COP29 Finance Deal a Downpayment for a Safer, More Equitable Future

The World Resources Institute describes the COP29 agreement to deliver at least $300 billion per year by 2035 as an important but insufficient 'downpayment' for developing countries. While the deal triples current finance flows and establishes a roadmap to reach $1.3 trillion from all sources, the WRI emphasizes that this amount does not meet the actual needs of vulnerable nations to pursue low-carbon economies and manage climate disasters.

• The COP29 agreement establishes a new climate finance goal to provide at least $300 billion annually by 2035, with developed nations leading and developing nations contributing voluntarily.
• Beyond the $300 billion goal, the COP decision aims to scale up total financing from public and private sources to at least $1.3 trillion for developing countries, a process to be managed via the "Baku to Belém Roadmap to 1.3T".
• The World Resources Institute asserts that the $300 billion target is insufficient to meet the needs of developing countries for protecting citizens from wildfires, floods, and droughts, or for transitioning to low-carbon economies.
• The WRI highlights the necessity of accessing finance that avoids creating unsustainable debt for vulnerable countries and suggests utilizing international taxes and development banks to increase funding.

APA

Dasgupta, A. (2024). COP29 Finance Deal a Downpayment for a Safer, More Equitable Future. World Resources Institute. https://www.wri.org/news/statement-cop29-finance-deal-downpayment-safer-more-equitable-future

Chicago

Dasgupta, Ani. COP29 Finance Deal a Downpayment for a Safer, More Equitable Future. World Resources Institute, 2024. https://www.wri.org/news/statement-cop29-finance-deal-downpayment-safer-more-equitable-future.

Wikipedia

{{cite press release |last1=Dasgupta |first1=Ani |title=COP29 Finance Deal a Downpayment for a Safer, More Equitable Future |publisher=World Resources Institute |date=23 November 2024 |url=https://www.wri.org/news/statement-cop29-finance-deal-downpayment-safer-more-equitable-future |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{dasgupta2024cop29, author = {Dasgupta, Ani}, title = {{COP29 Finance Deal a Downpayment for a Safer, More Equitable Future}}, publisher = {World Resources Institute}, year = {2024}, month = nov, url = {https://www.wri.org/news/statement-cop29-finance-deal-downpayment-safer-more-equitable-future}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }