It’s a wrap. After a tumultuous two-week long Cop, where negotiations ran over into the early hours of Sunday morning, the headline outcome is an agreement by developed nations to help channel at least $300bn a year into developing countries by 2035 to support their efforts to deal with climate change.
Set against the backdrop of Donald Trump’s return to the White House (cue flashbacks to his Paris Agreement walkout) and Azerbaijani President Ilham Aliyev bizarrely hailing oil and gas as a divine blessing, it’s no surprise the summit was punctuated with controversy and (arguably) a lack of sufficient action. Adding to the spectacle, Argentina exited negations early, climate heavyweights slammed the Cop process as ‘no longer fit for purpose,’ and Saudi Arabian delegates were accused of modifying official Cop29 negotiating texts. A lot can happen in two weeks. Here is what you need to know:
The ‘Finance COP’
Dubbed the ‘Finance COP’ for its focus on setting a new global climate finance target, nations set out to negotiate a new funding goal to replace the $100 billion annual commitment agreed upon in 2009. Developing countries were calling for at least $1 trillion annually, however talks were marred with disagreements.
In the end, a far looser compromise was agreed, in which the developing world ‘should’ receive at least $1.3tn a year in funds by 2035 to help them shift to a low-carbon economy and cope with the impacts of extreme weather. But vitally, only $300bn of that will be grants and low-interest loans from the developed world, with the remaining $1tn set to come from the less preferable source of private investors. Delegates from developing nations have slated this deal as a ‘travesty of justice’, arguing that it is ‘stage managed’ and largely insufficient.
Starmer’s Pledge Overshadowed
Amidst the turbulence, Keir Starmer announced the UK’s plans to cut emissions by 81% by 2035, one of the most ambitious targets revealed at the Cop. The new Labour Government have used this Cop to position the UK as a global leader in the clean energy transition, while also pre-empting the critique from Farage-types by highlighting how the deal benefits the country too. Ed Miliband played a central role in behind-the-scenes negotiations, working tirelessly into the early hours to secure the headline deal. A visibly exhausted Miliband appeared on ITV News Sunday morning to discuss the agreement, stressing that it was ‘the right thing for Britain.’ He repeatedly highlighted the economic benefits that the deal will bring to the UK, and emphasised that the deal does not commit Britain to any new financial obligations.
However, such pledges were overshadowed by the actions of other nations. Azerbaijan’s president, Ilham Aliyev, defended his country’s reliance on oil and gas, calling it a ‘gift from God,’ while using the platform to criticise France’s colonial history. This prompted France’s ecology minister to cancel her participation. Poor Keir.
Warming Forecasts and Frozen Progress
Despite the urgency of the climate crisis looming large, with experts warning of the possibility of exceeding 2.9°C of warming by 2100, and with the return of Trump on the horizon, procrastination prevailed at the negotiations. Negotiators failed to reach an agreement on how the outcomes of last year’s ‘global stocktake’ – an assessment of the global response to the climate crisis conducted every 5 years – should be taken forward, palming the decision off to Cop30. Mohamed Adow of Power Shift Africa described the week as ‘the worst first week of a COP in my 15 years attending.’ A group of senior climate voices, including former UN Secretary General Ban Ki-moon, have called for an overhaul of the Cop process, arguing that countries unwilling to phase out fossil fuels should not host the talks.
Fossil Fuels Dominate the Scene
One of the most controversial revelations of COP29 is the reported presence of over 1,700 coal, oil, and gas representatives —outnumbering the delegations of nearly every country at the conference. Adding fuel to the fire, Elnur Soltanov, Azerbaijan’s deputy energy minister and the chief executive of COP29, was caught on camera just days before the summit agreeing to facilitate oil deals during the negotiations.
Burgers, Books, and Bizarre Branding
It is not just the negotiations (or lack thereof) that have come under fire, with the summit’s setting facing sharp criticism. Overpriced food—like a $23 vegan burger meal—and baffling promotional efforts appeared to be stealing the spotlight on the ground. Among the most peculiar was Russia’s state-owned energy giant Gazprom handing out ‘ecological colouring books’ offering tips on environmental sustainability.
Looking Ahead
Ultimately, Cop29 will be remembered less for its achievements and more for its contradictions, controversies, and compromises. While the agreement to channel $300 billion annually in grants and low-interest loans to developing nations by 2035 was welcomed by many, and equal number of delegates slated it. Attention now turns to Cop30, and what the future of global climate diplomacy will look like under a second Trump term.
