A new climate deal was reached at COP29 in Baku, Azerbaijan, on Saturday, with wealthy nations committing to provide $300 billion annually by 2035 to assist poorer countries in addressing the increasingly severe impacts of the climate crisis. However, many developing nations have criticized this amount as grossly inadequate.
The agreement emerged after more than two weeks of intense divisions and contentious negotiations, marked by boycotts, political disputes, and overt endorsements of fossil fuels.
At times, there were concerns that the talks might collapse, especially when representatives from vulnerable small island states and least-developed countries walked out of the discussions on Saturday. However, at 2:40 a.m. local time on Sunday, more than 30 hours past the deadline, the agreement was finally ratified by nearly 200 countries.
“Many doubted that Azerbaijan could deliver. They doubted that consensus could be reached. They were wrong on both counts,” stated Mukhtar Babayev, president of COP29 and a veteran of the Azerbaijani state oil company.
The pledged $300 billion will support vulnerable nations in adapting to increasingly severe weather events and transitioning their economies to cleaner energy sources.
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