Suboptimal outcome

The Baku deal falls way short of requirements

The 29th meeting of the Conference of Parties (COP29) at Baku, Azerbaijan, was billed as the climate finance summit at which developed countries, the world's historical emitters, would set out new finance commitments beyond 2025 towards developing countries to meet adaptation and mitigation goals. But it ended, two days after its scheduled close in the early hours of Sunday following a turbulent debate, with a finance deal that drew sharp protests from India, Nigeria, Bolivia and Cuba, in addition to a walkout by the Alliance of Small Island States and other climate-vulnerable developing countries over the amount of money committed.

Although the amount committed under the New Cumulative Quantitative Goal (NCQG), at $300 billion a year by 2035, is three times the earlier annual commitment of $100 billion a year, it is well short of the developing countries' demand for $1.3 trillion.