After two weeks of intense discussions, the COP29 United Nations climate change conference reached its conclusion, albeit over 30 hours past the scheduled deadline. The primary outcome was the establishment of a climate finance target, which has garnered criticism from representatives of the Global South, with one declaring it as "a joke." Despite this backlash, some observers noted that the $300 billion per year pledge from developed countries to assist developing economies until 2035 does lay a foundation for future efforts.

Held in Baku, Azerbaijan, the COP29 aimed to create a funding target for climate action covering the period from 2025 to 2035, particularly to support countries in the Global South, who have been severely affected by the ramifications of climate change. The newly agreed target, referred to as the New Collective Quantified Goal, was the focal point of negotiations. While developed nations committed to contributing at least $300 billion annually by 2035, this amount falls drastically short of the approximately $1.3 trillion that developing countries require each year, leading to sharp criticism.

Meena Raman, from the Third World Network, expressed her disappointment, suggesting that developed countries are once again evading their obligations to provide substantial public resource commitments. She emphasized that without a genuine increase in financial aid, there's an expectation for developing nations to intensify their climate mitigation efforts. Raman described the result as "not just a joke, but a serious insult" to developing countries, highlighting the apparent disconnect between the aspirations of the international climate agreement and the promises made by wealthier nations.

Rob Moore, an associate director at E3G, acknowledged that while the target is lower than anticipated, it does create a groundwork for ongoing negotiations and efforts in climate finance. He noted that achieving this goal was crucial, especially in the context of challenging geopolitical dynamics. Looking ahead, Belem, Brazil, is set to host COP30 in 2025, where further discussions on global climate commitments are expected.

Throughout the closing session, Zhao Yingmin, representing China's delegation, voiced similar concerns, urging clearer outlines of financial obligations from developed countries. He also called for increased international cooperation to address the global climate crisis and reaffirmed China's commitment to multilateral climate efforts, underscoring the importance of continuing progress in addressing climate change despite previous challenges.

UN Secretary-General Antonio Guterres closed the conference by declaring that climate finance is "priority No 1." He pointed out the pressing need for funds from developed nations to assist developing countries, especially as they face significant challenges posed by debt and climate disasters amidst rising emissions.