Intense negotiations at the COP29 climate talks continued into Saturday morning after wealthy nations’ proposal to boost funding for developing countries to $250 billion annually by 2035 was rejected.
The offer, designed to help nations facing the brunt of climate change, was quickly dismissed by those hardest hit by rising seas, severe droughts, and increasing natural disasters.
“We will not accept a deal that does not reflect our needs,” said Ali Mohamed, chair of the African Group of Negotiators, emphasising the insufficiency of the $250 billion figure.
The proposal was viewed as “inadequate” by many, including Tina Stege, climate envoy for the Marshall Islands, who called the offer “shameful.”
Despite nearly two weeks of tense talks, including overnight negotiations in Baku’s sports stadium, no agreement was reached by dawn.
Delegates from nearly 200 nations struggled to find common ground on how much wealthier countries should contribute to climate action in the global south.
Developing nations had demanded at least $500 billion annually to address climate impacts.
Experts have argued that developed countries need to increase their climate financing commitments, with some calling for the pledged $100 billion to be tripled by 2030.
“There is no deal to come out of Baku that will not leave a bad taste in everyone’s mouth,” said Avinash Persaud, advisor to the Inter-American Development Bank.
As the deadline looms, divisions persist. European and U.S. officials stand firm on the $250 billion offer, but emerging economies like China remain resistant to contributing more.
The failure to reach a consensus underscores the growing challenges of securing a global climate deal in a rapidly warming world.
