Fierce negotiations at the UN climate talks in Baku, Azerbaijan, continued into Saturday as developing nations rejected a proposed $250 billion annual climate finance commitment from wealthier countries.
The discussions, which have extended beyond the scheduled conclusion, reflect deep divisions between affluent nations and those most affected by climate change.
Delegates from nearly 200 countries spent a sleepless night in a sports stadium, striving to reach a consensus on financial support for poorer nations grappling with rising sea levels, extreme droughts, and increasing natural disasters. As dawn broke, no final agreement had emerged from the lengthy deliberations.
Azerbaijan, the host of COP29, had aimed to finalize a global deal by consensus during a session slated for after 10:00 AM local time. The contentious proposal would increase the annual climate financing commitment from $100 billion to $250 billion by 2035.
However, this offer was met with widespread criticism from developing countries that require substantial funds to transition to clean energy and bolster their resilience against climate impacts.
Tina Stege, climate envoy for the Marshall Islands, condemned the proposal as "shameful," emphasizing the urgent need for more substantial financial commitments.
Similarly, representatives from the Alliance of Small Island States expressed that the offer demonstrated "contempt for our vulnerable people," while Ali Mohamed, chair of the African Group of Negotiators, deemed it "totally unacceptable and inadequate."
Developing nations have been advocating for at least $500 billion annually, arguing that the proposed figure fails to account for inflation and the true costs of addressing climate change.
Experts have suggested that developed countries should triple their current commitments to meet the needs of vulnerable nations effectively.
