Media Release: Following the publication of the final COP29 agreement, Mary Robinson calls out the shortcomings in Baku and highlights what needs to happen now to secure the necessary funding to address climate change.

COP29 in Baku has been one of the most difficult COPs I can remember. It came very close to failure and it has ended with a disappointing deal. But it is a deal the world can build on in 2025. The Paris Agreement is alive, and we are making progress – just not fast enough. 

The $300 billion per year committed by 2035 by rich countries at COP29 falls $90 billion short of the amount needed to implement the Paris Agreement. This is nowhere near enough to support the developing countries that have not caused the climate crisis yet are experiencing its worst impacts. But the intention in the deal to generate at least $1.3 trillion from a wider range of sources is right. This is an investment, not a hand-out.

Raising $1.3 trillion per year will require new sources of finance from global solidarity levies, more ambition from multilateral development banks, and increased efforts to mobilise private investment. It also matters where the money goes. The poorest and most vulnerable countries are not getting enough, and we need better access for women, indigenous peoples and local communities.

COP29 was weak on transitioning away from fossil fuels. Oil-rich countries must see that their efforts to delay the inevitable will fail. The green energy transition has gained unstoppable momentum, driven by competitive prices and market demand.

It is clear that the COP process is in need of reform to make it easier for decisions to be taken, implemented and monitored. We need actions not more words. With strong leadership from Brazil, we have a chance to speed up the progress needed before COP30 in Belém. G20 countries in particular must step up by committing to both mobilise more climate finance and quicker reductions in emissions. Let’s not squander the short time we have. Later is too late.

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