COP29 finance negotiations hinge on last-minute deal-making
With only hours left at COP29 in Baku, negotiators scramble to finalize a climate finance deal amid accusations of poor leadership and insufficient ambition.
In short:
- A revised climate finance text proposes $250 billion annually by 2035 but falls far short of the over $1 trillion requested by developing nations to address the climate crisis.
- Representatives of developing countries express outrage while civil society groups criticize the draft as inadequate, with organizations like 350.org and Oxfam condemning wealthy nations for failing to meet their obligations on climate justice.
- Negotiators also remain divided on the commitment to “transitioning away from fossil fuels,” with convoluted language diluting the phrase’s urgency in the latest texts.
Key quote:
“No deal is better than a bad deal… Poor countries don’t need to be held hostage in Baku.”
— Mohamed Adow, director of Power Shift Africa
Why this matters:
The outcome of COP29 will shape global climate finance for years, determining whether developing countries can fund mitigation and adaptation efforts. The stakes couldn’t be higher. As climate-driven disasters escalate, the gap between promises and action reflect a widening chasm between those who make the rules and those who live—and die—by them.
Read more: It’s time to re-think the United Nations’ COP climate negotiations
