COP29 Exposes Challenges and Opportunities for the Global South in Climate Action

Frustration at COP29 as Global Leaders Push for Reform
The 29th UN Climate Change Conference (COP29), held in Baku, proved to be one of the most contentious and disheartening climate summits in recent memory. Leaders, diplomats, and environmental organizations expressed widespread dissatisfaction with the conference, describing it as ineffective and lacking in ambition. Midway through the meeting, several climate leaders issued a public letter, calling for urgent reforms to COP itself. The looming prospect of a second Trump presidency and the ongoing challenges of fossil fuel-backed regimes hosting the summit led to a sense of crisis within the climate community.

COP29 Finance Plan Deemed Insufficient for Developing Nations
At COP29, a $300 billion finance plan was presented to help developing nations deal with the increasing costs of climate change over the next decade. However, this amount has been widely criticized for being grossly inadequate. Experts argue that $1.3 trillion is needed by 2035 to effectively address climate change, and when adjusted for inflation, the $300 billion figure drops to just $175 billion in 2024 dollars. Furthermore, the finance plan focuses on capital mobilization rather than genuine financial provision, leaving developing nations with little accountability from wealthier countries. This highlights the deep financial divide between rich and poor nations in tackling the climate crisis.

The Global South Faces Trade-Offs Between Green Goals and Development
A major point of contention at COP29 was the inherent trade-offs that developing nations face when it comes to climate action. While wealthy nations like the U.S. and China have been ramping up green industrial policies to promote the production of electric vehicles, solar panels, and wind turbines, developing countries are often left with economic burdens. These nations, especially those rich in resources like nickel and cobalt, can at least export critical minerals, but they are forced to purchase green technologies from the West and China at inflated costs. The reliance on high-interest climate finance loans exacerbates these inequalities, leaving the Global South in a disadvantaged position. Rich countries need to recognize that reducing emissions and fostering economic development must go hand-in-hand, rather than focusing solely on one over the other.

A Call for the Global South to Take Leadership in Climate Action
Despite these challenges, there is growing momentum for the Global South to take the lead in shaping the future of climate action. As Brazil prepares to host COP30 and South Africa becomes the first African nation to chair the G20, there is a significant opportunity for developing nations to push for a more equitable and inclusive global climate agenda. A shift in leadership, away from traditional Western-dominated frameworks, could lead to a new global trading system that balances development needs with climate goals. The Global South has the potential to create a climate strategy that is both sustainable and fair, benefiting both people and the planet.