COP 29 and the Future of Climate Finance: a Common but Differentiated Responsibilities and Respective Capabilities Perspective

Abstract In the aftermath of COP29 , the urgency of effective climate finance continues to escalate. This note examines the evolving landscape of international climate finance through the lens of the principle of common but differentiated responsibilities and respective capabilities ( CBDRRC ), a cornerstone of international environmental law. It critically analyses some of the decisions at COP29 in the context of the balance of obligations between developed and developing nations, particularly in light of increasing climate vulnerability, shifting geopolitical influence of emerging economies, and changing dynamics of global finance. It explores the persistent shortfall between pledged and delivered climate finance, the role of multilateral development banks, and the growing pressure on high-emitting economies to increase contributions to mitigation and adaptation projects. It also evaluates the potential for innovative finance mechanisms, including loss and damage funding, carbon markets, and private sector mobilisation. By grounding the analysis in the CBDRRC principle, the note underscores the imperative of embedding equity and fairness in climate finance governance. Ultimately, this note contributes to the discourse on whether COP29 and subsequent COP s can serve as pivotal moments in operationalising equitable, ambitious, and just finance frameworks.