Developing Nations Criticize $300 Billion COP29 Climate Deal as Insufficient

At the COP29 climate summit in Baku, delegates agreed on a $300 billion annual climate finance target to assist developing nations in combating climate change impacts. While some praised the agreement as a step forward, developing nations expressed deep dissatisfaction, calling it inadequate given the magnitude of the crisis. Indian delegate Chandni Raina condemned the deal as an “optical illusion” that fails to meet the pressing needs of vulnerable countries.

The agreement builds on a previous $100 billion climate finance goal, aiming to reach $300 billion annually by 2035, with a broader target of $1.3 trillion including private contributions. However, critical details—such as plans for phasing out fossil fuels and tripling renewable energy capacity—remain unresolved, reportedly due to resistance from oil-producing nations like Saudi Arabia. Meanwhile, global warming projections remain dire, with temperatures on track to rise by as much as 3.1°C by the century’s end.

The deal also exposed longstanding divisions over financial responsibility, with wealthier nations facing pressure to contribute more and calls for emerging economies like China and Gulf states to participate. While the agreement includes mechanisms like carbon credit trading to boost funding, it fell short of the robust action demanded by climate-vulnerable countries.

Despite the criticism, UN climate chief Simon Stiell called the deal an “insurance policy for humanity,” while President Joe Biden hailed it as progress but acknowledged the need for greater ambition. The summit’s outcomes set the stage for COP30 in Brazil, where nations will discuss the next decade of climate action.