COP29 Draft Deal Proposes Rich Nations Give $250 Billion In Climate Finance

A new draft proposal at COP29, the UN climate talks, suggests that rich nations commit $250 billion annually to help developing countries combat global warming. This proposal, presented on Friday by the host country Azerbaijan, is seen as a critical effort to break the deadlock after two weeks of intense negotiations. However, it has faced backlash from developing nations and climate activists who argue that the figure is insufficient to address the rapidly escalating climate crisis.

The Proposal: A $250 Billion Target for 2035

The proposed deal aims to raise at least $250 billion per year from wealthy nations by 2035, as part of a broader target to mobilize $1.3 trillion annually from both public and private sources. This would support developing nations in their efforts to cut emissions and adapt to climate change. It is the first time concrete numbers have been proposed in the ongoing discussions at COP29, following years of debate about financial commitments.

However, the proposed target has been met with strong criticism, particularly from African nations and climate activists who argue that the figure falls far short of what is needed to meet the goals of the Paris Agreement and prevent further climate catastrophe.

Reactions: Developing Countries Call for More Action

Ali Mohamed, chair of the African Group of Negotiators, labeled the proposal “totally unacceptable,” emphasizing that the funds would be inadequate to meet the pressing needs of vulnerable nations. Friederike Roder, from activist group Global Citizen, echoed similar concerns, calling the proposal “inadequate” and “outrageously below the needs of developing countries.” Jasper Inventor of Greenpeace also criticized the target as “divorced from the reality of climate impacts.”

The African Group and other developing countries had previously pushed for a much larger commitment—$500 billion per year—to address climate change more effectively. They argue that the $250 billion figure would lead to significant loss of life, particularly in Africa, and undermine global efforts to mitigate climate change.

The Role of Wealthy Nations and the Private Sector

While the U.S. and other developed countries, including the European Union, have signaled that the proposed figure is more politically feasible, they emphasize the role of the private sector in contributing to climate finance. The European Union, for example, has advocated for emerging economies like China to contribute more to the global climate finance goal.

Azerbaijan, hosting the summit, defended the $250 billion figure, stating that it reflects the commitments made by wealthy nations during negotiations and that they are working on “final adjustments” to address outstanding issues.

Leadership Challenges at COP29

The COP29 summit has also been marked by frustrations over Azerbaijan’s leadership. The country, heavily reliant on oil and gas exports, has faced criticism for its handling of the talks. Some delegates have expressed a sense of “complete frustration” with the process, citing a lack of effective leadership and clear direction. Mohamed Adow, speaking on behalf of the Climate Action Network, called it “the worst COP in recent memory,” and other critics agree that no deal may be better than a bad deal for developing nations.

Fossil Fuel Disputes and Global Tensions

Another major issue dividing nations at COP29 is the treatment of fossil fuels. While many countries agree that global efforts must focus on phasing out coal, oil, and gas, Saudi Arabia and other oil-producing nations have resisted efforts to target specific sectors like fossil fuels in the climate deal. Germany’s Foreign Minister Annalena Baerbock called out Saudi Arabia for trying to “turn back the clock” on commitments made at last year’s COP28.

The talks at COP29 come at a time when the world is experiencing unprecedented climate impacts. Deadly storms have ravaged the Philippines and Honduras, while Ecuador faces a national emergency due to severe drought and wildfires. Meanwhile, Spain has been devastated by historic floods, highlighting the urgent need for concrete climate action.

The ongoing discussions at COP29 have exposed the deep divides between developed and developing nations on the issue of climate finance. While rich countries defend the proposed $250 billion target, many in the Global South argue that this amount is not enough to address the scale of the climate crisis. As the talks draw to a close, the world waits to see if negotiators can reach a meaningful agreement that adequately supports vulnerable nations in their fight against climate change.