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Rich nations agreed to channel at least $300 billion a year by 2035 for developing countries to ramp up climate action under a new finance goal adopted at the COP29 climate summit, after bad-tempered talks in which vulnerable countries pushed for a bigger slice of the pie.

The new goal, which kicks in after 2025, replaces the existing annual target of $100bn, which was met two years late in 2022 and is widely seen as insufficient to meet rocketing needs among poorer nations to shift to clean energy and adapt to extreme weather and rising seas.

The $300bn goal – with developed countries “taking the lead” in providing money and mobilising private-sector investment – will be at the core of a wider effort to scale up financing to at least $1.3 trillion per year by 2035 “from all public and private sources”.

UN climate chief Simon Stiell described the new finance goal as “an insurance policy for humanity, amid worsening climate impacts hitting every country”.

“This deal will keep the clean energy boom growing and protect billions of lives,” he said, warning that “like any insurance policy – it only works – if the premiums are paid in full, and on time.”

In the closing plenary of the two-week summit, some developing nations, including Cuba and India, expressed dissatisfaction with the New Collective Quantified Goal (NCQG), criticising its “paltry size” and the weight given to funding from multilateral development banks. They said it does not respond to their requirements to grow sustainably and keep their people safe.

“The goal is too little. Too distant,” Chandni Raina, an adviser with India’s Ministry of Finance told the closing plenary. “The proposed goal shall not solve anything for us.”

Tina Stege, climate envoy for the Marshall Islands, said her Pacific island state was leaving “with a small portion of the funding climate-vulnerable countries urgently need”. “It isn’t nearly enough, but it’s a start, and we’ve made it clear that these funds must come with fewer obstacles so they reach those who need them most,” she added.

“Tale of delivery”

But EU climate commissioner Wopke Hoekstra told the plenary that COP29 would be remembered “as a start of a new era for climate finance”, saying the EU believes “it is ambitious, it is needed, it is realistic and it is achievable. We are confident this will be a tale of delivery,” he added.

The agreement came after a day of drama as the COP29 talks in Baku ran overtime, with groups of the poorest nations and small island states staging a temporary walkout, raising fears that a deal would not be reached at the so-called “Finance COP”.

COP29 Bulletin Day 12: Carbon market rules adopted after walkout delays finance talks

Those vulnerable groups wanted to ensure they would get fixed amounts under the new goal, arguing they are hit hardest by the impacts of global warming and have the least resources to protect their people and go green. In the end, they compromised, settling for a process that will explore options to “design and implement” allocation floors for them.

Baku to Belem Roadmap

That effort will be part of a “Baku to Belem Roadmap to $1.3 trillion” that will look for “additional resources” to drive low-carbon, climate-resilient development and support the rollout of developed-country plans for cutting emissions and adapting to climate change.

This roadmap, which will be developed over the coming year leading up to the COP30 conference in Belem, Brazil, was put forward by the African Group, Barbados, Colombia, Honduras and Panama in Baku this week.

Details remain sketchy but Colombia’s environment minister Susana Muhamad referred to “innovative possibilities that our countries have been working on”. A taskforce co-led by France, Kenya and Barbados, for example, has been considering how to introduce levies on shipping, aviation, fossil fuels and financial transactions.

Win for China, Gulf states 

The final COP29 deal on the new finance goal was a compromise between efforts by rich countries to limit the amount of additional government finance they will have to stump up – with many citing fiscal constraints – and the growing gap between funding and needs in climate-stressed parts of the world.

Developing countries rejected a strong push by wealthy governments to include their richer, more polluting members, especially China and Gulf nations, in the official donor base. The text only “encourages” developing countries to make contributions to the new finance goal “on a voluntary basis”.

Namibia uses COP29 climate summit to push for oil and gas investments

As the talks in Baku got dangerously close to ending without an agreement, the Azerbaijan presidency came in for sharp criticism for putting a proposed figure for the government-led core of the finance goal on the table too late.

It eventually did so on Friday, which should have been the final day of the two-week talks, with an initial suggestion of $250 billion a year provoking disappointment and anger from developing countries, who argued they were being forced to sacrifice their people.

Compromises

In the end, they settled for not much more in return for commitments to avoid worsening already high debt levels and easing access to funding, including from the UN’s dedicated climate funds. The text promises to pursue efforts to at least triple annual outflows from those funds from 2022 levels by 2030, rather than earmarking a percentage of the goal for them, as earlier proposed.

