For many, COP29 ended in disappointment, with the $300bn pledge to climate finance falling far short of what is needed to support resilience and adaptation efforts across the developing world.
CCAG members Sir David King and Professor Mercedes Bustamante share their thoughts on the agreement reached at the summit, and set out what they believe must now be achieved at COP30 in Brazil.
Sir David King, Chair of the Climate Crisis Advisory Group, said:
“2024 is set to be the warmest year on record, and the devastation we’ve seen worldwide should have driven a transformative outcome at COP29. Instead, the Baku agreement falls far short, offering neither the funding nor the guidance needed for a safe and manageable future, especially for the most vulnerable. The $300bn pledge is inadequate and overly reliant on private sector investment and unaffordable loans. The influence of fossil fuel lobbies remains a significant obstacle that must be addressed ahead of COP30 if it is to deliver meaningful progress.
There are, however, some encouraging signs. If this funding commitment can serve as a starting point to accelerate money flows in the right direction, it could provide the green shoots of progress. Leadership from the EU, China, the UK, and countries across Africa and South America hints at the potential for coalitions capable of tackling these severe challenges. Including India, small island states, and Australia in this group could create pathways independent of a Trump-led USA or Russia.
Opinions on the COP29 deal will vary, but one thing is clear: COP30 now carries even greater expectations. Urgent, exemplary action from this coalition could provide the acceleration the world so desperately needs.”
Professor Mercedes Bustamante, CCAG member and Professor at the University of Brasilia, said
"The outcome of COP29 clearly indicates that financing is and will continue to be a crucial issue for the success of the climate agenda. The strong divide between developed and developing countries is unlikely to be overcome without ambition, transparency, and agility in climate financing. In addition, access to these resources must not lead to indebtedness for the most vulnerable countries.
COP29 also clearly showed that the chances of success are considerably reduced if the COP presidency does not clearly commit to articulate the transition away from fossil fuels.
These two points place strong demands and expectations on COP30 in Brazil. It will be the first COP in an Amazonian country. In addition to a skilled presidency committed to an ambitious outcome, there will be a more significant commitment to protecting nature as an essential component of mitigation, adaptation, and human well-being."
For more information on what countries must do to take firm and meaningful action on climate change, read CCAGs Guiding Principles for High Ambition NDCs .
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