Climate Talks Reach Endgame on New Finance Deal

AFP/APP

Baku: The UN’s marathon climate summit neared the finish line early Sunday, with nations deliberating a controversial proposal for wealthy countries to allocate at least $300 billion to poorer nations. The latter had demanded a much larger sum.

After two intense weeks of negotiations in Azerbaijan’s capital, Baku, COP29 president Mukhtar Babayev declared the final plenary session open post-midnight, two days past the conference’s scheduled conclusion.

Small island nations and the world’s poorest countries expressed anger, with representatives like Tina Stege, climate envoy of the Marshall Islands, calling the package “an affront.” Disagreements culminated in some delegations walking out of a meeting, accusing Azerbaijan’s presidency of failing to address their concerns adequately.

The proposed deal increases commitments to $300 billion by 2035, a rise from the current $100 billion but still below the $500 billion demanded by developing nations.

Sierra Leone’s climate minister Jiwoh Abdulai called the offer “a suicide pact,” while Brazil urged progress, vowing to build momentum at COP30 next year in Belem.

Despite criticism of Azerbaijan’s management of the summit, Babayev urged all parties to agree on a “minimally acceptable” outcome to address the climate emergency.