—how to raise the public finance developing countries need to cope with global climate catastrophe—the EU used its time dragging its feet, pointing at what other countries and non-state actors might need to do.
Martinelli said:
The worst of the EU’s sins was however, not committed in Baku. Instead, it took place in Brussels and in EU member states, every treasury, every ministry of finance and economy. Over the past nine years since the Paris Agreement laid out a new finance goal was to be set before 2025. Our decision-makers have paid no thought on how to raise the public funds to respond to the unfolding international crises.
There would have been, and still are, sensible, achievable, sustainable, and just ways to raise enough public resources to deal with the crises, for example by redirecting fossil fuel subsidies as well as taxing high emitting sectors and the super-rich. Instead of considering these options, our leaders leave Baku washing their hands, calling the funding opportunities ‘unrealistic’.
But Simon Stiell, Executive Secretary of UN Climate Change, defended the outcome.
He said,
This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country.
But like any insurance policy – it only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives.
It will keep the clean energy boom growing, helping all countries to share in its huge benefits: more jobs, stronger growth, cheaper and cleaner energy for all.
A Commission source added,
At the COP29 UN Climate Change Conference in Baku, the European Commission and EU Member States took the lead in brokering a deal to align global financial flows with the objectives of the Paris Agreement.
The NCQG provides for more countries to contribute finance, reflecting their growing emissions and economic weight.
The agreement also gives a strengthened role to multilateral development banks (MDBs), maximising the leverage and impact of public funds by drawing in and mobilising significant private finance.
