Controversial COP29 deal: $300 billion for climate change

COP29, held in Baku, resulted in a controversial agreement to mobilize $300 billion annually starting in 2035 to help developing countries address the challenges of climate change. While this amount represents a step forward from previous commitments, many vulnerable countries consider it insufficient and overdue.

The funds provided for in this agreement will have the following objectives:

• Reduce dependence on fossil fuels (coal, oil and gas).
• Financing climate adaptation to address future impacts.
• Cover losses and damages caused by extreme weather events.

However, this financing relies on public contributions as well as private and multilateral sources, raising concerns among developing countries. They fear an increase in their debt if these funds take the form of loans rather than grants.

Some delegations welcomed the agreement as a "foundation on which to build," while others, including India, Nigeria, and several African nations, expressed dissatisfaction. They criticized the lack of consensus in adopting the text and the lack of ambition in addressing the urgent needs of the most exposed countries. The $300 billion amount falls short of the $1.3 trillion annual funding requested and does not address the immediate emergency.

Representatives such as Kenya's Ali Mohamed denounced funding as "too little, too late," while others, such as France, highlighted a lack of leadership in the negotiations.

Contrary to the hopes raised by COP28 in Dubai, where the gradual elimination of fossil fuels was discussed, COP29 did not reiterate this objective. Discussions focused primarily on financing and the adoption of mechanisms such as the carbon credit market, which remains controversial. Some accuse the latter of serving as an excuse for large corporations to continue polluting.

The agreement includes new greenhouse gas emission reduction targets starting in 2024, building on the commitments of the 2015 Paris Agreement. However, with global temperatures already 1.3°C above pre-industrial levels, experts warn that current measures remain largely insufficient to limit warming to 1.5°C.

COP30, scheduled for Belem, Brazil, will have to respond to criticism by proposing more ambitious and inclusive actions. Expectations will be particularly high to ensure increased support for the most vulnerable nations and a concrete commitment to abandoning fossil fuels.

Djamiou ABOUDOU