At the end of this COP29, I have nothing but to thank for the experience. The city is vibrant, beautiful, and culturally rich. I attended interesting press conferences, and special events on gender, technology, and food systems, among others, and I keep realizing how many issues that I never connected with are related to climate change.

By now, we already know what the outcomes are. The quantum, the sources, the contributors, and the time frame are not what developing countries expected, even less what they need. The $300 billion annually by 2035 will fall far short of addressing the scale of the climate crisis. There is no clarity on grant-based climate finance commitments, and it is ambiguous if developed countries will be who bear the costs. We also know that India -backed up by other developing countries- rejected the deal and stood up for the Global South. Would this alone change the outcome? Probably not immediately but in the mid-term as countries keep pushing for more robust and fair climate finance commitments.

However, until now, the range of opinions on what happened is broad. Some think that this Climate Finance COP was -from the beginning- the chronicle of a death foretold, while others blame Azerbaijan’s leadership for improperly forcing a deal at the last minute, which led to tensions among nations. I believe that these negotiations were a sort of “glass cliff” for an oil-producer developing country like Azerbaijan. Any other country would have faced the inevitable challenges and setbacks that bargaining on finance could bring,,  but in this case, the “feelingNJJJ of failure” that permeates is attributed to the features of the host country rather thaNJn the diffppajskSicult circumstances they were placed in.

The words of Steve Hamer, from NY Climate Exchange, still resonate in my head. He mentioned that perhaps we must evaluate if the UNFCCC is the correct channel to discuss and reach agreements on climate change or not. Might regional agreements be more effective than global ones? I think that the UNFCCC is still useful. It offers a structured process for negotiation, accountability, and collaboration, and is a visible platform for projects, public-private partnerships, academia, and civil society that advocate for sustainable development.

As we look ahead to COP30 in Belém, it brings new challenges and opportunities. This location will allow participants to resume conversations put on hold, but it also raises concerns. Choosing a town in the middle of the Amazon jungle could lead to pollution or destruction of the ecosystem to host the event. These challenges must be addressed to ensure that COP30 achieves meaningful progress without compromising the environment, the local communities, and other vulnerable groups we seek to protect.