Get access to exclusive content by subscribing to the White House Watch newsletter for free
Stay informed about the impact of the 2024 US election on Washington and the global stage
The host was impolite to guests. The venue was controversial and the agenda was deemed unsuitable for the purpose. The COP29 climate conference in Baku, Azerbaijan started under challenging circumstances. The re-election of Donald Trump, a leader who dismisses global warming as a “hoax,” and the early departure of Javier Milei from Buenos Aires, both contributed to the tense atmosphere. There were concerns that Argentina might withdraw from the 2015 Paris climate agreement, following the US.
Despite the obstacles, COP29 demonstrated that multilateralism can still be effective in a time of economic instability and geopolitical tensions. After intense negotiations, delegates from nearly 200 countries managed to reach a new global funding agreement to assist developing nations in addressing climate change.
The agreement calls for wealthy countries to lead efforts to triple climate funding for developing nations to at least $300 billion annually by 2035. While this falls short of the ideal target of $1.3 trillion, the deal represents progress in addressing climate finance.
Although some critics likened the agreement to a temporary solution, it received support from a majority of developing countries. The realities of limited resources and political considerations influenced the outcome of the negotiations.
The Baku agreement also promotes financial reforms to increase private climate financing, building on previous commitments to mobilize funds for developing countries.
Efforts to secure climate finance have expanded to cover previously contentious areas such as international transport. Governments are urged to explore innovative sources of funding, including carbon levies on shipping and aviation.
While a global carbon price remains a distant prospect, governments committed to climate action are working towards encouraging collaboration on carbon pricing initiatives ahead of COP30 in Brazil.
These steps highlight the growing urgency to address climate change and the need for innovative financial mechanisms to support sustainable solutions.