African group calls draft climate finance agreement “totally unacceptable”

Rich countries have finally laid down their cards at the UN climate conference in Baku by proposing $250 billion a year for climate action. A proposal “totally unacceptable”reacted the president of the African group at COP29 in Baku on Friday.

“The proposal” made by developed countries “to provide 250 billion dollars per year by 2035 is totally unacceptable and unsuitable for implementing the Paris agreement”declared the Kenyan negotiator, Ali Mohamed, on behalf of the group.

The alliance of small island states (Aosis) for its part denounced the “contempt» for their “vulnerable people». «We appeal to the moral conscience of those who claim to be our partners so that they are on our side, extend a hand to us and do not abandon us», denounces this group of islands in the Pacific, Caribbean or Africa in a press release.

A figure revised upwards?

The objective of 250 billion annually, to be achieved by 2035, would be much lower than the demands of developing countries: they want to see rich countries provide between 500 and 1300 billion dollars per year to help them move away from fossil fuels and adapt to global warming.

But such a sum would be two and a half times the current commitment of $100 billion a year. Today, this money is essentially public money, but rich countries would like to increase the private share in the future.

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This figure reflects the demand of developed countries, indicated the presidency of COP29, confirmed by a source close to the negotiations. It remains to be seen whether it will be revised upwards. Any agreement at COP29 must be adopted by consensus of the nearly 200 countries gathered.

Home straight

According to the text now at the heart of the debates, the new commitment of rich countries could be financed “by a wide variety of sources, public and private, bilateral and multilateral, including alternative sources“. An allusion to the proposals for global taxes on the richest, aviation, maritime transport… and still far from being implemented.

The Azerbaijanis warned that they would only accept final “adjustments”, but that they were working towards a more “fair and ambitious” financial objective.