For the last few weeks, I’ve found myself sifting through the deluge of COP29-related news as I covered the climate talks on Environmental Optimism. While I was doing so, it did come to mind whether COPs truly serve a purpose in today’s world…

COP29, or in full, the 29th Annual United Nations Conference of the Parties on Climate Change, held in Baku, Azerbaijan, has been filled with controversial statements, debate and proposals. With the main focus of the talks this year being Climate Finance, I was eager to see an agreement between nations that provides the funds necessary to support developing countries in the fight to mitigate and cope with climate change.

It took a while (over a week-and-a-half in fact!) but we got there. Or somewhat there…

Developing nations made it abundantly clear that, in order to mitigate and cope with climate change effectively, climate financing totalling around $1 trillion a year would be necessary. This, understandably, frightened the life out of some delegates from more developed countries. And this difference in agreement and ideals led to a week-long stagnation on the climate finance talks.

In the end, it was agreed that $300 billion each year would be mobilised for the Loss and Damage Fund and other climate financing – triple the prior agreement of $100 billion in 2020 (though this never got distributed due to COVID-19) – but nowhere near the $1 trillion requested.

Don’t get me wrong, $300 billion is an absolute fortune, but it will only go so far. Developing countries and small island nations like Vanuatu or the Philippines, for example, can only do so much to prepare for the major impacts of climate change with only a small slice of this pie. What I hope for is that, come next year, countries and world leaders will be prepared to offer more financial support for low- to middle-income nations.

Despite the stagnation on climate finance, there were many positive (and hopeful, dare I say?) proposals made from various countries. For example, the UK announced its aim to reduce emissions by 81% by 2035 – I’ll believe it when I see it! For more positive outcomes, read my latest article on Environmental Optimism:

So in answer to the question I pose in the title – no. I don’t believe COP29 was a waste. Nations came to an agreement on finance, albeit less than needed, and many positive steps are being put in place to tackle the major giant that is climate change. All we need now is for all this talk and proposing to be put into solid, effective climate action.