The 29th UN Climate Change Conference (COP29), held in Baku, Azerbaijan, wrapped up early Sunday morning with outcomes that left developing nations and activists disheartened. 

Touted as the “Climate Finance COP,” the summit fell significantly short of expectations, pledging just $300 billion annually by 2035 to assist vulnerable nations—far below the $1.3 trillion that experts had deemed essential.

Developing nations had called for $500 billion annually in the form of grants—not loans—to avoid deepening their debt crises. However, wealthy nations refused binding agreements and resisted taking historical responsibility for their outsized contributions to greenhouse gas emissions.

Mohamed Ali, Chair of the African Group of Negotiators, struck a pragmatic tone, acknowledging the limitations of the multilateral process.

“While not all aspirations are fully reflected, these commitments are not acts of charity. They are acts of survival, shared prosperity, and solidarity,” he said.

Ali invoked the Southern African principle of Ubuntu, underscoring the interconnectedness of humanity. “When Africa loses, the world loses. When Africa thrives, the world thrives,” he declared, urging nations to rise above divisions.

Fractures Within

Tensions among vulnerable nations surfaced when Nigeria’s delegation argued for reclassifying China and India as developed nations, aligning with the stance of wealthier countries.

This controversial move highlighted fractures within the Global South and weakened the unity of climate-vulnerable nations.

Adding to the discord, small island states and least-developed countries staged a dramatic walkout on Saturday, accusing developed nations of stalling negotiations.

Fossil Fuel Influence

A heavy presence of fossil fuel lobbyists—outnumbering most country delegations—drew sharp criticism. CEOs from major oil firms, including Aramco and BP, engaged in talks, prompting accusations of undue influence. Activists denounced the summit as a “fossil fuel lobbyist’s playground,” and Saudi Arabia openly opposed phasing out fossil fuels.

Instead, the summit focused on controversial solutions like carbon markets, geoengineering, and the promotion of fossil gas as “clean energy,” diverging from the momentum gained at COP28, where fossil fuel transition was a central theme.

China provided one of the few bright spots by introducing greater transparency on climate finance and signaling openness to voluntary contributions from the Global South. Meanwhile, the European Union attempted to mediate between factions, but wealthier nations’ reluctance to scale up contributions undermined these efforts.

Looking Ahead To COP30

Brazil’s President Luiz Inácio Lula da Silva has set high expectations for COP30, calling it the “turnaround COP.” Scheduled to take place in Belém, the summit will prioritize transitioning away from fossil fuels and protecting forests.

UNFCCC head Simon Stiell framed the $300 billion pledge as “an insurance policy for humanity” but warned it would only work if commitments are honored promptly.

For many, however, the modest outcome of COP29 feels like a betrayal. Sierra Leone’s Minister of Environment, Jiwoh Abdulai, encapsulated the prevailing sentiment: “This deal is too little, too late. Vulnerable nations will continue to bear the brunt of inaction.”

As the climate crisis accelerates, the fight for justice and accountability remains far from over.

This story was produced as part of the 2024 Climate Change Media Partnership, a journalism fellowship organized by Internews’ Earth Journalism Network and the Stanley Center for Peace and justice Security.