After COP29

The United Nations (BM) Climate Change Framework Convention held in Baku, Azerbaijan’s Baku Finance Goal (BFG), the most important output of COP29, Baku Finance Target (BFG) paid attention to at least 300 billion dollars of basic climate financing commitment for developing countries. This amount is aimed at removing 1.3 trillion dollars annually by 2035. However, this amount is considered as a target that is expected to happen in the leadership of developed countries, not as a precise commitment.
The emerging countries demanded a precise financing of $1.3 trillion annually until 2030. However, in the negotiation result text, this demand was not met, and the annual minimum of $300 billion has been met on financing. Countries that have been developed, while they find this amount very below the needs, especially countries such as India and Marshall Islands have described it as a “unique” and “outer”. African countries defended that commitments should be given in the form of more grants by eliminating the lack of good faith in developed countries.
Baku Finance Goal contains a basic amount of financing, set after 48 hours of intensive negotiations and three times of the current annual 100 billion dollar commitment. However, this goal is not enough for vulnerable groups such as developing countries and small island states. Despite the inclusion of regulations such as accessibility and transparency of funds, the demand for the provision of climate financing of emerging countries was not included in the text. [[T]]] [
[A breakthrough in the carbon markets
]In the Summit, the ongoing negotiations on the carbon markets supported by the UN have resulted. The accepted new rules aim to increase the transparency of carbon loans and create 1 trillion dollar financing annually of these markets. These developments have the potential to reduce the costs of the implementation of national climate plans in 250 billion per year. However, the integrity and effectiveness of carbon markets will depend on the success of international audits in the coming years.

Cost and Damage Fund: Preparation to 2025][
As of 2025 of the Lost and Damage Fund in COP29, the necessary agreements have been provided to be prepared for fund distribution. The Azerbaijani COP29 Presidency, acting in accordance with the demands of vulnerable groups, especially in small island states and at least developed countries, made agreements with the World Bank and the Philippines for the functioning of the fund. This fund is now worth 730 million dollars in total but this amount is seen only as a starting point for the support needed.

Water, health and gender equality attempts appeared prefix][
In Baku, Climate Action Declaration for Water in order to address the effects of climate change on water sources was accepted by more than 50 countries. This declaration aims to integrate the compliance and reduction policies related to water into national climate plans. In addition, COP29’s Gender Day, the women’s call to increase the funding for gender equality was made by highlighting that the climate change has been affected in proportion. Health and Climate Action Coordination was established in COP29, aiming to reduce the effects of climate change on health. This initiative, supported by World Health Organization and COP others, aims to increase the role of health sector in the fight of climate.

] Easis and expectations
COP29 could not create a concrete action plan on basic topics such as gradual removal of fossil fuels while performing some advances in their funding targets. Countries, especially like Saudi Arabia, have been criticized to prevent progress in this regard. The Summit also created a discussion that developed countries demand more financial support than China and Gulf countries. The success of COP29 will only depend on the implementation of accepted commitments. The UN Secretary-General Antonio Guterres stressed that “It is not an option for success” should take more ambitious steps in the coming COP30.

After COP29: Preparation for the new period]
Baku Finance Goal and other agreements accepted in COP29 have been lost as a historical step in the framework of global climate financing and cooperation. However, the growing needs of emerging countries show more times when the goal of limiting the global temperature rise to 1.5 degrees. Years, these commitments will show their enforceability and actual effects. In COP30, the world will come together for more concrete results in Brazil.