How The Developed World Defeated Baku Negotiations

The 29th Conference of Parties (COP29), held in Baku, Azerbaijan, was to deliver a new climate finance agreement that matched the scale of our global challenge. Instead, the deal we got is little more than an exercise in political theatre.

- Sumit Prasad

Some key aspects of the New Collective Quantified Goal (NCQG) gleaned from United Nations Framework Convention on Climate Change (UNFCCC) decision texts are listed here. The developing world has been pushing for: (i) Support to national climate plans; (ii) a time-bound decision (by 2024); (iii) consideration for the needs and development priorities of developing economies; and (iv) meaningful finance delivery through timely access, quality and transparency of funding. The developed world has emphasized enhanced climate ambition and a wide variety of sources. The four key asks of the developing world at COP29 flowed from these aspects. They were collectively driven by the need to support development priorities and national climate plans which would be impossible to achieve simultaneously in the absence of meaningful climate finance flowing in a time-bound manner from the developed world.