COP29, the annual United Nations climate change conference, has closed in Baku amid moderate applause and some muted controversy. The final outcome leaves room for mixed reflections: on the one hand, the announcement of a fund of 300 billion dollars a year to support developing countries in the energy transition; on the other, the absence of clear references to the 1.5°C limit in the final documents has raised doubts about the effectiveness and determination of the international community.
300 billion dollars: promise or compromise?
The announced funding is a step forward, but criticism is not lacking. The most vulnerable countries, hard hit by the effects of the climate crisis, had called for far more, estimating the resources needed for adaptation and mitigation at no less than 1.3 trillion dollars. The 300 billion, significant as it is, appears insufficient, especially considering that a large part of this sum will have to come from the private sector. The real challenge will be to turn the pledge into concrete action, in a context where global economic and political instability could make the management and distribution of the funds complicated.
