A view during a meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan.
Credit: Reuters Photo
How many more broken promises must the Global South endure before the West takes real responsibility? How long will the wealthy nations preach solidarity while drowning vulnerable countries in debt and devastation? COP29 in Baku promised progress, but is this just another chapter in a history of hollow words and deliberate inaction? The science is clear, the solutions are evident, and yet, the developed world continues to trade moral duty for convenience. Western wealth hides behind its will, wallowing in a well of false climate sympathy.
The UN Climate Change Conference (COP29) concluded recently in Baku, Azerbaijan, with the adoption of the New Collective Quantified Goal on Climate Finance (NCQG), hailed as a historic breakthrough in global climate negotiations. The agreement sets an ambitious target to triple public finance to developing countries, from $100 billion annually to $300 billion by 2035, and scale up combined public and private funding to $1.3 trillion yearly over the same period. While this marks an increase in financial commitments, the deal, finalised after years of preparatory work and two weeks of intense negotiations, underscores the perennial imbalance in global climate diplomacy — where lofty figures are announced but often fail to translate into real, meaningful action for those most in need.
COP29 will be remembered as a travesty of climate justice, where the powerful rewrote the rules of survival, leaving the vulnerable to bear the cost of their inaction. Beneath the celebratory language lies a troubling truth: COP29’s financial framework does little to bridge the chasm of climate justice, leaving vulnerable nations to grapple with the worsening impacts of a crisis they did not cause.
The conclusion of COP29 in Baku should have been a watershed moment in humanity’s battle against the climate crisis. Instead, it stands as yet another harsh reminder of the gulf between rhetoric and reality in global climate negotiations. The deal struck at the summit, while ostensibly a victory for diplomacy, is, in truth, an indictment of the developed world’s sheer callousness and intransigence.
At the heart of the agreement was a finance package to support developing nations in their transition towards sustainable energy and climate resilience. On paper, the figures sound impressive. But when held against the magnitude of the challenges these nations face, it is little more than a band-aid on a gaping hole. The scale of the finance falls woefully short of the trillions required to ensure that vulnerable nations, already bearing the brunt of a warming planet, can adapt to and mitigate the effects of climate change.
The science, climate inactions, rising unbearability of climate change and the data are unequivocal. Global temperatures are breaching critical thresholds, sea levels are rising, and extreme weather events are wreaking havoc on lives and livelihoods. The developing nations that contributed least to this crisis continue to suffer disproportionately, needing nothing short of a life raft. Yet, what the developed nations have offered is the equivalent of splinters of wood to cling to — crumbs that barely suffice to address the barest essentials of their needs.
This outcome is a travesty of climate justice. The same nations that built their wealth on centuries of fossil-fuel exploitation have once again shirked their moral responsibility. They have not only failed to offer the support necessary but have actively imposed terms that prioritise their economic interests over the survival of billions. The finance deal is riddled with loans rather than grants, burdening nations grappling with debt crises. It is tied to conditions that perpetuate dependence rather than fostering resilience.
What is most galling is the pretence that this deal represents progress. The language of 'solidarity’ and 'global co-operation’ that punctuated the summit’s closing statements rings hollow when matched against the scale of unmet ambition. Developed nations continue to evade their historical culpability, ignoring both the Paris Agreement’s principles of equity and common but differentiated responsibilities.
India has dismissed the new climate finance package of $300 billion annually by 2035 for the Global South at the UN climate conference, describing it as “too little, too late”. Vulnerable nations called for $1.3 trillion annually to address climate-related damages and support adaptation efforts. There is no assurance that the funds, expected to be raised from both governments and the private sector, will be provided as grants. Instead, they may come as loans, adding to the debt burden of developing countries. Over the years, developed nations have consistently revealed their true intentions by failing to honour their financial commitments.
For the Global South, COP29 was supposed to be a turning point — a moment when the world recognised that climate action is not charity but justice. Instead, they are left grappling with the devastating reality that the international system remains skewed against them. The life raft they desperately needed has moved farther away, leaving them to confront the rising tide with little more than empty promises and inadequate funding.
History will judge this moment harshly. The wealthy nations have once again prioritised short-term convenience over long-term survival. But the reckoning will come, not only in the fury of a warming planet but in the resentment of those left behind. If this is the best that the world’s leaders can muster, then we are hurtling towards a future of deeper inequalities, greater conflicts, and an irreversible breakdown of trust between nations.
COP29 was a chance for the developed world to prove that it is capable of rising to the challenge. Instead, it has once again failed. The cost of that failure will not be borne by all equally, but eventually, it will come for us all. In the race against climate catastrophe, the Global South is running barefoot while the West clings to its gilded shoes. Justice delayed is not just justice denied — it is survival denied.
Disclaimer: The views expressed above are the author's own. They do not necessarily reflect the views of DH.
(Srinath Sridharan is a policy researcher and corporate adviser.)