Between hope and accusations of betrayal: reactions to the COP29 agreement on climate finance

Environmental activists hold a protest during the COP29 of the United Nations Climate Change Conference, in Baku, Azerbaijan. (REUTERS/Aziz Karimov)

The different reactions to the agreement reached this morning between the countries that have participated in the climate summit of Baku (Azerbaijan), where Rich countries pledged to allocate $300 billion annually to developing nations to combat climate change, confirm the difficult moment that international relations are going throughalso in the environmental field, according to the experts consulted.

The Colombian Minister of the Environment and Development, Susana Muhammadmade it clear in statements to EFE: “This was a COP in which all types of geopolitical interests took precedence, except the climate and for that reason, part of the result is also the “The most modest financing goal that could be reached.”

In the opinion of the person who was also the president of the recent COP16 in Cali (Colombia), the result of the presidential elections in the United States, with a clear victory of Donald Trumpha pushed delegates to seek an agreement which, with the new tenant of the White House, may not be possible.

“Next year with a Donald Trump government and with a logic of the United States, which will surely come out of Paris Agreement“It was important to leave these decisions today, because we did not know if we could have them tomorrow,” he highlighted.

The Colombian Minister of Environment and Development, Susana Muhamad, who was president of the recent COP16 in Cali, during COP29 in Baku (REUTERS/Murad Sezer)
The Colombian Minister of Environment and Development, Susana Muhamad, who was president of the recent COP16 in Cali, during COP29 in Baku (REUTERS/Murad Sezer)

The European Commissioner for Climate Action was more optimistic this morning, Wopke Hoekstrawho predicted that COP29 will be remembered as the beginning of a new era in climate finance.

“We want to reduce emissions but safeguard the consensus of the UEA (United Arab Emirates),” he said, referring to the agreement reached at COP28 in Dubai, where the agreement was signed. “beginning of the end” of the fossil fuel eraa red line that the European Union was not willing to go back on.

“We are looking forward to redoubling our efforts for the COP30 climate summit in Belém (Brazil),” he concluded on his X account.

The President of the European Commission, Ursula von der Leyenpraised the agreement reached by marking “a new era for climate cooperation and financing.”

He said that the agreement ”will boost investments in the clean transitionreducing emissions and increasing resilience to climate change.” “The EU will continue to lead, focusing support on the most vulnerable,” he added about X.

Likewise, the president of the United States, Joe Bidenrated as “historic” the agreement. “Today at COP29, thanks in part to the tireless efforts of a strong American delegation, the world reached a historic agreement,” Biden said in a statement issued after the summit concluded.

For its part, UN Secretary General António Guterres applauded the agreement and presented it as a “base” on which to continue moving forward, although he acknowledged that his expectations were more ambitious. “I had hoped for a more ambitious result, both in financial and mitigation matters, to meet the great challenge we face. but this agreement provides a foundation on which to build. It is necessary to comply with it in its entirety and on time,” said the secretary.

At the end of the plenary session, the general director of the Climate Change Office of Spain, Valvanera Ularguitold the journalists that we must value that, “in such a complicated geopolitical context”the United Nations forum is capable of responding to the problems of the most vulnerable, generating trust and betting on multilateralism to reach consensus.

For Ulargui, who considered that the agreement is important for Spain, the negative note of COP29 has been the brake on the mitigation agenda that ““has encountered many barriers in oil-producing countries” and that will have a next chapter at the Bonn half-time summit in 2025.

As a counterpoint, in the same closing plenary session, the representative of the India She was very angry with the final text, which she described as unfair.in line with the representatives of Cuba, Nigeria y Boliviawho took advantage of the end to disqualify the agreement.

An activist during the closing plenary session of COP29 in Baku, (REUTERS/Murad Sezer)
An activist during the closing plenary session of COP29 in Baku, (REUTERS/Murad Sezer)

From civil society, Manuel Pulgar-Vidalglobal director of WWF Climate and Energydeclared to EFE what “The world has been let down by this weak climate finance agreement.”

In his opinion, what was achieved in Baku is a failure that threatens to set back global efforts to address the climate crisisand what may mean that “vulnerable communities are exposed to an avalanche of increasing climate catastrophes.”

For its part, Nacho Arronizclimate diplomacy specialist in the organization E3Gsaid the new goal of at least $300 billion from 2035 is “clearly” lower than many expected and by itself it does not respond to the needs of developing countries.

Although the new objective, in his opinion, leaves many questions unresolved, The fact that it was achieved before the end of the year “was essential for multilateralism” even in adverse geopolitical circumstances, he highlighted in statements to EFE.

In this line, Li Shuomember of Asia Society Policy Institutealso makes a political reading of COP29. “The result is a imperfect commitment between donor countries and the most vulnerable nations in the world. Careful coordination between the EU and China provides stability in Baku. Trump’s electoral victory only makes the direct line between Brussels and Beijing more consequential for global climate policy in 2025,” he concluded.

(With information from EFE and AFP)

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