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Climate Finance Commitments Triple At Close Of COP29 – Expert Reaction
Wealthy countries have committed to spend more than NZ$500 billion (US$300b) annually by 2035 to help poorer countries cope with the impacts of climate change.
The so-called “finance COP” in Baku, Azerbaijan has just concluded with agreement on the Baku Finance Goal. This aims to replace developed countries’ previous commitment to provide NZ$171 billion annually by 2020.
The Science Media Centre asked experts to comment on the final outcomes of the conference.
Professor Bronwyn Hayward, Professor of Political Science and International Relations, University of Canterbury, comments:
“Aspirations for COP29 were low from the start. Given this meeting was held in an oil state with an estimated 1,773 fossil fuel lobbyists present, much concern was focused on simply protecting previous hard won concessions.
“The gavel came down at lightning speed to pass the New Quantified Goal in Climate Finance, with the President leaving no time for comment and barely making eye contact with the room. Objections immediately followed thick and fast, with India’s negotiator Chandri Nadan calling the agreement to enable USD$300 billion to support poor nations fighting climate change an ‘optical illusion’, and other nations including Fiji and the Alliance of Small Island States expressing strong objections to insufficient funding, while the EU and Irish Climate Minister argued effectively that a weak agreement was better than no agreement.
“The fragile agreement has also not resolved serious concerns that the funds are insufficient and, if delivered in the form of high interest commercial loans, will simply trap vulnerable counties in greater debt.
“The passing of the Carbon Market-related agreements of Article 6 will be a relief to New Zealand and Singapore after the hard work of the New Zealand’s Ministry of Foreign Affairs for over a decade, but again some non-governmental organisations have expressed concern that final regulations are still not tight enough to avoid future greenwashing.
“Cop29 has focused on supporting the adaptation plans of developing countries with recognition of the IPCC 2022 findings that almost half the world lives in climate vulnerable hotspots, where people are 15 times more likely to die from climate impacts.
“However, the UN decision making process relies on unanimity and this has been challenged to near breaking point at this COP, with oil states in particular criticised by vulnerable countries for blocking progress.
“The task to rebuild trust, and effective multilateral climate processes is now Herculean.
“New Zealand has an opportunity to help in rebuilding trust in multilateral climate processes when it hosts the 2025 UN Adaptation Futures Conference here in Christchurch in October 2025. AF2025 is the largest climate adaptation world meeting, and will convene just ahead of Brazil’s Cop30. With a focus on Oceania and Indigenous leadership, AF2025 offers an opportunity for the world’s scientists and business, to strengthen consensus about funding adaptation and protecting our communities, food security, cities , ecosystems and oceans.”
Conflict of interest statement: “Prof Bronwyn Hayward is a co-convenor with the University of Canterbury and the UN World Adaptation Science Programme of Adaptation Futures 2025 in New Zealand in 2025.”
Dr Dalila Gharbaoui, political & social scientist, Adjunct Research Fellow, University of Canterbury, comments:
“COP29 opened with warnings from the World Meteorological Organization that this year is on track to be the warmest on record urging climate negotiations to deliver concrete and meaningful outcomes for vulnerable communities on the ground. Last year, COP28 agreements set high hopes on ‘the beginning of the end of fossil fuel era’ and on opening the path for compensating developing countries through the loss and damage fund but COP29, also called the ‘finance COP’ and the ‘COP of delivery on concrete actions’, didn’t deliver. The outcome of the New Collective Quantified Goal on climate finance agreed on US$ 300 billion dollars a year by 2035 is far below US$1 trillion per year in external finance needed by 2030 by developing countries to adapt to climate impacts and shift to a low-carbon economy.
“The COP 29 ‘political climate’ also showed that the process is failing to protect the interests of the most climate vulnerable states. This year’s negotiations demonstrated climate politics at play with criticism from some states even questioning climate negotiations’ ‘raison d’être’. For example, Muhammad Yunus, interim leader of Bangladesh, asked ‘Why should there be a negotiation at all?’ He also highlighted that major polluter states are causing the problem and, therefore, ‘will eventually need to solve it themselves’. The UN Secretary General António Guterres was also very critical stating that ‘climate-vulnerable island states have the right to be angry with rich nations’ for their failure to lead on climate action. Some governments such as Papua New Guinea have decided to simply boycott the event, with the aim to protest against flaws of the UN climate process. Diplomats from Argentina received instructions from their Ministry of Foreign Affairs to no longer participate,” and at the same time, 54 African countries have chosen to represent one voice behind a common position and around 30 African heads of state and government were present with the ambition to defend united African interests during climate negotiations.
