Discussions continue at the COP29 climate conference, organized in Baku, after developing countries considered the financial proposal from rich countries insufficient on Friday. At the end of 12 days of negotiations, the European Union and the United States put on the table an increase in climate financing from 100 billion dollars per year today to 250 billion by 2035.
This proposal was rejected by many countries in the South. African countries have described it as “unacceptable”, highlighting the immense financial needs linked to the climate disasters they are experiencing and their energy transition. For their part, the small island states denounced a “contempt” towards their “vulnerable peoples”, recalling that with inflation, this commitment would have a limited impact in real terms.
Needs between 500 and 1,300 billion dollars
Developing countries, which estimate their needs between 500 and 1,300 billion dollars per year, are calling for a much greater effort to move away from fossil fuels and adapt to the effects of global warming. Renowned UN-commissioned economists such as Amar Bhattacharya, Vera Songwe and Nicholas Stern support this demand and estimate that the supply should be increased to at least $300 billion per year.
To reach a compromise, the Azerbaijani presidency proposed that new funding come from a “wide variety of sources, public and private, bilateral and multilateral, including alternative sources.” However, a final agreement remains uncertain, especially as many delegations plan to leave Baku before Sunday.
NGOs are also stepping up to the front
NGOs have severely criticized the slowness and inadequacy of the proposals. “The world is burning, we cannot wait for peanuts for 11 years,” said Friederike Roder of Global Citizen, calling for a much more ambitious commitment to accelerate the exit from fossil fuels.
The closing plenary session, initially scheduled for Friday, was pushed back to Saturday morning at 10 a.m. (local time), leaving a short window to reach an agreement. But with nearly 200 countries having to give their consensus, the challenge remains immense.
