BAKU, Azerbaijan: Diplomats at the UN Climate Change Conference unveiled a draft strategy to mobilise at least $250 billion annually by 2035 to help poorer nations address the impacts of global warming. The draft agreement, released during the COP29 summit, marks progress in the negotiations but has sparked mixed reactions from participating nations.
The proposal follows nearly two weeks of discussions among representatives from nearly 200 countries at the conference, which has gone into overtime. A central issue in the talks has been determining the financial responsibility of wealthier nations, whose industrial activities have significantly contributed to global warming, for the escalating damages experienced by vulnerable countries, including extreme weather, rising sea levels, and droughts.
The draft agreement sets an overall goal of $1.3 trillion in funding from public and private sources by 2035, with a minimum of $250 billion annually from wealthy nations. This update has provided greater clarity compared to an earlier version, which lacked specific dollar amounts and was criticized by many delegates.
However, the latest proposal has been met with criticism from developing nations and climate advocates, who consider the figure insufficient.
Ali Mohamed, chair of the African group of negotiators, dismissed the target as “totally unacceptable and inadequate,” emphasising that developing countries have requested trillions in grants rather than loans to avoid further debt burdens.
Delegates from wealthier nations, while acknowledging past failures to meet climate funding commitments, defended the draft as a realistic goal. They highlighted the challenges of balancing international obligations with domestic voter concerns.
The document also signals a shift by inviting contributions from developing countries, including China, despite its UN classification as a developing nation. China, the world’s largest greenhouse gas emitter, has stated that any financial support it provides should remain voluntary. Chinese officials noted that their country has already mobilized $24.5 billion through the South-South Climate Cooperation Fund since 2016.
The negotiations reflect ongoing divisions over historical responsibility for climate change and current capabilities to address its impacts. Wealthy nations, led by the United States and European countries, face mounting pressure to deliver on pledges, while developing countries argue that existing commitments fall short of addressing their urgent needs.
Avinash Persaud, a climate advisor to the Inter-American Development Bank, noted that while the proposal may not satisfy all parties, it represents a step forward. “No deal will be perfect, but this brings us closer to a workable framework for climate finance,” he said.
The summit’s outcome will likely shape the future of international climate cooperation, as nations attempt to balance equity, accountability, and the practicalities of mobilizing significant financial resources.
