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People attend the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov

COP29 updates: Who pays as the climate crisis deepens?

Published: November 13, 2024

The annual U.N. climate change summit, being held in Baku, Azerbaijan, comes as the world reels from a spate of deadly extreme weather events, and as activists worry about what Donald Trump’s re-election to the U.S. presidency means for climate action.

COP29 has been dubbed the “finance COP” because the top priority for those attending is to agree a deal for up to $1 trillion in annual climate finance for developing countries.

Delegates will also be hoping for a deal on multilateral carbon credit markets, and more aid money for countries already suffering the calamitous effects of climate change.

Our global team of correspondents and reporters on the ground in Baku will be examining the fundamental issues underpinning the talks.

Featured

An activist speaks as she participates in a protest action during the United Nations climate change conference COP29 in Baku, Azerbaijan November 20, 2024. REUTERS/Maxim Shemetov
Net ZeroReporter's Notebook: Witnessing anger, fear at COP29 finance deal
An environmental activist takes part in a protest to urge world leaders to commit to a strong climate finance deal during the United Nations Climate Change Conference (COP29), in Baku, Azerbaijan November 16, 2024. REUTERS/Maxim Shemetov
Just TransitionCountries eye COP29 finance deal while subsidising climate damage

Latest

Brazil's Finance Minister Fernando Haddad speaks next to Simon Stiell, Executive Secretary of UN Climate Change (UNFCCC), and Brazil's COP30 President Andre Correa do Lago during the ministerial preparatory meeting (Pre-COP30), ahead of the COP30 Climate Summit, in Brasilia, Brazil October 13, 2025. REUTERS/Mateus Bonomi
Climate RisksCOP30: What is the world doing about climate change?
Republican presidential nominee and former U.S. President Donald Trump speaks during a campaign rally held with Republican vice presidential nominee Senator JD Vance, in Atlanta, Georgia, U.S., August 3, 2024. REUTERS/Megan Varner
Climate Justice'Drill, baby, drill': Donald Trump's plan on climate change
A staffer of the non-profit group Rioterra plants on a piece of deforested land, in Porto Velho, Rondonia state, Brazil February 19, 2020. REUTERS/Alexandre Meneghini
NatureWhat are carbon credits and how do they work?
Flood victims sit outside their damaged house, following rains and floods during the monsoon season in Mehar, Pakistan August 31, 2022. REUTERS/Akhtar Soomro
Climate JusticeQ&A: Climate funds only work without red tape - Pakistan minister
A driver for Kenyan electric bus firm BasiGo drives a newly assembled bus in Nairobi, Kenya on Nov. 5, 2024. ºÚÁÏÌìÌÃ/Nita Bhalla
Just TransitionAfrica's electric vehicle firms look to COP29 for finance boost
A local farmer shows bananas at his plantation damaged by flood waters in Careiro da Varzea in the Amazonas state, Brazil May 20, 2022. REUTERS/Bruno Kelly
NatureBrazil family farming minister: Transform global food production
View of a boat on the southern coast of the Caspian Sea near Galugah city in Mazandaran province, Iran, Dec. 5, 2020. Hossein Beris/Middle East Images Handout via ºÚÁÏÌìÌÃ
Climate RisksAt COP29, plan to stop Caspian Sea waters receding falls short
School girls walk towards a school as they reopened after remaining closed for nearly 15 days due to a spike in air pollution, on a smoggy morning in New Delhi, India, November 29, 2021. REUTERS/Anushree Fadnavis
Climate RisksCOP29: Health-focused climate action in the spotlight
Andrew Steer speaks at 'The Brave and the Brilliant' TED Talk in Vancouver, Canada. April 16, 2024. Jason Redmond/TED/Handout via ºÚÁÏÌìÌÃ
NatureQ&A: Bezos Earth Fund CEO on how AI could help climate and nature
Carlos Nobre poses alongside climate leaders as U.S. President Joe Biden signs a proclamation designating November 17 as 'International Conservation Day', in Manaus, Brazil, November 17, 2024. REUTERS/Leah Millis
NatureThe Amazon is not just Brazil's to protect. The G20 must step up
Concealment smoke is activated on a Utility Task Vehicle during the Robotic Complex Breach Concept on Yakima Training Center in Yakima, Washington, U.S. April 26, 2019. U.S. Marine Corps/Lance Cpl. Nathaniel Q. Hamilton/Handout via REUTERS
Net ZeroCarbon bootprint: Why are military emissions top secret?
Climate activists demanding climate reparations hold a protest during the 18th meeting of the Executive Committee of the Warsaw International Mechanism for Loss and Damage, Metro Manila, Philippines, February 28, 2023. REUTERS/Lisa Marie David
Climate JusticeWhat is the climate loss and damage fund and where is the cash?

More In Focus

Audience at a community forum at the Autonomous University of Querétaro about a water bill that proposes recycling sewage water for domestic consumption. Querétaro city, Querétaro, Mexico. July 22, 2025. ºÚÁÏÌìÌÃ/ Fintan McDonnell
Data centres and power: who pays for AI's water?

Updated: February 11, 2026

Former U.S. President Donald Trump takes the stage to address supporters at a rally in West Palm Beach, Florida, U.S., November 6, 2024. REUTERS/Brian Snyder
President Donald Trump 2.0: What's next for the U.S.?

Updated: December 12, 2025

Aerial drone picture shows Amazon rainforest amid grainfields in Querência, Brazil, August 25, 2025. ºÚÁÏÌìÌÃ/Rogério Florentino
Tipping points in the Amazon

Updated: November 06, 2025

Brazil's Finance Minister Fernando Haddad speaks next to Simon Stiell, Executive Secretary of UN Climate Change (UNFCCC), and Brazil's COP30 President Andre Correa do Lago during the ministerial preparatory meeting (Pre-COP30), ahead of the COP30 Climate Summit, in Brasilia, Brazil October 13, 2025. REUTERS/Mateus Bonomi
COP30 in the Amazon. Can Brazil deliver?

Updated: November 04, 2025

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