The climate change conference COP29, recently held in Baku, Azerbaijan, was called the “finance COP”, a time when wealthy nations had the opportunity to address their longstanding financial commitments towards tackling the climate crisis.
Instead, it was a betrayal of the people and planet — a slap in the face for developing countries, who bear the greatest burden of climate change, despite being the least responsible for causing it.
Rich countries’ reluctance to provide adequate financial support has been one of the most shameful chapters in climate diplomacy and Baku has become a symbol of betrayal — a stark reminder of the Global North’s neglect, broken promises and systemic failure to confront the ongoing climate crisis with the urgency, fairness and responsibility it demands.
The $1.3 trillion a year the Global South asked for was a reasonable good-faith downpayment towards real climate action. The final figure of $300 billion in “mobilised” funds by 2035 was inadequate and mocked the millions in our world who have felt the harshest impacts of climate change.
Paying for ambitious climate action now will be far cheaper than the cost of a full-scale climate catastrophe. With each passing day, we inch closer to this catastrophe.
Furthermore, the “New Collective Quantified Goal”, far from being a show of good faith, was a masterclass on procrastination. Imagine a firefighter standing outside a burning building, promising to bring a bucket of water — but not today, not even tomorrow. Instead, they pledge to show up 10 years later with a thimble, while the fire consumes everything in sight.
In 2009, wealthy nations promised $100 billion annually, a figure that was woefully inadequate even then. Fast forward to 2035, and their new pledge of $300 billion is not only delayed but devalued.
What the COP29 presidency has called “progress” is an inflation-adjusted abdication of moral duty. If we were to factor in even modest inflation of 5%, the reality is shocking. By 2035, that $300 billion will hold 30% less value than the $100 billion promised in 2009.
Adding insult to injury, the “unprecedented” decision to greenlight the rules regarding carbon markets under article 6 is dangerous and short-sighted. Carbon credits are permits to pollute — an invented commodity designed to serve the wealthy rather than protect the climate.
Furthermore, this harms the important work needed for nationally determined contributions. Nationally determined contributions demand a plan for a fair phase-out of fossil fuels, with the highest emitters halting expansion of their use and bearing the responsibility to transition first and fastest. That is the accountability that the climate collapse demands, not false solutions that perpetuate extraction and colonialism.
The US forced the Global South to accept a low finance figure in Baku, saying Donald Trump’s administration would give even less next year.
Under Joe Biden’s administration, the US paused thousands of its liquefied natural gas permits. Under Trump, with his “America First” approach, this could be lifted. This would set the stage for more aggressive oil and gas extraction, including fracking.
If rich countries believe in the climate emergency, then they should be willing to pay more than their fair share of climate finance. Definitely not less.
COP29 marked a tragic irony in the fight against climate change. In 1846, the world’s first industrial oil well was drilled in Bibi-Eibat, Azerbaijan — sparking the age of fossil fuels. It would have been fitting for Baku, the host of COP29, to serve as the place where the world finally agreed to phase out fossil fuels.
Instead, it became a stage for failure. Last year’s Global Stocktake recognised the urgent need to transition away from fossil fuels, but this year, the COP29 presidency couldn’t even echo that acknowledgment.
At a time when the Global South is grappling with the devastating effects of climate change, this failure sends a dangerous signal — instead of transformative action, we see a doubling down on the very fossil fuels driving us to the brink of collapse.
Worse, Azerbaijan used its platform to promote new fossil fuel deals, granting access to 1 773 fossil fuel lobbyists and 480 proponents of carbon capture and storage — a ploy by Big Oil to justify continued drilling.
As though that were not damaging enough, the host country’s President Ilham Aliyev called oil and gas “a gift of God”.
COP29 should have been a turning point. Instead, it became a missed opportunity.
Dean Bhekumuzi Bhebhe is a senior just transition and campaign adviser at Power Shift Africa.
