After weeks of intense negotiations, COP29 concluded at 2 AM on Sunday, November 24th, two days past its scheduled end. Despite hopes for significant progress, the conference yielded mixed results.

Climate Finance Deal:
Wealthy nations committed to increasing climate finance to $300 billion annually for countries most affected by climate change. However, this amount falls short of the $1.3 trillion deemed necessary or even the $500 billion minimum requested by many developing nations. While the UN Secretary-General António Guterres called the deal “a base to build on,” critics, including an Indian delegate, labeled it “a paltry sum.” Developed countries stressed that private investment would supplement this commitment.

Fossil Fuel Transition:
Efforts to expand commitments to transition away from fossil fuels faltered. Saudi Arabia successfully blocked language referencing fossil fuels in the final text, frustrating many delegates. One UN envoy voiced disappointment that the progress made at COP28 in Dubai was not carried forward, highlighting persistent challenges in securing consensus on this critical issue.

Looking Ahead:
As the dust settles, attention now shifts to February 2025, when countries are due to submit updated Nationally Determined Contributions (NDCs). Experts and stakeholders are also calling for procedural reforms to make future COPs more effective.

While COP29 made some progress, the gap between ambition and action remains significant, leaving much work to be done to address the escalating climate crisis.