COP29 Baku: Saudi Arabia on the brakes - at a snail's pace out of fossil fuels

Some speak of a new era, others of fraud and a bad joke: The World Climate Conference in Azerbaijan has agreed on a new financial target for climate aid to poorer countries after fierce disputes. However, no progress was made on climate protection – despite two weeks of consultations and an additional 32-hour extension. 

Foreign Minister Annalena Baerbock nevertheless praised the decisions in Baku as an important signal in a difficult geopolitical situation. However, all economic nations of the world are now needed to establish “a halfway reliable life insurance for the poorest.” “Europe cannot do this alone,” she said – also with regard to China and the wealthy Gulf states, which have so far stood aside.

Guterres: “Pledges must quickly become cash”

UN Secretary-General António Guterres expects the approximately 200 states to now fulfill their promise “completely and on time.” “Pledges must quickly become cash!” The new core goal for climate financing, for which industrialized countries are expected to lead, is 300 billion US dollars annually by 2035. As an overall target, even at least 1.3 trillion US dollars (currently around 1.25 trillion euros) is aimed for, but many loans and private investments are included here. 

Furthermore, other donor countries are to be encouraged to voluntarily participate. The appeal is so broadly framed that climate protectors criticize that no one is specifically responsible for this part of the financial goal. Like all other states, Germany, which provides around six billion euros annually from the federal budget, is not obliged to make specific payments in a certain amount with the decision. So far, the traditional industrialized countries mobilize a good 100 billion US dollars annually in climate aid. However, according to an independent UN expert group, the need for external help is now around one trillion US dollars per year until 2030 and even 1.3 trillion by 2035.

Anger and frustration over the decisions 

With the money, developing countries should be able to pay for more climate protection and adapt to the fatal consequences of global warming. Examples include more severe and frequent droughts, storms, and floods that make millions suffer and partly force them to flee abroad. EU Climate Commissioner Wopke Hoekstra said the conference ushered in “a new era of climate financing.” The group of least developed countries sees it differently: “This is not just a failure, this is a fraud,” said the countries, many of which are in Africa, Asia, or the Caribbean.

Their anger was already evident during the night after the Azerbaijani conference chief hammered through the compromise – decisions at the climate conference are traditionally sealed with a hammer blow from the host. Nigeria's representative, amid applause from parts of the hall, described the 300 billion as a “joke” and “insult.” A representative from Bolivia complained that developing countries would be left alone with their suffering in the climate crisis. An era is dawning in which everyone only wants to save their own skin.