The World Leaders Action Summit at COP29 began in Baku on Tuesday, gathering around 100 global leaders, though several key figures from major carbon-emitting countries were notably absent. High on the summit’s agenda is a proposed deal to significantly increase climate funding for developing nations, who have warned they may struggle to meet climate commitments without enhanced financial support.

The summit’s top priority this year is to finalize an agreement to boost funding for climate action in developing countries. Some participants are pushing to expand the existing pledge of $100 billion (€93 billion) per year to as much as $1 trillion, intended to support clean energy transitions and adaptations to the increasing climate shocks facing vulnerable regions. The urgency for this support is growing, as countries prepare to submit updated climate goals by early 2025.

However, the absence of leaders from the 13 biggest carbon emitters — collectively responsible for over 70% of global emissions in 2023 — has drawn concern from environmental experts. Chinese President Xi Jinping, US President Joe Biden, and Indian Prime Minister Narendra Modi, among other G20 leaders, did not attend, including German Chancellor Olaf Scholz and Brazilian President Lula da Silva.

Bill Hare, a climate scientist, commented on these absences, saying they reflect a “lack of political will to act” and a “lack of urgency.” Nonetheless, Yalchin Rafiyev, COP29’s lead negotiator and Azerbaijan's deputy foreign minister, maintained optimism, noting, “Success doesn’t depend on one country alone. Unless all countries can slash emissions deeply, every country and household will face increasingly severe impacts.”

Azerbaijan’s President Defends Resource Use

Azerbaijan’s President Ilham Aliyev, hosting the event, defended the use of the country’s vast oil and gas reserves, calling them a “gift of God” and cautioning against judging nations for their natural resources. Aliyev’s statement has sparked discussion, as Azerbaijan possesses approximately 7 billion barrels of oil reserves and was an early site of commercial oil production.

UK Reaffirms Commitment to Climate Leadership

UK Prime Minister Keir Starmer, among the leaders present, underscored Britain’s commitment to addressing climate change, pledging an 81% reduction in greenhouse gas emissions by 2035. Starmer stated that the UK, despite the absence of several Western allies, is “building on our reputation as a climate leader.”

UN Chief Calls for Immediate Action

UN Secretary-General Antonio Guterres warned that the “final countdown” to limiting global temperature rises to 1.5 degrees Celsius is nearing an end. The Paris Agreement, established in 2015, set this target, but the goal is increasingly challenging to meet, with projections indicating that the limit may be breached this year.

Guterres urged nations to ensure an equitable agreement that provides developing countries with the financial tools to combat climate change effectively, calling it “a must.”

Demand for Climate Justice and Funding

The Republic of Congo’s President Denis Sassou Nguesso also highlighted the urgent need for increased climate financing, emphasizing that a new funding target should be informed by scientific data that reflects the specific challenges developing countries face. He suggested the target should exceed $1 trillion, framed around principles of “climate justice and a just transition.”

With critical discussions underway, COP29’s outcome is expected to set the course for future climate action and funding, particularly for countries most vulnerable to climate impacts.