By Ádám Harmat, Regional Climate and Energy Lead at WWF-CEE
COP29 concluded at the end of November after two weeks of intense negotiations but fell short of delivering on crucial goals. It failed to secure sufficient financial resources to address climate change in developing countries and did not effectively advance the phasing out of fossil fuels or raising climate ambition. Central and Eastern European (CEE) governments must step up to address global climate finance needs and accelerate their own transition to climate neutrality.
A Missed Opportunity for Climate Finance
A central focus of COP29 was agreeing on a new global climate finance target to replace the earlier $100 billion per year pledge by developed countries. Despite extended negotiations that continued until Sunday morning, the outcome was underwhelming. Developed nations pledged to mobilize only “at least” $300 billion annually and set a vague goal to raise $1.3 trillion per year from multiple sources by 2035. These commitments fall dramatically short of the $5.8–5.9 trillion needed according to the Global Stocktake outcome to implement Nationally Determined Contributions (NDCs) in developing countries by 20301. An additional $215–387 billion per year is required for climate adaptation in the same period.
The EU’s Role and the Need for CEE Action
While the European Union remains the largest public climate finance contributor to developing countries, it must do more given its historical responsibility and significant share of global emissions. New narratives around competitiveness and industrialization should not undermine these efforts.
CEE countries, however, have lagged behind in meeting their share of global climate finance obligations. Between 2020 and 2022, CEE countries where WWF-CEE offices operate - Bulgaria, Czechia, Hungary, Slovakia, and Romania—contributed just 0.16% of the EU’s total international climate finance. This is alarmingly low.
- Bulgaria: No contribution to international climate finance.
- Czechia and Hungary: Approximately €10 million annually.
- Slovakia and Romania: Around €5 million annually.
Even when adjusted for economic performance, these contributions are inadequate. For instance, the top-performing CEE countries, Hungary and Slovakia, contributed just one-fifth of the EU average when measured against gross national income2.
Weak Signals on Emission Reductions
COP29 also failed to provide clear momentum for reducing emissions, despite the findings of last year’s Global Stocktake. Calls for transitioning away from fossil fuels have not been translated into concrete action.
The EU plans to update its Nationally Determined Contribution only after setting a 2040 emissions target next year. To compensate for weak 2030 targets, it is essential to significantly increase ambition to reach climate neutrality by 2040. CEE governments have a crucial role to play in these upcoming negotiations. They must shift from being laggards to active contributors, especially given their poor performance during the recent revision of 2030 national energy and climate plans. Most CEE countries failed to meet the EU’s ambition levels in this process.
A Call for Leadership
CEE governments must break free from reliance on EU-level achievements and take proactive steps to combat climate change. This includes:
- Boosting climate finance contributions to align with EU averages.
- Supporting higher climate ambitions during 2040 target negotiations.
- Accelerating domestic transitions to climate neutrality.
With global climate needs becoming more urgent, the disappointing outcomes of COP29 serve as a wake-up call. The time for CEE governments to act is now.
1 Report of the Conference of the Parties
2 Assessing International Climate Finance by the EU and Member States
