Tense negotiations at the COP29 climate conference in Baku, Azerbaijan, entered overtime after developing nations rejected a $250 billion proposal from wealthy countries aimed at addressing global warming. Originally scheduled to conclude last night, discussions are now expected to continue through the morning, with nearly 200 nations slated to review a revised deal.
The proposal, which sought to raise the current $100 billion annual climate funding to $250 billion by 2035, was deemed insufficient by many developing nations. Climate envoy Tina Stege of the Marshall Islands, an atoll nation at risk from rising seas, called the offer “shameful.”
Juan Carlos Monterrey Gomez, Panama’s Special Representative for Climate Change, expressed frustration, labeling the proposal “ridiculous” and accusing wealthier nations of neglecting their responsibilities. “It feels that the developed world wants the planet to burn,” he said.
Azerbaijan, the host nation, acknowledged that the figure was neither “fair nor ambitious” but urged nations to continue striving for consensus. The $250 billion offer, which fell significantly short of the $500 billion demanded by a coalition of 134 developing countries, including China, also faced fierce criticism from the Alliance of Small Island States and the African Group of Negotiators.
“$250 billion will lead to unacceptable loss of life in Africa and around the world,” said Ali Mohamed, chair of the African bloc, calling the proposal “totally inadequate.”
The stalemate reflects deep divisions between developed and developing nations. While poorer nations demand more robust support to build climate resilience and reduce emissions, wealthier countries are hesitant to commit to larger sums.
The United States, led by representatives from outgoing President Joe Biden’s administration, signaled no willingness to negotiate a higher figure. With President-elect Donald Trump set to take office in two months, U.S. climate diplomacy could face significant setbacks.
Germany and the European Union emphasized the need for private-sector involvement and innovative financial tools like debt restructuring to meet climate goals. “We must live up to our responsibilities in ways that are realistic,” said German Foreign Minister Annalena Baerbock.
The rejected draft also aimed to secure $1.3 trillion annually by 2035 from both governments and private investors. Economists commissioned by the United Nations had earlier warned that $250 billion was “too low and inconsistent” with the global objective of limiting warming to 1.5°C.
The talks unfold as climate disasters intensify globally. Since COP29 began on November 11, storms have ravaged the Philippines and Honduras, while Ecuador declared a national emergency due to drought and forest fires, and Spain grappled with historic floods.
Despite the contentious atmosphere, some see hope. Avinash Persaud, a climate adviser, described the negotiations as “within sight of a landing zone.” However, he acknowledged that no deal would fully satisfy all parties.
As the conference continues, the stakes remain high. With 2023 already on track to be the hottest year in recorded history, failure to reach an agreement could have dire consequences for the planet.
