November 23, Baku, Azerbaijan – The UN climate talks have drawn to a close tonight in Baku, Azerbaijan, following 2 weeks of intense negotiations, whose primary focus was establishing  a new finance goal. The New Collective Quantified Goal (NCQG) was aimed at ensuring developed nations provide the necessary financial support for developing nations towards mitigation, adaptation and loss and damage. However, developing nations are leaving Baku a disgruntled lot, frustrated with a drawn-out process that has fallen well short of delivering the at least $1 trillion USD figure in grant-based climate finance they were aiming for.

Instead, the final outcome only proposes the paltry amount of $300 billion annually by 2035, which accounts for only 30% of the resources demanded by developing nations and owed to them by the developed world. It is also of note that this amount is expected to have a significant decrease by 2035 due to inflation. Furthermore, the deal includes loans, despite the recognition of the need for grants. 

Developed nations also attempted to shift responsibility to developing nations to mobilise more domestic resources disregarding historical emissions and the disproportionate financial burden borne by climate-vulnerable nations. This inequity was further compounded by the pervasive influence of fossil fuel lobbyists at COP29, raising concerns about how their presence undermines interventions aimed at addressing the climate crisis.

Harjeet Singh, Global Engagement Director, Fossil Fuel Non-Proliferation Treaty Initiative: “At COP29, developed nations once again coerced developing countries into accepting a financial deal woefully inadequate to address the gravity of our global climate crisis. The deal fails to provide the critical support required for developing countries to transition swiftly from fossil fuels to clean, renewable energy systems, or to prepare for the devastating impacts of the climate crisis, leaving them severely under-resourced. The outcome offers false hope to those already bearing the brunt of climate disasters and abandons vulnerable communities and nations, leaving them to face these immense challenges alone. We must persist in our fight, demanding a significant increase in financing and holding developed countries to account for delivering real, impactful actions.”

As developed, polluting nations continue to block progress in the negotiation rooms, a growing bloc of progressive countries is leading a global effort to negotiate a Fossil Fuel Non-Proliferation Treaty that will help achieve the goals of the Paris Agreement and complement the UNFCCC process by addressing the root cause of the crisis: oil, gas and coal. The proposed treaty, currently championed by a growing bloc of 14 nations, would bypass the consensus model, allowing it to overcome opposition and deliver real solutions. A treaty framework would also help address the challenges to access finance and to catalyse international financing for a just transition, including through potential debt financial mechanisms, as highlighted in a report launched at COP29. 

During COP29, the Treaty initiative organised the Second Ministerial Meeting of the endorsing nations to chart the course for the next phase in 2025 in the effort to secure a negotiating mandate for a Fossil Fuel Treaty. Over the course of the year, the 14 nations have been accompanied by 10 other countries, from every region of the world, actively participating in the discussions and convenings.

A cross-section of Ministers and senior government officials from the Pacific, Southeast Asia, Latin America and the Caribbean, as well as observers from other countries in Africa, Asia, the Caribbean and Europe who are interested in advancing the proposal, gathered to discuss key priorities for the Fossil Fuel Treaty proposal in 2025. The government officials agreed to explore pathways to secure a negotiating mandate for a treaty through a forum such as the UN General Assembly (UNGA) or a standalone negotiating process, and to explore a resolution on fossil fuels in the UN Environment Assembly (UNEA); and also discussed mechanisms for financing a just transition. 

During a press conference presenting the advances of the Treaty initiative, Hon. Prof. Biman Prasad, Deputy Prime Minister of Fiji, said: “The idea of the Fossil Fuel Treaty is gaining momentum amongst governments, businesses, civil society and we look forward to carrying it forward to significant advances in 2025. The Treaty, as we see it, is a tool to address climate injustice and drive the shift needed to achieve a much needed transition to clean energy, while equitably managing the phase out of harmful fossil fuels globally. This proposal for a legally binding mechanism presents an opportunity to hold wealthier nations accountable for their role in the crisis while providing vulnerable nations like ours with the financial and technical support we need for the transition. The time has come to respond with greater urgency, greater focus, greater solidarity. The Fossil Fuel Treaty is a key part of that response.“ 

Susana Muhamad, Minister of Environment and Sustainable Development of Colombia: “The effort to develop a Fossil Fuel Treaty is moving to the next stage in 2025. As we agreed during the meeting of the ministers who are part of this initiative, we will pursue resolutions at the United Nations General Assembly and the United Nations Environmental Assembly to push forward the Fossil Fuel Treaty proposal. We have discussed how the treaty will address the potential implications of phasing out fossil fuels and the economic requirements of moving forward. We hope that in the next stage we will be getting the commitments of other countries keen on participating in this process, so that we can begin negotiations. We encourage all people and governments who want a fair, fast, and financed transition to join us.“

During COP, the Treaty proposal was also backed by the Province of Barcelona and the City of Glasgow, which are joining over 110 cities and subnational governments worldwide. At the last day of the climate talks, a group of over 125 climate champions, including actors, writers, influencers, youth and faith leaders, scientists, health professionals, activists and civil society leaders, also released an open letter to world leaders, calling for a global plan to stop to the expansion of fossil fuels, a fair and equitable phase out of existing fossil fuel production, and a financed transition to clean energy.