Developing Nations Reject COP29 Climate Finance Proposal

AFP/APP

Baku: Intense negotiations at the UN climate summit in Azerbaijan stretched into Saturday after developing nations rejected a $250 billion per year climate finance proposal from wealthier countries.

Delegates from nearly 200 countries are engaged in heated talks in Baku, with no consensus in sight as dawn broke over the Caspian Sea city.

The proposed figure aimed to increase the current $100 billion annual commitment to $250 billion by 2035. However, countries most vulnerable to climate change dismissed it as insufficient to address the escalating threats of rising seas, severe droughts, and worsening natural disasters.

“This proposal is a slap in the face to nations on the front lines of climate change,” said Tina Stege, climate envoy for the Marshall Islands. The island nation, which faces existential risks from rising sea levels, joined other small island states in condemning the offer as a display of “contempt for our vulnerable people.”The African Group of Negotiators, represented by Ali Mohamed, deemed the figure “inadequate and unacceptable,” echoing calls from developing countries for at least $500 billion annually to meet urgent adaptation and mitigation needs. Critics also noted that inflation would further erode the value of the proposed commitment.

Azerbaijan, hosting COP29, admitted the offer fell short of being “fair or ambitious” but urged continued dialogue to reach an agreement. The summit’s closing session, initially planned for Saturday morning, remains delayed as negotiators work to reconcile the stark divide.

The impasse highlights the growing frustration of poorer nations, which argue they bear the brunt of climate change while contributing the least to global emissions. The talks come amid increasing urgency to finalize a global framework for climate action ahead of 2030, a critical deadline to avert the worst impacts of global warming.