Sunil Acharya 
Even before the ‘Baku Climate Unity Pact’ was finalised in Azerbaijan, the dialogues at COP29 carried an air of betrayal.
Now, with the ink barely dry, its impact already weighs heavily on Asia’s most vulnerable communities. By failing to deliver meaningful commitments, they have left Asia’s flood-hit farmers, heatwave-battered workers, and drought-stricken families fending for themselves.
Indian negotiator Chandini Raina echoed the frustrations of many, “We are disappointed in the outcome which clearly brings out the unwillingness of the developed country parties to fulfil their responsibilities. We cannot accept it.”
COP29 had one major expectation: a bold new climate finance goal – one that respected the rights of communities to live with dignity and support developing countries to address the climate crisis. However, the rich nations ignored their historical responsibility and once again prioritised profit over people and the planet.
The misleadingly named ‘Baku Climate Unity Pact’ promised unity but left the nations more divided than ever. With wealthy counties imposing their own terms on Global South, it delivered a lukewarm $300 billion promise – less than a quarter of the $1.3 trillion sought annually by developing countries and lightyears from the $5 trillion civil society groups had demanded.
Also read: Halfway Into COP29, Finance Deal Still Far Away; India ‘Dissatisfied’ With Progress
Worse, this paltry sum won’t materialise until 2035. The rich countries committed only to ‘taking the lead’ and it won’t come as only as grants but private investments, loans and carbon finance instruments – that might ultimately cause more harm and trap Asian nations into debt.
The agreement also promised to work toward raising $1.3 trillion a year in public and private spending for climate action in the Global South. But there is no accountability for these commitments.
The rich nations have effectively abdicated their responsibility to pay for the climate crisis. UK Energy Minister Ed Miliband openly acknowledged the weakness of the new pledge, admitting that it “doesn’t commit the UK to contribute more climate finance.” Instead, he framed it as a “huge opportunity for British businesses” to invest in other markets, revealing the true agenda behind their actions. This mindset reflects the broader approach of outsourcing responsibility—buying cheap carbon offsets in Global South while avoiding emission cuts at home.
Asia, already warming faster than the global average, faces escalating disasters that dwarf the resources available to respond. From the devastating 2022 floods in Pakistan, which caused $30 billion in losses, to the combined $65 billion in damages from floods in China and drought in India last year, the scale of need is astronomical. Oxfam estimates that 18 countries in South and Southeast Asia alone require $11.8 trillion for adaptation and mitigation between 2022 and 2030.These headline figures don’t account for the non-economic losses such as lives lost or the increased care responsibilities for women, among many other impacts. Yet, funding for loss and damage – critical support for communities to recover from climate disasters was excluded from the new $300 billion goal.
Another key demand – making access to climate finance easier for developing countries – failed to find a place in the deal.Instead, rich nations shifted the lion’s share of responsibility to Multilateral Development Banks (MDBs), which have a track record of favoring loans over grants and inflating their climate finance figures.
There is evidence to prove that this is dark hole. The Asian Development Bank (ADB), which claims to be the largest climate finance bank in Asia, provided only 3% of its climate finance in grants from 2019 to 2023. It also over-reported its climate adaptation finance by as much as 44%.Allowing MDBs to take control of climate finance will only push it further out of reach for the people who need it most. It will leave vulnerable populations even more exposed to food insecurity, displacement, and poverty.
Unfortunately, the deal has reignited a crucial question: Is it worth flying 65,000 people to secure pledges that are rooted in colonial approaches—approaches that disregard the voices of people, increase bureaucratic hurdles, perpetuate historic power imbalances, and continue to steal the wealth of those in the Global South?
Flawed as it may be, the COP is the only stage where developing countries can look rich nations in the eye, demand accountability, and call out their historical responsibilities to deliver just solutions to the climate crisis.
It’s also where civil society, activists, and communities push back against the outsized power of big fossil fuel companies. The outcomes may disappoint, but the fight for climate justice remains very much alive.
Sunil Acharya, Regional Policy and Campaigns Coordinator, Oxfam in Asia.