$300bn COP deal criticised for failing to meet scale of climate challenge, Malta satisfied with agreement

A finance deal reached at the COP29 summit to help less-developed countries tackle climate change has been criticised for failing to meet the scale of climate challenge

The head of the UN climate body, Simon Stiell, stated that the agreement was far from perfect, "No country got everything they wanted, and we leave Baku with a mountain of work still to do," he said in a statement.

Talks at the UN climate summit COP29 in Azerbaijan ran 33 hours late

The African Group of Negotiators described the final pledge as "too little, too late", while the representative from India dismissed the money as "a paltry sum.”

Richer countries have promised to raise their funding to help poorer countries fight climate change to a record $300bn (€279bn) a year, but the deal is facing criticism from world leaders 

Malta ‘satisifed with results’

Malta has expressed satisfaction with the recent climate change agreement reached during COP29 in Baku

Minister for the Environment and Energy, Miriam Dalli, stated, “We are satisfied that after two long weeks of discussions and negotiations, and despite initial fears that no agreement would be reached, a final effort has led to a consensus among United Nations countries on global initiatives addressing climate action.” 

Malta's delegation at COP29 focused on innovative initiatives aimed at enhancing environmental resilience. 

These included advancements in efficient water production, new financing models for environmental projects, and initiatives harnessing renewable energy sources from wind and solar power. 

Minister Dalli emphasised that while the tripling of funds is a positive step, there remains a pressing need for enhanced mitigation strategies to genuinely reduce emissions.

“It is satisfying to have reached a strong agreement on adaptation and global goals to help countries adapt to climate change," she said, "However, it was evident that certain countries showed little appetite for initiatives that could truly address mitigation and thus reduce emissions.”

This agreement means funding will be tripled to the most vulnerable nations from $100 billion to $300 billion annually by 2035.