Will Cop29′s US$1.3 trillion a year climate deal be enough for vulnerable nations? – The Front Page

Activists protest at the Cop29 Climate Conference in Baku, Azerbaijan, demanding that rich countries pay up for climate finance for developing countries. Photo / Getty Images

The climate change conference Cop29 has wrapped up with a significant but controversial final agreement.

Negotiations came down to the wire over a US$1.3 trillion ($1.45t) annual deal to help finance poorer countries to deal with the impacts of climate change and cut emissions.

It includes US$300 billion a year in climate finance until 2035, made up of direct payments or loans from richer countries, sparking a backlash from nations in the direct line of fire from rising sea levels and increasing temperatures.

University of Canterbury Professor of Political Science and International Relations, Bronwyn Hayward told The Front Page it does seem like an eye-watering amount.

“When you think that something like the Tairāwhiti, Hawke’s Bay, and Gisborne cyclones cost us, in New Zealand alone, NZ$3 billion, you can see why all of the countries that are facing significant extreme events every year are saying that US$300 billion hardly touches the sides,” Hayward said.

There was also concern on the ground about the choice of host, given Azerbaijan’s president described oil and gas as “a gift from God” ahead of Cop29 talks.

“It was going to be a disaster, like looking at a slow train wreck coming, when we have oil states chairing these meetings,” Hayward said.

“It is an extremely difficult situation, but not only that, but we have a large number of fossil fuel interests in the room as lobbyists. They are outnumbering the small states.”

During talks, representatives of dozens of climate-vulnerable islands and African nationals stormed out.

The likes of Samoa’s Minister of Natural Resources and Environment, Toeolesulusulu Cedric Schuster, were furious their calls to have a portion of the fund allocated to them have been ignored.

Schuster, who is also the chair of the Alliance of Small Island States, said: “Our islands are sinking. How can you expect us to go back to the women, men, and children of our countries with a poor deal?”

Hayward said we must support our Pacific neighbours.

“We’ve seen in Fiji that many small communities have had to relocate.”

The Guardian reported UN Secretary-General António Guterres was ringing round capitals to push for a higher figure. Japan, Switzerland and New Zealand were understood to be among the countries resistant to the US$300b figure late on Friday.

Climate Change Minister Simon Watts’ office has told The Front Page this implies New Zealand was blocking agreement at the very late stages of negotiation, which is not the case.

“New Zealand continued to engage with other parties and the presidency constructively in the final stages of Cop29. Discussions on the amount for the new global climate finance goal were set by consensus between all parties.

“New Zealand’s officials worked hard with others to make sure the goal was achievable and that it both supported the Pacific and set us up to succeed in mobilising finance to meet the goals of the Paris Agreement,” Watts said.

On smaller island nations taking issue with the deal, Watts said he understands not everyone will be happy with it.

“New Zealand is proud of the work we are doing with our partners particularly in the Pacific to support their climate priorities. We will continue to work closely with them.”

Listen to the full episode to hear more about Cop29 and what’s next in the world’s war on climate change.

The Front Page is a daily news podcast from the New Zealand Herald, available to listen to every weekday from 5am. The podcast is presented by Chelsea Daniels, an Auckland-based journalist with a background in world news and crime/justice reporting who joined NZME in 2016.

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