Developing countries also capitulated on demands for sub-goals to channel more money to under-funded work on adaptation, as well as repairing growing loss and damage from droughts, floods, storms and rising oceans. These sub-goals were left out of the agreed text.

Climate justice activists slammed the new goal for being far too low and failing to set a target that would prioritise grants over loans.

Champa Patel, executive director of governments and policy with the Climate Group, said $300bn a year “doesn’t even come close to the transformational finance needed to tackle the climate crisis”.

Don’t mention fossil fuels

As drama unfolded over finance, countries also adopted at COP29 a weakened decision on cutting carbon emissions, which failed to explicitly mention last year’s pledge to transition away from fossil fuels in energy systems. A second text on mitigation was postponed to mid-2025, after it was also weakened by opposition from Saudi Arabia. 

The adopted Mitigation Work Programme, a non-binding process meant to enhance climate mitigation, was adopted at the closing plenary. The adopted version fails to mention last year’s landmark decision to reduce reliance on fossil fuels, which it did include in earlier versions

A second text meant to be the main outcome on cutting emissions in Baku did not reach consensus, after also getting weakened. The “UAE Dialogue” follows up on last year’s review of climate policies known as the Global Stocktake (GST) – the main decision from last year’s COP in Dubai. 

The last version of the UAE Dialogue referenced “paragraph 28” of the UAE consensus, where the fossil fuel transition was included, but the text falls short of explicitly mentioning the landmark pledge to reduce fossil fuels. 

Instead, the latest draft reaffirmed the role of “transitional fuels” also mentioned in last year’s GST, which experts interpreted to mean fossil gas among other technologies.

Saudi Arabia successfully blocked any fossil fuel language at COP29, after their negotiators said at a plenary session on Thursday that they would “not accept any text that targets any specific sectors including fossil fuel”. The Saudi government has also blocked this in other major environmental summits, among them the biodiversity COP16 and the G20.

In the last draft, the COP29 presidency also removed two proposals to expand energy storage capacity to 1,500 gigawatts by 2030 and to add 25 million km of power grids by 2030. Both would have been new targets building on the decision to triple renewable energy capacity by the same date.

At the closing plenary, several country groups expressed their disappointment with the text and said they could not accept it in its current form. 

“We are concerned to see attempts to backtrack the agreements made last year,” said Chilean lead negotiator Julio Cordano. “The text does not enjoy consensus”.

“We made historic commitments a year ago, including to transition away from fossil fuels. We came here to translate that commitment into meaningful action, and quite simply, we have fallen short,” said a delegate from Canada.

In the end, COP president Mukhtar Babayev opted to defer the text until next year, when countries will review the process again in mid-year talks in Bonn. A final decision is expected at COP30. 

The UAE Dialogue was one of the key agreements meant to inform the upcoming round of new nationally determined contributions (NDCs). Most of them will now have to make progress without an explicit mandate from the COP.

As COP29 came to a close, UN Secretary General Antonio Guterres said in a statement that he “had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face. But this agreement provides a base on which to build,” he added.

(Reporting and editing by Megan Rowling, Joe Lo and Sebastian Rodriguez)

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New Zealand moves to protect business with law curtailing climate litigation

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New Zealand’s parliament has adopted a controversial new law blocking a whole avenue of climate litigation and shutting down its most advanced corporate lawsuit, which has been blamed by the government for shaking business confidence and investment.

The Climate Change Response (Tort Liability) Amendment Bill, expected to take effect in the coming days after it is formally signed by the Governor-General, prevents all current and future civil claims for climate loss or harm under tort law.

Justice minister Paul Goldsmith said last week that the aim was to give businesses “certainty around their climate change obligations”, noting it would not alter the government’s responsibilities under the Climate Change Response Act 2002 nor business obligations under the Emissions Trading Scheme.

“Our response to climate change is best managed by the Government at a national level and not through piece-meal litigation in the courts,” he added in a statement.

Such litigation, he said, “risks developing a new regime that contradicts the framework Parliament has already enacted” to tackle climate change.

    Goldsmith singled out a key domestic climate lawsuit brought by Northland iwi leader and activist Mike Smith against six big companies: dairy firms Fonterra and Dairy Holdings, energy firms Genesis Energy and Z Energy, New Zealand Steel and coal mining firm BT Mining. A seventh original defendant, Channel Infrastructure, was dropped after it permanently decommissioned its Marsden Point oil refinery.

