Episode 3

“Reflections on COP29 and the Future of Climate Finance”
Hosts: Zia-Melchior Hoseini & Devi Rajendran
Guest: Prof. Heleen de Coninck, Professor of Socio-Technical Innovation and Climate Change at TU/e and Radboud University

In this timely episode, the EnergySpark team sits down with renowned climate scholar Prof. Heleen de Coninck to reflect on the outcomes of the 2024 United Nations Climate Conference (COP29) held in Baku. The conversation offers an inside view on international climate governance, climate finance, the new global emissions reduction agenda, and the fragile role of cooperation in an increasingly divided world. From headline financial commitments to political backsliding and the practical risks of implementation failure, Prof. De Coninck unpacks the achievements and disappointments of COP29 with clarity and integrity.

The COP29 outcome includes a new finance target—$300 billion annually from 2035 onward. However, Prof. De Coninck argues this figure is a weak compromise, unlikely to cover real adaptation and mitigation needs. “Nobody was really happy with this compromise… $300 billion barely keeps up with inflation compared to the old $100 billion pledge.” She warns that most of the funding still risks being inaccessible to the communities who need it most, and could instead support bankable, market-driven projects. The return of Donald Trump to the U.S. presidency and his immediate plan to leave the Paris Agreement reverberated through the talks. “The U.S. election outcome was felt directly. Developing countries had little choice but to accept what was on the table, knowing they’d get nothing better for the next four years.”

 

 

 

 

 

 

 

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Although new Article 6 rules for international carbon trading were finalized, Prof. De Coninck remains skeptical about their environmental integrity. The risk of “double counting” emissions reductions and non-additional projects still looms large. “The Clean Development Mechanism taught us that many projects would have happened anyway. Now we must be stricter—but risks remain.” Funding mechanisms, such as the Green Climate Fund and World Bank channels, often overlook smaller, community-driven actors. “To truly reach the vulnerable, we need to involve grassroots NGOs—yet they remain the softest voices at the international level.” The COP29 presidency failed to deliver strong direction, adding to the perception of drift in climate governance. However, optimism is placed in the upcoming COP30 hosted by Brazil. “Brazil’s diplomats are skilled, and the current government is pro-climate. We can hope for more leadership next year.” The episode ends on a sobering note about the erosion of global collaboration and trade stability—an alarming trend for any coordinated climate response.