The Climate Crisis at COP29: Finance, Fossil Fuels, and the Fight for Equity
By: Waterkeeper Alliance
From November 11 to 22, 2024, more than 66,000 people gathered in Baku, the capital of Azerbaijan, for two weeks of intense climate negotiations. The 29th session of the Conference of the Parties (COP29) was filled with controversy from the start. It brought together global politicians, grassroots activists, indigenous leaders, civil society organizations, and fossil fuel executives, all aiming to shape the future of energy, sustainability, and international cooperation on climate.
The United Nations Framework Convention on Climate Change (UNFCCC) was established in 1992 by 197 participating nations to create a framework for international cooperation on climate change. In 1997, the parties established the Kyoto Protocol, which committed countries to reducing greenhouse gas emissions, and in 2015, they ratified the Paris Agreement, which set the goal of limiting the global average temperature increase to 1.5°C. The agreement also established Nationally Determined Contributions (NDCs), which allow nations to set their own increasingly ambitious emission reduction targets.
“We, the communities vulnerable to climate change, had very specific expectations about abandoning fossil fuels,” said Mbacké Seck, Hann Baykeeper, who attended this year’s conference with other Waterkeepers from Senegal. Senegal, classified as a Least Developed Country (LDC) by the UN and facing a high climate risk, is already experiencing the effects of climate change—a problem to which it has contributed little. Mbacké highlighted this contradiction in multiple panels at COP29, speaking about the dangers of offshore oil and gas drilling projects, which promise economic growth but endanger marine ecosystems and funnel oil and capital to Western countries.
The unjust imbalance between nations—those that have burned fossil fuels for decades and those already facing the consequences—was a central theme of this year’s conference, which focused on financial negotiations. While last year’s COP opened the conversation about a loss-and-damage fund (a fund agreed upon by wealthy nations to support climate actions in developing countries), COP29 in Baku culminated in the adoption of a new collective quantified goal (NCQG) to raise $300 billion annually by 2035.
The decision was harshly criticized by developing nations, with leaders from India, Bolivia, Panama, Nigeria, and Fiji swiftly speaking out. The final decision, made two days later than expected, was also criticized for its process, with observers noting a lack of transparency and accountability. “This process was chaotic, poorly managed, and a complete failure in terms of delivering the ambition required,” said Juan Carlos Monterrey, Panama’s special envoy for climate. Independent experts agree that $300 billion per year is a paltry sum compared to the $1.3 trillion many experts say is needed to adequately address climate change in developing nations.
“COP 29 in Baku was envisioned as a finance COP that essentially would discuss ensuring adequate finance as a grant for the global south for adaptation, mitigation, and historic loss & damage,” said Sharif Jamil, Buriganga Riverkeeper and coordinator of Waterkeepers Bangladesh. “Unfortunately, it turned out to be an opportunity for the rich countries to escape from their obligations under the principles of the Paris Agreement, let alone commit to the required climate finance. The global community must think about the transparency and efficacy of the COP process under the UNFCCC itself to protect the people and planet from global warming and climate catastrophe.”
Bargny Coastkeeper Cheikh Fadel Wade agreed that the NCQG “remains insufficient in the face of the scale of the challenges posed by global warming and the urgent needs of affected communities. Global warming is widening a gap that calls for continued efforts and greater commitment, far beyond mere pledges.” Fadel, a leader in the Senegalese campaign, Sauver la mer et la Pêche, has already seen sea level rise affect his community, as he told journalists in Baku. For many representing frontline communities like Fadel, the COP negotiations failed to meet the urgency of the moment.
Indeed, many were enraged by the negotiations. Members of Least Developed Countries (LDCs) and Small Island Developing States (SIDS) walked out at one point. The Fossil Fuel Non-Proliferation Treaty, a global initiative calling for the immediate phase-out of fossil fuels, labeled the negotiations a failure. Over 1,700 fossil fuel lobbyists were granted access to the negotiations, outnumbering delegations from almost every country. Others noted the failure to agree on the implementation of the Global Stocktake (GST), an assessment of global progress on climate action.
The GST measures the world’s progress in three key areas: drastically reducing greenhouse gas emissions, building climate resilience, and securing climate finance. The first GST report, published in 2023, found a significant gap between countries’ current NDCs and the emissions reductions required to meet 2030 climate goals. While COP29 focused heavily on finance, discussions about fossil fuels were largely absent from the decisions adopted in Baku.
Qintian Yao of the Qiantang River Waterkeeper agreed that the established financial goals were insufficient. Still, Yao argued, it is a step forward, establishing “a roadmap toward $1.3 trillion in climate finance for COP30 in Brazil.” Yao also sees value in the conference beyond official sessions and high-level negotiations. This year, Yao traveled to Baku with two university students who participated as NGO observers, producing vlogs and reports on the conference proceedings. Yao also organized a side event titled “Youth-Driven Innovation: Tackling Climate Challenges Head-On,” which highlighted education and innovation efforts. While the conference was disappointing in many respects, Yao believes COP can foster “youth engagement in global climate governance.”
Mbacké also spoke on a related panel at COP29 titled “Youth for Water Justice,” hosted by the Water for Climate Pavilion. Representatives of Waterkeeper groups from around the world used COP29 as an opportunity to bring global attention to local issues, meet with government officials, and build solidarity with international activists and leaders. Fatou Samba of Bargny Coast Waterkeeper met with the Senegalese Minister of the Environment and Ecological Transition, while Buriganga Riverkeeper Sharif Jamil participated in a panel focused on improving the COP process. Waterkeeper groups joined activists in protests and actions demanding rapid, just, and equitable climate financing.
While many are frustrated by the lack of ambition and legal accountability for climate actions coming out of COP, the conference provides access to government officials that is otherwise hard to obtain at home. Mbacké and Fadel hope to build on the relationships they established at COP29 and hold their leaders accountable for the climate promises made at the conference. “We must not be discouraged,” said Fadel. “Next year, we must redouble our efforts in the negotiations to achieve real progress.”
Blog is written by Isaiah Back-Gaal, Climate and Safe Energy (CSE) Campaign Manager. To learn more information about the CSE campaign, please click here.