Beyond Baku – Time for Climate Talks to Come Home

COP29 in Baku ended in overtime, falling short of delivering meaningful progress on the global climate finance target. Under Azerbaijan’s presidency, a fossil fuel-exporting nation once again hosted climate negotiations for a third consecutive time, with underwhelming results not only in Baku but also at preceding COPs in Sharm El-Sheikh and Dubai.

In their current form, climate negotiations seem increasingly ill-suited to steer the complex global transformation processes needed. After this “fossil fuel hat-trick”, what’s desperately needed is a climate summit that feels like a home game.

The clearest sign of COP29’s shortcomings was the insufficiently ambitious target of $300 billion per year for climate finance. Many estimates suggest the real need is closer to $1 trillion annually to help countries transition, adapt, and manage the damage and losses caused by climate change. The current climate finance framework will need to be renegotiated, and few COPs have left the countries most vulnerable to climate impacts feeling more frustrated.

Still, COP29 wasn’t entirely without progress. There were small steps forward, such as on implementing global carbon markets, and encouraging developments in nations like Rwanda, which is laying the groundwork for a green transformation. 

Key climate finance bodies – the Green Climate Fund, the Adaptation Fund, and the Global Environment Facility – announced plans to make funding more accessible and effective, particularly for conflict-affected nations with limited finance access.

Looking ahead, these developments, coupled with the need to raise ambition for the next round of national climate commitments, could set a stronger foundation. With Brazil stepping in as a determined host for COP30 in 2025, there’s reason to hope the next summit might finally feel like a home match – and deliver results worthy of it.