    Smith argued that these companies had caused him harm under public nuisance and negligence law, as well as a third breach of a duty to cease contributing to climate change that has yet to be tested domestically. He did not seek financial compensation, instead asking for the companies to immediately stop emitting or contributing to net greenhouse gas emissions.

    In one of the most advanced corporate climate accountability lawsuits in the world, a trial had been scheduled for April 2027 after the Supreme Court unanimously allowed the case to continue.

    Corporate lobbying in the shadows

    Smith described the passing of the bill as “deeply concerning”, particularly as it coincided with the Supreme Court hearing another of his climate lawsuits. In that case, Smith v Attorney-General, he argues that the government’s response to climate change and its impacts on Māori communities in particular breaches rights to life and culture.

    “That timing raises profound questions about the separation of powers and the rule of law,” said Smith. “Whatever one’s view of the merits of these cases, it is deeply troubling when parliament intervenes to remove a legal pathway while the courts are actively considering fundamental questions about climate responsibility, rights and the crown’s obligations.”

    The bill – which says that no person (including the government) can be found liable in tort for emissions-related climate change effects – followed major lobbying efforts by the companies defending themselves in Smith’s lawsuit. They outlined a proposed legal amendment in a briefing note to the government in 2024.

    The centre-right government has been fiercely criticised over its lack of transparency in relation to this lobbying activity. The national ombudsman recently found that the Prime Minister’s Office effectively withheld information requested by the Environmental Law Initiative about meetings, discussions and conversations regarding Smith’s case.

    Green groups fail to stop bill

    The bill sparked huge concern among environmental campaigners in New Zealand and elsewhere. Greenpeace Aotearoa called it a “shocking abuse of executive power” and the vast majority of submissions to a parliamentary inquiry said it should be rejected.

    But in the end, it was adopted with little resistance, moving relatively smoothly through parliament, passing its third reading by 67 votes to 53. Sam Bookman, climate law lecturer at Melbourne Law School, told Climate Home News he was not surprised by this, given that the coalition government has a secure majority.

    A complaint has been made to the UN special rapporteur on climate change and human rights by Smith, the National Iwi Chairs Forum Pou Tikanga and youth coalition Climate Clinic Aotearoa over what they see as the government’s heavy-handed approach. Smith is also challenging the new law in yet another lawsuit.

    “Pathetic”: New Zealand plans to barely cut emissions between 2030 and 2035

    Bookman thinks it “very unlikely” that such a challenge will succeed, noting that New Zealand’s constitution is firmly anchored in parliamentary sovereignty.

    But the expert in climate law does not see the bill as the end of legal action in the country, noting that New Zealand has a “sophisticated climate litigation landscape with a growing number of specialist and experienced lawyers and NGOs”.

    The country is also approaching its next general election in November, and some opposition parties have pledged to restore access to the courts if elected.

    Amanda Larsson, global project lead on agriculture for Greenpeace International, said: “This law deserves to be tested, and I strongly encourage the international climate litigation community to unite and help defend New Zealanders’ fundamental right to hold polluters accountable before this becomes a global blueprint.”

    Copycat legislation on the rise

    New Zealand’s move is part of a small but growing legislative effort to shut down climate litigation around the world.

    In the US, Republican politicians introduced legislation in the House and Senate in April that would shield fossil fuel firms from climate liability lawsuits. Similar laws have already been passed at state level in Tennessee, Utah, Iowa and Louisiana.

    The German state of Bavaria has put forward a similar proposal to the Federal Council, aiming to block private climate claims as well as the recognition and enforcement of foreign judgments imposing such liability. There are also proposals to limit available remedies and actions in the Netherlands and Belgium.

    UN General Assembly backs “climate obligations” set by world’s top court

    Bookman said he expects more efforts to counter climate damages litigation and advised plaintiffs to think about how to respond, including drawing on broader support in opposing them.

    “Even though it’s very hard for plaintiffs to win these types of cases, companies are very eager to avoid the expense, embarrassment and political accountability that come even with unsuccessful lawsuits,” he said.

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    Indonesia’s nickel production cuts are not enough to create a sustainable industry 

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    Bhima Yudhistira Adhinegara is the Executive Director of the Center of Economic and Law Studies (CELIOS), an Indonesia-based economic think tank. Muhammad Zulfikar Rakhmat is the Director of the China-Indonesia desk at CELIOS. 

