Good morning. Cop29 in Baku finally finished at 5.31am local time yesterday, more than 35 hours after it was due to conclude – and the extra time did not lead to a triumphant outcome.
On the biggest issue under discussion, the transfer of climate finance from the developed to the developing world, the headline figure in the agreement was $1.3tn (£1tn) by 2035. But that masked much smaller commitments in direct finance, mostly in the form of grants and low-interest loans, which amounted to only $300bn. Nor is the outcome an injustice whose impact is limited to the global South, of course: if the money isn’t there to support a green energy transition in developing economies, temperatures will rise all over the world.
