At COP29, a pressing sense of urgency filled the room as Small Island Developing States called for substantial climate action, with António Guterres labelling the situation a “colossal injustice.” Meanwhile, G77 and China stood firm, rejecting a proposed $1.3 trillion climate finance framework as insufficient, while Argentina’s President Milei withdrew his delegation, denouncing climate action as a “socialist lie.” Adding to the dialogue, Exxon CEO Darren Woods urged the U.S. to remain in the Paris Agreement, cautioning that policy “stops and starts” lead to inefficiency. With diverging views on climate finance and political will, can global leaders unite to forge a decisive path forward?
Leaders’ Summit of the Small Island Developing States
- Small Island Developing States (SIDS) demand their right to pass down a better world to future generations, as climate disasters threaten their survival.
- Leaders used the summit to urge non-G20 countries to pressure major emitters for ambitious emissions cuts.
- SIDS highlighted recent catastrophic floods and devastation caused by rising temperatures, especially in vulnerable regions.
- Negotiations are underway for developed countries to pledge greater financial support for climate adaptation and clean energy transitions.
- An early draft climate finance agreement proposes funds from developed countries to support adaptation and clean energy transitions in vulnerable nations, with a final decision expected by November 22nd.
“You are on the sharp end of a colossal injustice“
-UN Secretary-General António Guterres
Albanian Prime Minister Edi Rama Goes Off Script
“What on earth are we doing in this gathering over and over and over again, if there is no common political will on the horizon to go beyond words and unite for meaningful action…what does it mean for the future of the world if the biggest polluters continue business as usual?…Life goes on with its old habits, and our speeches full of good words about fighting climate change, change nothing”
– Edi Rama
G77 + China Reject Framework for NCQG
- G77 and China, representing around 130 countries, rejected the proposed framework for the New Collective Quantified Goal (NCQG) on climate finance at COP29 in Baku.
- They demand a $1.3 trillion annual climate finance target, covering adaptation, mitigation, and loss and damage, solely for developing countries.
- G77 calls for a revised draft text that better reflects the priorities of developing nations.
- The stance is backed by other groups like LMDCs, AOSIS, LDCs, and AILAC.
- The coalition stresses the new finance package must meet developing countries’ needs for effective climate action.
Javier Milei Withdraws Argentinian Negotiators
- Argentina’s President Javier Milei ordered the withdrawal of Argentina’s delegation from COP29, calling climate change a “socialist lie”
- Milei criticised current climate policies as funding “socialist slackers” and questioned developed nations’ climate mandates.
- Despite this stance, Argentina remains a signatory to the Paris Agreement.
- The withdrawal drew criticism, as it removes Argentina from discussions on crucial climate finance issues.
“a socialist lie” – Javier Milei
CEO of EXXON Mobil, Darren Woods In Baku
- Exxon urged Trump not to exit the Paris Agreement again, warning of significant impacts on U.S. and global climate efforts.
- CEO Darren Woods highlighted the inefficiency of policy swings, saying, “stops and starts…are extremely inefficient and create uncertainty.”
- Exxon reaffirmed its own goal to achieve net-zero emissions for scope 1 and 2 operations by 2050, with projects like Texas carbon storage and low-carbon hydrogen.
- Trump’s plans to deregulate the EPA, expand drilling, and cut Inflation Reduction Act funding could hinder U.S. clean energy progress.
“I would encourage them to stay in the Paris Agreement” – Darren Woods
Multilateral Development Banks to Boost Climate Finance
- MDBs aim for $120 billion annually for low- and middle-income countries, including $42 billion for adaptation, and $50 billion for high-income countries, with $7 billion for adaptation.
- MDBs plan to mobilise an additional $65 billion from the private sector for both low/middle- and high-income countries.
- MDBs exceeded 2025 climate finance goals with a 25% increase in direct climate finance and doubled mobilisation efforts in the past year.
- MDBs emphasise their catalytic role in transformative climate action, enhancing financing impacts, and supporting national climate ambitions.
- MDBs urge COP29 parties to set a robust New Collective Quantified Goal on Climate Finance to meet Paris Agreement objectives.
- MDBs launched a shared framework to define, measure, and link global progress in climate mitigation and adaptation to MDB activities.