    Indonesia produces around 60% of the world’s nickel, a metal used to manufacture batteries for electric vehicles (EVs) – more than any other country in the world. But in 2026, the government sharply reduced how much of its nickel can be extracted from the ground.

    Production quotas were reduced by around 40% this year compared to 2025. Weda Bay, the largest nickel mine on Earth, had its allowance cut by more than 70% and exhausted its full-year quota by the end of May, halting mining entirely; it cannot resume large-scale extraction until next year unless regulators grant an extension.

    The policy has sparked a vivid debate in Indonesian policy circles: how can the country shift its strategy from a decade of mining vast quantities of cheap nickel to producing a high-value and low-carbon material that the rest of the world wants for EV batteries.

    The cuts aren’t a silver bullet to clean up Indonesia’s nickel industry, whose smelters are powered by coal – the most polluting fossil fuels. But alongside stricter enforcement of environmental rules, it is one side of efforts to produce more sustainable nickel for a premium.

    Restricting Indonesia’s nickel output

    Production quotas were introduced to stop the collapse of nickel prices because of oversupply in the market. Prices had fallen more than 40% in 2023 alone and kept sliding as Indonesian supply kept growing, hitting a four-year low of around $13,900 a ton in late 2025.

    Critics called the recent tightening of production quotas proof that Indonesia’s nickel strategy has failed, arguing that the industry shouldn’t need to throttle its own output to survive. But when assessed against what the policy was supposed to do – push up nickel prices – it has worked. Prices jumped to $20,000 a ton in May, the highest since 2024.

      Chinese industry groups representing companies that have invested billions to mine and refine the country’s nickel were furious, warning Indonesia’s president Prabowo Subianto that the cuts put $50 billion worth of investment at risk. But much of that Chinese capital is sunk into smelters and processing plants built specifically to run on Indonesian ore, and cannot simply be moved elsewhere. That gives Jakarta more room to hold its ground than the warning suggests.

      Stronger environmental enforcement

      Since the start of the year, Indonesia’s forestry task force has seized more than four million hectares of land from mines and plantations operating illegally in protected forests, collecting over two trillion rupiah ($113 million) in fines.

      This included 148 hectares seized from Weda Bay for lacking a forestry permit. The share of nickel produced from illegal small-scale mining also fell from about a quarter in 2022 to roughly 10% by 2024.

      The crackdown responds to serious environmental damages in the nickel industry. On Obi Island, a waste pond collapsed after heavy rain in June 2025, flooding three villages and killing a resident. Internal company tests found chromium-6 – a carcinogen – in the water, in quantities far above the legal limit. The footprint of another mine near Raja Ampat, which is home to some of the world’s richest coral reefs, grew 60-fold in just eight years.

      A coastal village is wedged between the sea and a large nickel mine in Indonesia
      The fishing villages of Tapunggaya in Sulawesi, Indonesia, are squeezed between the sea and an expanding nickel mine (Photo by Garry Lotulung/NurPhoto)

      The market is responding to early cleanup efforts. Low-carbon nickel now sells for a real premium, roughly $18,800 to $19,300 a ton compared with $17,900 to $18,300 otherwise, as carmakers seek to source cleaner materials to comply with the European Union’s new emissions rules for imports.

      In turn, this is incentivising the industry to do more to green its operations. Vale Indonesia’s smelter in South Sulawesi now runs almost entirely on hydropower, for example.

      None of this addresses coal use, however. Major Indonesian nickel producers still emitted an estimated 15 million metric tons of greenhouse gases in 2023. Indonesia may be cracking down on illegal mining and rewarding cleaner producers but it is still running its mines on the dirtiest fuel available.

      Unequal benefits

      For Indonesia to truly benefit from producing cleaner and high-value nickel, it needs to reap the economic benefits too. Although the industry has boosted the country’s economic growth, the reality on the ground tells a different story.

      Konawe in Southeast Sulawesi is home to a major smelting complex. Growth in the district jumped from 6% to 22% between 2015 and 2023, driven almost entirely by the nickel industry, according to a study by the Lowy Institute study. At the same time, poverty levels increased slightly and unemployment remained unchanged.

        In Halmahera, another epicentre of the nickel industry, spending by the poorest fifth grew just 5% between 2019 and 2022, compared with 28% for the wealthiest fifth, according to a separate study.

