COP29 had its highlights—impressive logistics and passionate attendees—but the overall outcome? A dismal failure. Dubbed the "Finance COP," it was hosted in a country thousands of miles from any global financial hub, with barely a finance leader in attendance.
“We can’t halve emissions by 2030 by starting to invest in solutions in 2035.”
–Ingmar Rentzhog, CEO & Founder, We Don’t Have Time
This was supposed to be the turning point—a conference to mobilize the funds urgently needed to avert climate disaster. Instead, it delivered financing plans so slow and incremental that they may as well be irrelevant. We're being promised action in 2035 to solve a crisis that demands we halve emissions by 2030.
The numbers don't lie:
- The International Energy Agency (IEA) estimates we need $4.5 trillion annually for the energy transition by the early 2030s.
- We're currently investing just $1 trillion per year—a tiny fraction of what's needed.
- Beyond energy, trillions more are required for other climate solutions.
Meanwhile, 2024 just broke a new record for carbon emissions. Every year of delayed action locks in higher emissions, bigger disasters, and dwindling chances of staying within 1.5°C of warming.
Promising action starting in 2035 is not just inadequate—it's absurd. By the time these investments materialize, it will be too late.
Why Funding Developing Countries Matters
At COP29, financing for developing countries—those least responsible for the climate crisis but most at risk from its impacts—was the centerpiece. But the pledges were embarrassingly insufficient.
This isn't just about fairness; it's about necessity. Recent increases in global emissions have almost come entirely from the developing world. Rich countries cannot continue funding their own transitions while ignoring those without the resources to act. Climate action must be global, or it will fail.
And the truth is, the money exists:
- Governments waste $7 trillion annually on fossil fuel subsidies.
- Developing countries face crippling borrowing costs, often 4 times higher than those of wealthier nations.
Redirecting even a fraction of these funds could unlock the action we desperately need. Yet COP29 barely scratched the surface.
The climate crisis doesn't wait for diplomacy's grinding pace. Every year of inaction compounds the damage, making future action more expensive and less effective. Investing in 2035 is like bailing water after the Titanic has already sunk.
Here's What You Can Do Today
Make every purchase a vote for the climate. Support businesses committed to sustainability.
Green your investments. Move your pension and savings to fossil-free funds.
Push for change at work. Lobby your employer to divest from fossil fuels.
A small but committed group of people taking these steps can create monumental change.
COP29's Small Wins
Despite its financial failures, COP29 did deliver two small but noteworthy victories:
- Article 6 of the Paris Agreement was finalized, paving the way (if executed properly) for global carbon markets that could actually reduce emissions.
- The Reducing Methane from Organic Waste Declaration brought countries responsible for 47% of methane emissions from organic waste to the table—a small but significant step to #BuyMoreTime.
The Path Forward
Coming out of COP29, one thing is certain: we can't wait for leaders to catch up. Action delayed is action denied, and the climate crisis won't wait until 2035.
The message is simple: Move the money. Move it now. Click on the link below to learn how!
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6 w
My Dear Ingmar, you may be right in dreaming that over even some years time, before hitting the 2035 scenarios, this world could see some changes related to its climatological conditions, but this hope and wish even based on numbers given by respected analysts from high ranking scientists of this world, are only predictions with a little value as we may observe the unpredictable behaviors of our Earth’s climate and the numbers of completely unprecedented big disruptions everywhere, until just some weeks or days before they hit, even with our very sophisticated astrological prediction systems, apparently no one could think about, before they struck our daily lives, nearly all over the world. Giving hope is something we all must do, and when this hope can also be based on what “acceptable and reasonable” figures trying to predict what could happen, this is an even much better thing to do than any hope based only on our own personal belief that “one day everything would go better” or “we will certainly get out of this trouble again as we did in the past”, but if a prediction does not happen, on a time given (e.g. year 2030) than the belief of people in these “Hopeful Scenario’s” would considerably diminish in their totality, believe me. In China, as an example, they make two long term National Plannings, first one for 5 years and the second one for 10 years, and when the first 5 years are approaching to their ends the observers adjust everything they can to come to good terms with their prognosis and if something goes backwards or not so good they know that they have still time to cope with it until the 10 years limit is there. Such an approach, naturally agreed by all nations of the present world, could be much more profitable for everyone, even when after 5 years a new President is elected with all different views of this Climate Change anywhere. But unfortunately, there is no such an universal accord between all Leaders of all countries to tackel our huge problems, this world is faced with, the present leaders are all concerned with their own countries and with the question of how to keep the status quo’s everywhere in these countries, also politically, to be hopefully re-elected in 5 years time. The country-bound, half-blood dedications for any change in the way of living and the way of producing/consuming of their citizens as we observed in Baku, could never reach over their boundaries, and therefore no singel unity in World Wide Decisions could be expected. In the only event of the possible creation of a real powerful Universal Climate Observers Cooperation (a real “watchdog”) between all countries, which should handle all monetary aiding, and keep an eye on all intolerable behavior round the globe, could we expect a real concrete realization of all these hope-giving results or predictions. In such a new Organization, the decisions should be taken by experts from all countries, without any political engagements, and having a firm and direct saying on the doing and avoiding process of any country’s political-ruling-systems, and their Presidents, and on the event of not following the rules and/or guidelines from that Mondial Organization, big sanctions should be given directly to such countries, like food exports and imports, exclusion from any monetarily aiding and isolation of such a country as long as it comes back to its wisdom and cooperation with the rest of the world, but seen the severity of the natural disasters we are confronted with, I am sure and certain that no single country on earth would contest or refuse to work together with the experts, to alleviate their people’s life expectations and the future of their existence. With my friendly regards and good luck in anything you do, you are one of my growing hopes each day anew.
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6 w
Yes! Despite there were some negativity beyond the expectations of many before they embarked to cop29. The small steps like supporting the call of reducing Methane. Was one of the positive aspect from cop29. Let's keep pushing, and we should all collectively remember "My choice, our choice matters. And we better choose the right choices like #movethemoney, etc.