By Andressa Lima (UFPA/CFC-GS)
The United Nations Climate Conference (COP29), held in Baku, Azerbaijan, concluded with the definition of a new New Collective Quantified Goal on climate finance (NCQG). The final agreement established that developed countries must mobilize at least US$ 300 billion annually by 2035 to support developing nations in mitigating the effects of climate change and adapting to its impacts. This new target replaces the previous commitment of US$ 100 billion per year (in place since 2009) and represents a symbolic and political advancement under the Paris Agreement, although still considered insufficient by several delegations from the Global South.
According to the UNFCCC, this new financial commitment should act as “an insurance policy for humanity,” reflecting the urgency of financing actions that protect lives and economies in the face of increasingly severe climate disasters. The final text states that this financing will come from a combination of public and private sources, with the ambition of scaling up to US$ 1.3 trillion annually by 2035. This scaling trajectory is to be defined by COP30, with special attention to mechanisms that avoid indebting the poorest countries, prioritizing grants and concessional instruments.
However, the agreement was strongly criticized by developing country delegations and civil society representatives. For many of these countries, US$ 300 billion is only a fraction of what is actually needed. The G77 group, for example, proposed a target of US$ 500 billion per year, while other analyses suggest the actual needs amount to several trillion dollars annually. Furthermore, the lack of binding obligations for emerging economies such as China and Saudi Arabia was also criticized, as these countries were only “encouraged” to contribute without taking on formal commitments.
Another major concern revolves around how the resources will be delivered. Several Global South delegations argued that the majority of climate finance should come in the form of direct grants, not loans, as has often been the case. There is an ongoing concern that such funding, instead of promoting sustainable development, could worsen the debt cycle of the most vulnerable economies. The call for fairer financing reflects the need for mechanisms that do not further constrain the fiscal space of countries already facing severe structural challenges.
Brazil, which played an active role in the negotiations, also considered the new target insufficient. In a press conference, Minister Marina Silva criticized the failure to meet previous commitments and the resulting lack of trust in the multilateral process. Still, she acknowledged that the agreement is a step toward strengthening international cooperation, and that the current challenge is turning promises into real, accessible, and well-directed resources for countries at greater climate risk.
During COP29, it was reaffirmed that developed countries must lead this financial effort, as established in Article 9 of the Paris Agreement. The approved text also calls on all nations to cooperate so that, by 2035, global climate finance reaches US$ 1.3 trillion annually. According to the UNFCCC, these resources should support actions such as energy transition, green job creation, and climate resilience, with attention to climate justice and social inclusion.
The climate finance agenda at COP29 also reflected the current geopolitical context, marked by conflicts, distrust among economic blocs, and questions regarding global climate governance. There were moments of high tension during the negotiations, including a temporary withdrawal from the table by representatives of small island states and least developed countries. Representatives from the Marshall Islands, for example, criticized the process as reflecting “the worst of political opportunism” and allowing fossil fuel interests to block a more ambitious deal.
Despite its limitations, the COP29 agreement was also important for reinstating the idea of a scaling roadmap, which will be developed over the coming year and presented at COP30 in Belém, Brazil. This plan — dubbed the “Baku–Belém Roadmap for 1.3T” — is expected to be guided by principles of equity, non-repayable financing, and the expansion of fiscal space for developing nations. It represents a political commitment that, although still in its early stages, may signal a new phase for multilateral climate finance.
It is worth noting that the previous goal — US$ 100 billion per year, defined in 2009 — was meant to be fulfilled by 2020 but was only fully met in 2022, after repeated delays and unfulfilled promises. This history underscores the need for greater transparency, accountability, and predictability if the new financial pledge is to be effective. At COP29, the UNFCCC emphasized the importance of the Biennial Transparency Reports (BTRs), which will help track not only emissions but also financial flows committed and disbursed.
Climate finance is essential for developing countries to implement their Nationally Determined Contributions (NDCs) and to adapt their economies in a just and sustainable way. Brazil, for instance, presented its new NDC at COP29, with emission reduction targets of up to 67% by 2035. Without adequate external funding, these goals remain out of reach for many countries in Africa, Asia, and Latin America.
At the close of the conference, Minister Marina Silva emphasized that climate finance is not a matter of charity, but of historical justice and collective responsibility. Drawing on the imagery of Indigenous women weaving together, she likened the global climate solution to a collective effort that requires shared responsibility, respect for diversity, and commitment to the future.
In summary, COP29 marked an important step in defining a new global climate finance target, but still fell short of what is needed to ensure that the most vulnerable countries are not left behind in the climate transition. The agreed amount and proposed mechanisms still lack ambition, predictability, and redistributive justice. Climate finance remains one of the most fragile — and urgent — pillars of the international climate regime.
The experience of the past decades, marked by unmet promises and insufficient funding, reinforces the need for the new commitment to go beyond symbolism. More than nominal targets, the world now needs concrete action, transparency in financial flows, prioritization of grants over loans, and equitable participation from countries historically responsible for global emissions.
With Brazil presiding over COP30, the country takes on a strategic role in bridging the gap between climate ambition and political reality. The choice of Belém, in the heart of the Amazon, carries powerful symbolism: it reflects the urgency of protecting the planet’s most sensitive ecosystems and of strengthening international cooperation around fair, inclusive, and sustainable solutions. The success of the next conference will depend on the ability to turn the Baku–Belém Roadmap into concrete commitments, accessible financing mechanisms, and real progress for the countries and communities that need it most.