“COP29 marks a shift in how climate negotiations are perceived with some headlines around how ‘the Global North abandons the South‘ and how much this decision impacts trust in the UNFCCC process. COP failed to deliver practical outcomes for communities that need it most on the ground and to implement debt-free mechanisms allowing communities to directly benefit from climate finance that should come from developed countries as public finance without feeding the circle of aid dependency.
“Moving forward, COP29 may impact not only trust in the process for many but also impact the ambition of developing countries on Nationally Determined Contributions due early next year. However, every step counts towards achieving climate justice even if this COP was felt by many as going backwards in achieving meaningful outcomes. COP29 showed us that it is more important than ever to keep the momentum on paving the way for meaningful outcomes on climate justice. It is critical that international cooperation forums such as UNFCCC continue to exist and that we learn lessons and address flaws from this year to ensure climate vulnerable states’ voices can be meaningfully heard.”
No conflicts of interest.
Professor Erica Hinckson, Physical Activity and Urban Health, School of Sport and Recreation, Faculty of Health and Environmental Sciences, Auckland University of Technology, and Co-Director of the Observatory for Healthy and Sustainable cities, comments:
“This is utterly disappointing, especially for developing countries! The final NCQG falls far short of what was strongly advocated for. The proposed mobilisation of $300 billion per year by 2035 for developing countries is facing significant criticism from the climate action community. The figure to mobilise USD 300 billion per year by 2035 for developing countries has been seen as “unacceptable”, “inadequate” “not good enough” and “not ambitious enough“. The Founder of the Climate Change Finance Group for Latin America and the Caribbean stated that the number (when $250b per year was being discussed) needed to be at least doubled.
“Amidst this process, which is not unlike previous COPs as I have been told by COP veterans, it was indeed an absolute privilege to attend for the first time a conference of parties, COP29 in Baku, Azerbaijan. This massive conference, with over 67,000 registered delegates, brought together people from a variety of backgrounds and expertise, all focused on one common goal: urgent climate action.
“While the main purpose of COPs is to negotiate goals and targets by Parties, there is a massive number of side events, panel discussions, conversations, and exhibitions that take place simultaneously. Attending was an eye-opening and enriching experience, offering a steep learning curve. I was energised by the many connections made and the positive conversations I had, and I’m looking forward to bringing that energy back to New Zealand and beyond. These insights resonate with my work in urban cities, health, physical activity, sport, community science, and indigenous knowledge, all of which were well-represented at COP29.
“I was particularly encouraged by key developments such as the launch of the COP29 Special Report on climate change and health, WHO Guidance on health in NDCs, which elevated the critical importance of health in climate action, and the launch of the COP29 Multisectoral Actions Pathways (MAP) declaration for Resilient and Healthy Cities, which calls for countries to sign on. However, as of now New Zealand has yet to prioritise this call, presenting an opportunity for advocacy and action.”
No conflicts declared.
Dr Angela Baschieri, Science Leader on Climate Health Impacts, ESR, comments:
“This week at COP29 in Azerbaijan’s capital Baku, discussions have been on finance, transforming systems and cities, strengthening human capital, supporting adaptation and resilience. Countries were urged to submit more ambitious nationally determined contributions (NDCs) to align with the Paris Agreement’s goal of limiting global warming to 1.5°C. The health sector played a critical role, with WHO, the Azerbaijani presidency and other partners hosting key roundtables on the climate resilient health systems, financing and a low-carbon future.
“COP29 is happening against the backdrop of 2024 being declared the warmest year on record. The Lancet Countdown on Climate Change and Health highlights how delayed action continues to threaten global health, with record temperatures contributing to a 167% rise in heat-related deaths among those over 65 years old since the 1990s. Catastrophic events, such as Valencia’s devastating flood, where more than 200 lives were lost after a year’s worth of rain in just eight hours, demonstrate the dramatic impact of extreme weather on lives and livelihoods. In New Zealand, ex-tropical cyclones Hale and Gabrielle caused severe flooding and landslides further demonstrating the results on lives of global inaction.”
What has COP29 achieved so far?
“A central focus has been the New Collective Quantified Goal (NCQG) on climate finance, which will replace the USD$100 billion annual commitment post-2025. Negotiations have grappled with balancing adaptation, mitigation, and loss and damage financing, as well as defining the scale of contributions from developed nations.
- “Finance Progress: A major milestone was the adoption of a global carbon market framework under Article 6 of the Paris Agreement. On November 11, 2024, nearly 200 nations approved new UN standards enabling countries to trade carbon credits to meet climate targets.
- “Loss and Damage Fund: Created at COP27, this fund is now operational, ready to receive contributions, and aimed at supporting nations most impacted by climate change.
- “New Commitments: Multilateral banks pledged $120 billion annually in climate-related lending, with the Asian Development Bank announcing $7.2 billion for climate projects, including adaptation programs in Central Asia and the Southern Caucasus.”
What are the gaps?
- “Carbon Markets: Concerns remain about the potential misuse of carbon offsets by major polluters to avoid substantial emission reductions.
- “NCQG Challenges: After a challenging negotiation process that extended beyond the scheduled timeline, the New Collective Quantified Goal (NCQG) was agreed upon on Sunday at COP29. The NCQG commits countries to providing USD$300 billion annually until 2035. However, many nations have expressed strong dissatisfaction with the NCQG, arguing that it falls significantly short of the financial support required to assist developing countries, which is estimated to be in the order of USD$1.3 trillion annually.”
- “Access to Funds: Vulnerable nations continue to face significant barriers in accessing pledged funds, underscoring the need for innovative mechanisms to mobilise and effectively deploy resources at scale.
“The discussions at COP29 make it clear: without immediate and bold action the 1.5°C target is slipping out of reach. Achieving this goal requires enhanced commitments, rapid emissions reductions and significant financial support to drive a global transition to sustainable energy and build resilience to climate impacts.”
Why Are These Decisions Critical for Health?
“Without decisive action, global temperatures could rise by 3.2°C by the end of the century, exposing 75% of the population to life-threatening heat and humidity. Global CO emissions hit record highs in 2023, further undermining efforts to limit warming to 1.5°C. This trajectory not only accelerates climate impacts but also intensifies health crises, such as heat-related illnesses, respiratory diseases, and the spread of vector-borne pathogens.
“Climate finance is not just about mitigation – it’s about empowering countries to adapt, build resilient health systems, transition to clean energy and safeguard vulnerable populations. Supporting the Global South is essential for driving progress toward a low-carbon future that benefits everyone. It’s a win-win for the planet and its people.”
What was achieved?
“At COP29 in Baku, health and equity emerged as central themes in climate discussions, marking a significant shift. November 18 was designated as Health Day, underscoring the critical intersection of climate change and health and WHO urged all countries to include health in their climate negotiations, and the Baku Continuity Coalition for Climate and Health brought together leadership from COP26 to COP30 and the World Health Organization (WHO) to ensure health remains integral to the climate agenda.
“Health was explicitly acknowledged in discussions on adaptation and loss and damage, reflecting a shift toward people-centered climate strategies, while countries pledged to strengthen climate-resilient healthcare systems in vulnerable regions such as Asia-Pacific and Sub-Saharan Africa.”
What Are the Critical Remaining Gaps?
“COP29 underscored the growing recognition of the interconnectedness between climate change and health, with key outcomes like WHO’s Special Report, the introduction of Health Day, and increased focus on building climate-resilient health systems. However, key gaps remain: inadequate funding for health-related adaptation, limited frameworks to ensure equity, slow progress on methane reductions (a major driver of air pollution and direct impact on health), and insufficient finance for health-focused climate action.
“Closing these gaps requires robust commitments, equitable resource distribution, and actionable strategies. As climate impacts intensify, prioritising health in climate strategies is essential to safeguard lives and promote a healthy sustainable future for the people and the planet.”
No conflicts of interest. Before joining ESR in 2024, Angela developed and led climate initiatives for the United Nations Population Fund. She has also served as an advisor to UNICEF Ethiopia and the UK Department for International Development (DFID), UK Aid (now FCDO) on health and climate.
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