Baku’s COP29 legacy: a new era in climate finance or too little, too late?

Several delegates stressed the significance of having reached an agreement and making progress in “difficult geopolitical times”.

Like many before it, the 29th edition of the United Nations Conference on Climate Change needed extra time for an overall agreement to be reached.

In the early hours of Sunday, exhausted delegates in Baku finally reached a compromise on the most crucial issue of COP29: a new climate financing framework. The UN Climate Change Executive Secretary Simon Stiell called it an “insurance policy for humanity”, adding that “like any insurance policy, it only works if premiums are paid in full and on time. Promises must be kept to protect billions of lives.”

Baku’s COP29 legacy: a new era in climate finance or too little, too late?