The Cop29 UN climate summit wrapped on Sunday in Baku, Azerbaijan following challenging discussions around global climate finance, after the Australian government was urged to do more in the climate crisis debate.
The talks ended with a consensus agreement that developing countries would receive US$300 billion (A$460 billion) a year in funds by 2035, to help them shift to a low-carbon economy and adapt to the impacts of extreme weather.
Global finance will come in the form of grants and low-interest loans and the sourcing of the remainder of the funds still remains uncertain, with the potential to tap private investors and possibly impose levies on fossil fuels and frequent flyers possible options.
Australia’s climate change minister, Chris Bowen was in attendance and participated as a co-facilitator in making negotiations and recommendations before leaving prior to the conclusion of the summit to attend Parliament on Monday back in Australia.
Erin Ryan, a senior international campaigner at Climate Action Network Australia told The Guardian that despite the annual goal of US$300 billion sounding big: "When spread globally for what is required to transition, it leaves us where we started: with low-income countries struggling to shoulder the rising costs of a climate crisis they never caused”.
She added: “As a wealthy nation, and a huge fossil fuel exporter, the Australian government notably failed to drive bigger ambition. This is about realism. Getting better financial arrangements is key to getting global support for rapid fossil-fuel phase-out globally.”
The COP29 deal however does not mean the Australia government is committed to paying an agreed amount towards climate finance commitments.