As COP29 enters its second week, the atmosphere is thick with frustration and concern. While discussions continue on how to address the climate crisis, key issues are seeing slow progress, leaving campaigners and experts disheartened.
One of the most pressing concerns is the issue of climate finance.
Campaigners argue that a tax on oil and gas companies could raise more than $15 billion to fund climate adaptation and mitigation efforts. However, negotiations on this front are progressing at a frustratingly slow pace. Experts warn that $1 trillion (£790bn) needs to flow into developing countries each year by 2030—excluding China—to meet the Paris Agreement’s goal of limiting global warming to below 2°C. Yet, after the first week of COP29, significant hurdles remain, particularly in securing commitments for adaptation funding, cutting emissions, and fulfilling prior pledges.
The urgency of these issues is underscored by UN climate chief statements, emphasising that adaptation measures are “the difference between life and death” for many vulnerable nations. However, the lack of progress is leading to growing anxiety, especially among developing countries that are facing worsening climate disasters. “It’s the ministers who always resolve these difficult issues,” said Mark Lutes, WWF senior adviser for global climate policy, suggesting that political resolve is key to unlocking the impasse.
Further compounding the pessimism, the goal of limiting global temperature rise to 1.5°C is now widely regarded as nearly unattainable. Climate scientists have grimly declared that the target is "deader than a doornail," with global temperatures on track to exceed 1.5°C above pre-industrial levels by 2024. The last decade has been the hottest on record, and this year is set to surpass even 2023, making it the warmest year recorded. Though a single year above 1.5°C does not breach the Paris Agreement, experts warn that the long-term aspiration is slipping further out of reach.
As talks continue, campaign groups urge governments to act more decisively and to move beyond the “theatrics” of summit speeches to deliver concrete actions that can address the escalating climate crisis.
With negotiations ongoing, the pressure is on for COP29 to deliver tangible results in the coming days.
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