Baku's COP29 legacy: a new era in climate finance or too little, too late?

Several delegates stressed the significance of having reached an agreement and making progress in "difficult geopolitical times".

Transcript

00:00Like many before it, the 29th edition of the United Nations Conference on Climate Change

00:06needed extra time for an overall agreement to be reached.

00:10In the early hours of Sunday, exhausted delegates in Baku finally found a compromise on the

00:15most crucial issue of COP29, a new climate financing regime.

00:20The UN Climate Change Executive Secretary called it an insurance policy for humanity.

00:27Like any insurance policy, it only works if premiums are paid in full and on time.

00:36Promises must be kept to protect billions of lives.

00:43The sum agreed on to be guaranteed by the developed nations is at $300 billion annually

00:48much lower than developing nations had been asking for, with many delegates making their

00:53frustrations clear.

00:55However, as others pointed out, the compromise was accepted regardless, as there is now an

01:00expectation that this sum will serve as the foundation to reaching the goal experts say

01:05is needed, $1.3 trillion annually.

01:08It was very important for the African group to have that number, $300 billion by 2035,

01:16as a floor and not a ceiling.

01:18And we've been able, very late in the negotiation, to have the term at least to ensure that this

01:25can only be a starting base, a minimum, due to the vast needs of developing countries.

01:35Voluntary contributions by rich nations not included in the group of developed nations

01:40in the convention, like China and South Korea, are supposed to help reach that ceiling, as

01:45well as multilateral development banks, investments by the private sector and revenue from taxes

01:50in the carbon markets.

01:52As did most delegates, the European Commissioner for Climate Action stressed that an agreement

01:57being reached in difficult geopolitical times was particularly significant.

02:01But he also pointed to an issue close to the EU's heart, where at least some progress also

02:06had been made.

02:08Ladies and gentlemen, another topic that was on our minds this week is reducing emissions.

02:14It was not the focus of this COP, but we wanted more, because the world needs more of it.

02:22And even though the UAE consensus was attacked, we did move forward, even though it was just

02:29a bit.

02:31We did manage to safeguard Dubai and take some steps forward.

02:34It is less than what we have liked, but it is better than we feared.

02:41Next year's UN Climate Conference will be hosted by the Brazilian city of Belém, where,

02:46among other issues, mitigation in general and the Amazon rainforest in particular will

02:52take centre stage.