The 29th UN Climate Change Conference (COP 29), hosted in Baku, Azerbaijan, has concluded with significant strides in addressing the mounting challenges posed by climate change.

In the face of escalating global temperatures, unprecedented weather events, and widening disparities in climate impacts, this year’s summit served as a vital platform for nations to align their efforts toward a sustainable future. For vulnerable countries like Bangladesh, which endure the brunt of climate consequences despite contributing minimally to global emissions, COP 29 emerged as a proponent for equitable and actionable solutions.

Loss and damage fund activation

After years of intense negotiations, the ‘Loss and Damage’ fund is finally set to deliver targeted financial assistance to countries grappling with climate-induced disasters. Unlike past funding mechanisms, which were often criticized for being slow or inaccessible, the new framework emphasizes rapid disbursements triggered by predefined criteria.

Nations like Bangladesh, where flooding alone causes annual damages exceeding $2 billion, can benefit from this. The fund aims to address historical inefficiencies by incorporating technology-driven processes to ensure transparency and accountability.

Climate finance goals tripled

COP 29 raised the annual global climate finance target to $300 billion by 2035 from the $100 billion target set in 2009. This funding is expected to accelerate the transition from fossil fuels to cleaner energy sources like wind, solar, and hydroelectric power. Urban resilience will also be prioritized through supporting green architecture, sustainable transport systems, and disaster-resistant structures.

Strengthening adaptation strategies

For the first time, adaptation efforts took center stage alongside mitigation initiatives. The conference advanced the Global Goal on Adaptation (GGA) and introduced clear metrics to track progress.

Bangladesh showcased breakthroughs in climate-resilient agriculture, including salt-tolerant rice varieties and floating farms that sustain livelihoods despite rising waters. These localized solutions could inspire global adoption.

Voices of developing nations

The collective efforts at COP 29 placed a much-needed spotlight on the struggles and leadership of developing countries. Direct funding mechanisms will ease crisis response while sustaining efforts like embankment fortifications and other resilience-building projects. 

Recognizing that financial aid alone is insufficient, COP 29 emphasized enhancing local capacity and facilitating technology sharing to enable cost-effective deployment of clean energy and adaptive infrastructure.

On the other hand, developing countries demanded accountability from wealthier nations, urging them to meet their financial commitments and reduce emissions more aggressively. Bangladesh took a leading role, arguing that major emitters like the U.S., China, and the EU must shoulder a greater share of the burden.

Critiques

The decision to hold the conference in Azerbaijan, an oil-dependent economy, drew backlash from environmental activists. Many questioned the sincerity of discussions around transitioning away from fossil fuels. Although some nations pledged bold emissions cuts—Canada committed to a 45% reduction by 2030—many others, including major emitters like China and India, approached their commitments cautiously, citing economic challenges.

Again, current commitments fall short of the reductions needed to limit global warming to 1.5°C. Without stronger actions, global temperatures could rise by up to 2.9°C, with catastrophic consequences.

There is also always a doubt about financial commitments, given past failures to meet goals; critics remain wary about the new $300 billion target. Ensuring transparency in fund allocation and timely reporting will be key to overcoming this.

The outcomes of COP 29 offer hope and a reminder of the immense work still required. Adaptation measures were discussed heavily; however, this time, accountability issues also got the spotlight. COP 29 highlighted the interconnectedness of nations in addressing climate change and reiterated the importance of collaboration. 

Galib Nakib Rahman initially worked as an MTO and, later, as an executive officer with Prime Bank PLC. He is currently a senior executive with the Dhaka Stock Exchange in the Corporate Governance and Financial Reporting Compliance Department in the Regulatory Affairs Division. galibnakibrahman@gmail.com