The COP29 summit in Baku, Azerbaijan, has become a focal point for dissatisfaction among African nations and developing countries. As the discussions unfold, many express skepticism about the tangible progress achieved in climate action. Central to the discontent is the unmet promise of substantial climate financing and global cooperation, particularly concerning the Loss and Damage Fund agreed upon at COP27.
The African Group of Negotiators has made a bold demand for $1.3 trillion annually in climate financing from 2025 to 2030, reflecting the urgency felt by the 17 African nations most vulnerable to climate change. However, political will is in question, with leaders like Argentina's President Javier Milei casting doubt on climate change's urgency, which risks undermining global efforts.
The summit is further complicated by the presence of over 1700 fossil fuel lobbyists and contradictory statements from Azerbaijan's president, who has described fossil fuels as a "gift from God." These tensions are compounded by geopolitical issues, including Argentina's withdrawal from the conference and the potential impact of political shifts, such as a possible return of Donald Trump to the U.S. presidency.
Negotiations have stalled over the $1.3 trillion climate finance target, with developing countries demanding substantial grants rather than loans. The role of emerging economies in financing and reducing emissions remains contentious. Despite efforts from UN Secretary-General António Guterres to push for an agreement, the path to meaningful action appears fraught with challenges, leaving many questioning the potential outcomes of COP29.
