COP29 strikes last ditch deal on funding for climate measures in vulnerable countries

The COP29 climate talks have reached a last ditch deal on cash for developing countries, pulling the summit back from the brink of collapse after a group of countries stormed out of a negotiating room earlier.

The slew of deals finally signed off in the small hours of Sunday morning in Azerbaijan includes one that proved hardest of all – one about money.

Eventually the more than 190 countries in Baku agreed a target for richer polluting countries like the UK, EU and Japan to drum up $300bn a year by 2035 to help poorer nations both curb and adapt to climate change.

It is a far cry from the $1.3trn experts say is needed, and from the $500bn that vulnerable countries like Uganda had said they would be willing to accept.

But in the end they were forced to, knowing they could not afford to live without it, nor wait until next year to try again, when a Trump presidency would make things even harder.

The fraught two weeks of negotiations pitted the anger of developing countries who are reeling from the costs of worsening climate impacts they did little to cause, against the tight public finances of rich countries.

Panama’s climate envoy Juan Carlos Monterrey Gomez said there is “light at the end of the tunnel”.

Just hours ago, the talks almost fell apart, as furious vulnerable nations stormed out of negotiations in frustration over that elusive funding goal.

They were also angry with oil and gas producing countries, who stood accused of trying to dilute aspects of the deal on cutting fossil fuels.

The UN talks work on consensus, meaning everyone has to agree for a deal to fly.

The new deal on cutting fossil fuels simply “reaffirms” last year’s pledge to “transition away from fossil fuels”, but does not dial up the pressure in the way the UK, EU, island states and many others here wanted.

Saudi Arabia fought the hardest against any step forward on cutting fossil fuels, the primary cause of climate change that is intensifying floods, drought and fires around the world.

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The Azerbaijan team leading COP29 said: “Every hour of the day, we have pulled people together. Every inch of the way, we have pushed for the highest common denominator.

“We have faced geopolitical headwinds and made every effort to be an honest broker for all sides.”