Author’s Note: If you are not sure what COP is or need more detail, please see the addendum at the end of this article.

At the recent COP29 climate summit, which ran over by 2 days with negotiations almost collapsing, and ending on 24 November, developed countries pledged to give at least $300 billion per year by 2035 to help poorer countries adapt to climate change and transition away from fossil fuels. While it’s a higher amount that the previous goal of $100 billion set in 2009, it falls way short of what economists say will be needed—US$1 trillion! Not only that, but China, the world’s biggest emitter, as well as the oil-rich Gulf nations, are not obliged to contribute. Their participation is voluntary. China has its own issues to sort out, and it’s not clear what the value proposition is for the Gulf countries.

Manish Bapna, president of the Natural Resources Defense Council, echoed feedback from many others in developing nations, saying, “While wealthy, polluting countries should have committed to a higher amount, this is a floor not a ceiling. The pressure to increase funding will only grow over time, as the economic and security rationale for delivering more international climate finance is clear.” And Tracy Carty of Greenpeace International added, “This finance goal comes with no assurance that it will not be delivered through loans or private finance rather than the grant-based public finance developing countries desperately need.” (Quotes compliments of Heatmap News.) And although countries pledged last year at COP28 to develop a clear plan to transition away from fossil fuels and triple renewable energy capacity, no clear plan to do so came out of this year’s summit; many were skeptical that any of this will actually come to pass. And there are questions about where the United States will stand in all of this under the new administration, which appears to be fossil fuel friendly.