The COP29 climate summit in Baku has been extended by a day following a fierce backlash from developing nations over the draft proposal on climate finance. The contentious text, unveiled on Friday, set a funding target of $250 billion per year by 2035, a figure dismissed as inadequate by both developing countries and climate experts.
Developing nations have demanded a New Collective Quantified Goal (NCQG) of at least $1.3 trillion annually by 2035 to tackle the climate crisis effectively. The draft’s proposal, seen as falling significantly short of this requirement, has been described as a “slap in the face.” Critics argue the text dilutes developed nations’ obligations, merely stating they should “take the lead” instead of fully committing to climate finance.
Prominent climate advocate Harjeet Singh condemned the draft, stating,
“Anything less than trillions is a betrayal of billions across the globe.”
Negotiations stretched through Friday night, with talks escalating to high-level political discussions among developed nations. Observers note that the issue now rests with the leadership of these countries, which must decide how to revise the NCQG quantum.
Marina Silva, Brazil’s environment minister, highlighted the gravity of the situation:
“The USA may leave the Paris Agreement. If this weak text stands, it will further harm humanity and the planet.”
Silva also proposed a $300 billion goal by 2030, escalating to $390 billion annually by 2035, as a stepping stone to achieving the $1.3 trillion annual target.
The ongoing dispute underscores long-standing inequities in global climate negotiations. Developing countries, which bear the brunt of climate change, insist that rich nations shoulder greater financial responsibility. A joint statement by experts Amar Bhattacharya, Vera Songwe, and Nicholas Stern emphasized the urgency:
“Any shortfall in investment before 2030 will create a steeper and costlier path to climate stability.”
Their report advocates mobilizing $1 trillion annually by 2030, scaling up to $1.3 trillion by 2035 to meet the Paris Agreement goals.
Civil society organizations representing millions globally have rallied behind developing nations. A letter signed by 335 organizations and presented to the G77+China delegation stated:
“No deal in Baku is better than a bad deal, and this is a very, very bad deal.
Activists demand transparency and inclusivity in the negotiation process, calling for developed nations to honor their commitments rather than offering “empty promises.”
What Lies Ahead
The outcome of COP29 remains uncertain, with major differences yet to be bridged. Failure to agree on an ambitious NCQG could jeopardize broader climate goals, including the updated Nationally Determined Contributions (NDCs) for 2035, due by February 2025.
Brazilian President Lula da Silva urged global leaders to make COP30 in Belém a “turnaround COP,” warning:
“We cannot postpone to Belém the tasks of Baku. COP30 may be our last chance to avoid irreversible climate damage.”
The extended talks in Baku now hinge on whether developed nations will step up their commitments, paving the way for a more equitable and sustainable future.
