The 29th Conference of the Parties (COP29), dubbed the “Finance COP,” was held in Baku, Azerbaijan, from November 11 to 24, with high hopes of advancing global climate action. Delegates from nearly 200 countries convened to prioritize scaling up climate finance and implementing key provisions of the Paris Agreement. However, the outcomes fell short of expectations, especially for climate-vulnerable nations such as Least Developed Countries (LDCs), Landlocked Developing Countries (LLDCs), Small Island Developing States (SIDS), and the broader Global South, exposing critical gaps in climate finance ambitions.
At the heart of the COP29 agenda was the adoption of the New Collective Quantified Goal (NCQG) on climate finance, intended to replace the $100 billion target set in 2009. While there was hope for substantial funding to address the escalating climate crisis, the agreed $300 billion annually by 2035 was a profound disappointment. Climate experts, civil society organizations, and developing countries had called for $1.3 trillion in public finance annually to address mitigation, adaptation, and loss and damage in the Global South. However, the $300 billion figure significantly falls short of meeting the needs of the Global South for mitigating emissions, transitioning away from fossil fuels, adapting to climate change, and recovering from recurring disasters and associated losses and damages. Adding to the concern is the ambiguity over whether this finance will be offered as grants or loans, potentially deepening the existing debt crisis in many developing countries.
The inadequate finance deal provoked strong objections and walkouts from several countries and groups, including India, Nigeria, the Least Developed Countries (LDCs), and the Alliance of Small Island States (AOSIS). India labeled the pledge a “paltry sum,” while the African Group of Negotiators called it “too little, too late.” Overall, the solidarity displayed by Global South during negotiations was a powerful demonstration of unity and collective criticism.
Crisis of climate justice
The COP29 outcomes exposed a deepening climate justice crisis, highlighting the stark divisions between the Global North and South. Despite contributing the least to historical greenhouse gas emissions, countries in the Global South bear the disproportionate burden of climate impacts, from cyclones and floods to wildfires and droughts. Yet, Global North continues to focus primarily on mitigation strategies while sidelining the pressing needs of vulnerable countries for adaptation support and loss and damage funding.
This imbalance runs counter to the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR&RC). With climate risks intensifying globally, the urgency of the crisis is undeniable. However, there remains a significant disconnect between the scale of the threat and the financing required to address it. For meaningful progress, climate negotiations must prioritize equity, respect human rights, and ensure that the Global South’s calls for justice, reparations, and real solutions are heard.
Missed opportunity
COP29 also missed an opportunity to strengthen the commitment made at COP28 to phase out fossil fuels. The final agreement simply reiterated last year’s language on a “transition away from fossil fuels,” offering no new, concrete steps. Adding to the concern, a report revealed that over 1,700 coal, oil, and gas lobbyists were present at the talks, highlighting the undue influence of the fossil fuel industry on climate negotiations. Their presence raises critical questions about the imbalance in representation, as industry lobbyists outnumber those from the communities and countries most affected by the climate crisis.
COP29 negotiations were also shaped by geopolitical tensions, notably surrounding the re-election of Donald Trump. His pledge to roll back climate action and potentially withdraw the US from the Paris Agreement injected significant uncertainty into the talks. Many developing nations ultimately felt compelled to accept the poor outcomes, fearing that securing a better deal under Trump’s administration might be unlikely.
This dynamic underscores the challenges of climate diplomacy in an unpredictable global political landscape. With the potential for US withdrawal looming, attention may shift to China, the world’s largest current emitter. As a developing country, China is not bound by the same obligations as developed nations, but its increasing role in global climate finance—reporting over $24 billion in support since 2016—could signal a shift in global leadership. Should China take a more prominent role in driving climate action, it could reshape international climate negotiations in the years to come.
Nepal’s engagement
Nepal’s delegation at COP29, led by President Ramchandra Paudel, demonstrated the country’s commitment to addressing climate change and advocating for vulnerable mountainous regions. In a high-level session titled “Addressing Climate-Induced Loss and Damage in Mountainous Regions,” President Paudel highlighted the need for global recognition that protecting mountains is integral to preserving the planet. Nepal also participated in the World Leaders Climate Action Summit, bringing its unique climate challenges to the forefront.
Following President Paudel’s departure, Minister for Forests and Environment, Ain Bahadur Shahi Thakuri, led the delegation and continued to advocate for Nepal’s climate priorities. He described Nepal’s participation as highly effective, noting key agreements on grants to support Nepal’s climate resilience efforts. Minister Shahi also held bilateral meetings with influential figures, including the Bangladeshi Minister for Environment, the UN Secretary-General’s Special Advisor, the Chairperson of the World Green Economy Organization (WGEO), and representatives from the UK and the Asian Development Bank (ADB).
Although Nepal did not have a dedicated pavilion at COP29, its presence was both prominent and impactful. Delegates, distinguishable by their Dhaka topis, actively participated in panel discussions, side events, and meaningful conversations. Their collective efforts, representing both the government and civil society, stood out, showcasing Nepal’s commitment to advocating for its climate priorities on the global stage. With Nepal set to graduate from the Least Developed Country (LDC) category in 2026, it must carefully navigate its transition to ensure continued support for climate resilience while adapting to the evolving geopolitical and financial landscape.
Looking ahead to COP30
Ultimately, COP29’s failure to adequately address the urgent financial and systemic needs of the Global South has weakened the pursuit of climate justice. As the world looks to COP30, the missed opportunities of Baku must serve as a stark reminder that half-measures are no longer enough. Genuine climate justice demands ambitious commitments and concrete action that prioritizes the most vulnerable and holds the Global North accountable for its historical and ongoing responsibilities.
(Surangana Rana holds a masters degree in Public Policy. She currently works at Rural Reconstruction Nepal as a Climate Policy and Advocacy Officer.)
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