The upcoming COP29 summit in Baku, Azerbaijan, is set to focus on climate finance, a crucial aspect of tackling climate change. However, the potential election of Donald Trump as the next US president raises significant concerns. Trump’s energy policy emphasizes increasing domestic fossil fuel production, which could undermine global climate efforts. Rich countries have already shown reluctance to fulfill their financial commitments, leading to a stalemate on the new climate finance goal during the mid-year talks in Bonn. This delay is seen as a tactic to wait for the US election outcome, potentially derailing international momentum on climate change. The lack of a strong host in Azerbaijan, combined with geopolitical uncertainties and high interest rates, further complicates the situation. The summit aims to agree on a new long-term global finance goal, which is essential for vulnerable countries to adapt to climate change and transition to a zero-carbon energy system. Without clear and ambitious negotiations, the summit risks producing an underwhelming finance goal or even failing, which would have severe consequences for climate finance and the energy transition plans of developing countries.