The 29th Conference of the Parties (COP29), held in Baku, Azerbaijan, was widely anticipated as a pivotal moment for addressing global climate challenges. However, its outcomes have reignited concerns that the summit served more as a platform to perpetuate the interests of developed nations and global capitalism rather than fostering true collaboration with developing countries.
A “Finance COP” That Fell Short
COP29 was branded as the “Finance COP,” with a key focus on setting a new climate finance goal. Developed nations agreed to triple annual climate finance to $300 billion by 2035, but this figure was met with widespread criticism. Developing countries, including India and Nigeria, labeled it insufficient and inadequate for addressing their needs in mitigation, adaptation, and loss and damage 3. Critics argued that the decision reinforced “resource colonialism” by failing to provide grants or concessional funding, instead relying heavily on loans that exacerbate debt burdens in vulnerable nations 6.
The Role of Private Finance
While private sector involvement was emphasized as critical to mobilizing climate finance, many questioned whether this approach aligns with equitable climate action. The reliance on private capital often prioritizes profit over justice, sidelining the urgent needs of least developed countries (LDCs) and small island developing states (SIDS)1, 5. This dynamic reflects a broader trend of global capitalism influencing climate negotiations to protect vested interests.
Exclusion and Power Imbalances
Developing nations expressed frustration over procedural inequities at COP29. Key decisions were criticized for being non-inclusive, with several countries feeling coerced into accepting terms that did not reflect their priorities. For instance, India and Bolivia rejected the final finance goal, citing its failure to address systemic barriers like unsustainable debt levels and high transaction costs for accessing funds,
Fossil Fuel Influence
The presence of over 1,800 fossil fuel lobbyists at COP29 further highlighted the influence of corporate interests. Activists accused developed nations of prioritizing fossil fuel expansion while demanding ambitious emission cuts from developing countries. This hypocrisy undermined trust and progress in transitioning to renewable energy systems.
Conclusion: A Betrayal of Climate Justice
COP29’s outcomes underscore a persistent imbalance in global climate governance. Developed nations’ reluctance to fulfill their historic responsibilities continues to hinder meaningful progress. For true climate justice, future COPs must prioritize equity, transparency, and genuine partnerships with developing countries rather than perpetuating systems that favor wealthier nations and corporate interests.