        Part of the reason for this inequality is the system for transferring mining royalties to district authorities where the mines are located. In theory, they are entitled to the largest share. But in practice, payments are delayed, companies routinely dispute what they owe and royalties are pooled and distributed across a larger area.

        The Natural Resource Governance Institute has found that decentralisation handed local governments power to approve new mines faster than they could build their capacity to manage them. Higher output raises national income on paper, but local governments remain constrained by fiscal rules and infrastructure costs that scale with mining.

        None of this makes the 2026 quota cuts a mistake. Indonesia has every right to defend its pricing power over a resource it controls. But limiting extraction isn’t going to fix underlying issues around environmental enforcement and revenue-sharing. That requires rules that are consistently enforced, royalties that reach communities living by the mines, and a plan to wean smelters off coal.

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        Risk of “catastrophic” oil spill reaching Kimberley coast found in Woodside’s Scott Reef gas drilling plans

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        SYDNEY, Monday 24 August 2026 – New analysis of Woodside modelling released by Greenpeace Australia Pacific and Environs Kimberley has revealed the oil and gas corporation’s plans to drill at Scott Reef could cause an oil spill up to 30 times bigger than the 2009 Montara disaster, impacting the Kimberley coastline and reaching as far as Indonesia.

        The new analysis details the “catastrophic” oil spill risk put to environmental regulators for approval by Woodside in its Browse to North West Shelf Project (Browse) plans, the worst-case scenario being a blowout directly below Scott Reef, polluting whale migratory pathways and covering isolated turtle nesting ground with oil condensate.

        An FOI application (F348) revealed the federal environment department (DCCEEW) asked offshore oil and gas regulator NOPSEMA to look into the oil spill risk in 2025. NOPSEMA’s response to the application refused access to its report, and one document shows DCCEEW sought further advice this year.

        Greenpeace and Environs Kimberley are calling on the Federal Government to publicly release the NOPSEMA report given the risk of an uncontrolled release of oil condensate from directly below Scott Reef.

        Hannah Schuch, Senior Campaigner at Greenpeace Australia Pacific, said: “Woodside is aware that drilling at Scott Reef risks a massive oil spill that would have severe, far-reaching consequences. It appears environmental regulators are aware too.

        “The state and federal governments need to take this risk from Woodside’s drilling plans seriously, as they could end up allowing the worst oil spill in Australian history.

        “The pygmy blue whales that migrate up and down the WA coast with their newborns each year could be swimming and feeding in toxic, oil-slicked water. Woodside’s proposal to drill at Scott Reef is an environmental disaster waiting to happen, and the WA and federal governments have one surefire way to prevent catastrophe — reject Browse.”

        Martin Prichard, Executive Director at Environs Kimberley, said: “A catastrophic oil spill by Woodside would be disastrous not just for marine life in the area but also for the Kimberley’s $500 million tourism industry.

        “The state and federal governments will see five marine parks on the Kimberley coast included in the risk area of a catastrophic Woodside oil spill.

        “The Montara oil spill was disastrous for West Timor with the toxic oil destroying seaweed farmers’ livelihoods. The Kimberley dodged a bullet with Montara, we were lucky the spill didn’t head our way. Myself and a crew flew over the Montara oil spill and followed it as far as we could. It was like a scene from a disaster movie.”

        After the WA Environmental Protection Authority deemed Browse “unacceptable” due, in part, to oil spill risk, Woodside submitted a mitigation plan based on technology that has never been used “in anger”, a weakness stated in an independent expert review of the plan.

        Professor Richard Steiner, independent oil spill expert, said: “A large offshore spill is impossible to effectively contain or recover. Historically, only 2-6% of total spill volume is recovered and the ecological injury from the release of toxic hydrocarbons in the sea can be severe, extensive, and long-term.

        “Here in Alaska, government research concludes that several marine populations injured by the 1989 Exxon Valdez oil spill, including whales, fish, and seabirds, are still not recovering today, 37 years later. We should expect similar long-term ecological impacts in Western Australia if there were to be a major oil spill. The only sure way to avoid the risk of a catastrophic marine oil spill is to not develop oil and gas projects in marine environments.”

        -ENDS-

        Media contact

        Emma Sangalli on emma.sangalli@greenpeace.org or 0431 513 465

        Risk of “catastrophic” oil spill reaching Kimberley coast found in Woodside’s Scott Reef gas drilling plans

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