Cop29: A done deal but it needs to be built on

Cop29 President Mukhtar Babayev applauds during a closing session at the UN climate change summit in Baku, Azerbaijan. AP

Over the past two weeks, much of the world's attention has been on Baku, Azerbaijan, the venue for this year's UN climate conference, known as Cop29. Leaders, policymakers and environmentalists, among others, have been following the talks in progress – though, not without apprehension, given the impasse between various countries over the issue of climate financing.

Getting nearly 200 countries, of different sizes, economies and climate vulnerabilities to agree on how much money the advanced nations should provide the lower-income ones to support their financing needs has been an onerous task for the past 15 years. Delegates representing the most disadvantaged nations in Baku even staged walkouts during the negotiating process. Further, in light of the current geopolitical climate, efforts to shore up global diplomacy proved inadequate.

It is notable therefore that a deal was eventually struck on Saturday night, with the developed world pledging $300 billion annually over the next decade. Even as an agreement of this figure is notable – and may well have been considered a victory if only the climate challenge were not as enormous and global in scope – the urgent nature of the crisis remains unchanged. The developing world says that at least $1.3 trillion is needed every year, a long way off from the sum pledged in Baku.

Countries, particularly those on the frontlines of the climate crisis, sorely need funds to transform their economies, build climate-resilient infrastructure and develop agriculture that is better able to withstand extreme temperatures and floods. As things stand, coping with climate disasters takes too large a chunk out of the gross domestic product of smaller nations.

It is a fact that the world is equipped with the technological innovations, the know-how and the personnel to create an impact. What is required, however, is finance. But as Mariam Almheiri, head of the International Affairs Office of the Presidential Court, explained in these pages last week: "The gulf between available climate finance and actual needs is staggering."

UN Secretary General Antonio Guterres, who earlier declared that "failure is not an option" in Azerbaijan, conceded that he had hoped for a more ambitious outcome on Saturday. But he added that the agreement “provides a base on which to build”. Indeed, in the run-up to the next climate conference, Cop30 in Brazil, it is important that countries continue to engage with each other, deepen partnerships and increase their financial commitment.

Some countries have moved the needle on climate finance. At last year's Cop28 in Dubai, for instance, the UAE pledged $100 million to a disaster fund and launched Alterra, a $30 billion climate investment fund. Much more, of course, is needed. As experts have reiterated, international public-private partnerships must bear some of the burden of a crisis that affects us all.

The agreement struck in Baku may not be enough for those most vulnerable to rising temperatures to cope with the effects of climate change while simultaneously boosting the prosperity levels of their citizens. Yet the process for further negotiations has gone to the next phase. The onus is on all parties to build on that momentum.