COP29 Climate Finance Agreement

On 24th November 2024, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) concluded.

The final agreement includes a pledge for $300 billion in climate finance for developing countries by 2035, drawing on a mix of public, private, and alternative funding sources. However, discrepancies have emerged between the official documents and the UNFCCC statement.

Key Points

Pledge on Climate Finance: The official “New Collective Quantified Goal on Climate Finance” (NCQG) document specifies that developed countries will provide at least $300 billion annually by 2035 for developing countries, sourced from various public and private entities.
Contradictory UNFCCC Statement: In contrast, the UNFCCC press statement claims that public finance for developing countries will triple from $100 billion to $300 billion annually by 2035, but it also mentions a broader finance goal of $1.3 trillion annually, which includes both public and private funds.
Concerns over Loans and Climate Debt: Critics argue that the UNFCCC statement misrepresents the reality by conflating all types of funding, including loans, which could lead to climate debt for vulnerable countries.
Developed Nations’ Finance Commitments: Activists, have criticized the insufficient commitment from developed nations, noting the discrepancy in the finance figures and the flawed negotiation process that extended talks into overtime.
Discontent among Developing Nations: Countries like India have expressed disappointment with the negotiations, highlighting the continued neglect of their requests for substantial increases in climate finance.