The agreement at COP29 in Baku, where countries reached a deal on a $300b annual climate finance target appears to be a step forward yet its true success will depend on whether the money actually materializes and whether it arrives in a timely and effective manner.
The new pledge builds on the $100b per year commitment made by wealthier nations, a target that was met only after significant delays, finally fulfilled in 2022. This prior commitment expires in 2025, and the lingering doubts over its delivery make it hard to fully trust the new deal. For many of the most vulnerable countries this is not just about a financial promise, it is about survival. They need immediate, consistent funding, not just an agreement on paper. While the latest climate finance target is a considerable amount, experts have stressed that it is still far from what is needed. In fact, the global climate finance required to effectively address global warming is estimated to be around $1.3 trillion annually by 2035. The broader target to raise this amount from both public and private sources emphasizes the enormity of challenges ahead. The key question, however, is whether wealthier nations will actually follow through on their pledges this time. The real test lies not only in the size of target but also in the delivery. Developing countries need more than promises as they need support to build climate resilience, adapt to extreme weather and transition to low-carbon economies.
Unfortunately, past failures to meet financial commitments have left many developing nations deeply sceptical. The cycle of unfulfilled pledges must end. For these countries, lack of funding means that the crisis they are facing only worsens. It is now time for developed world to start taking responsibility for the damage they have caused. Climate change is no longer a future threat — it is here, manifesting in record temperatures, devastating floods and extreme storms. If urgent action isn’t taken, we are on track to see global temperatures rise by up to 3.1°C by the end of the century, with catastrophic consequences. Also financial commitments alone are not enough.
The wealthiest nations must also fulfil their obligations to reduce emissions. As largest historical emitters, they have a duty to lead in cutting their carbon footprints and transitioning to renewable energy. They must also assist developing nations in their efforts to adopt sustainable, low-carbon technologies.
