Negotiations at COP29, the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), have reached a tense juncture as global leaders and negotiators from wealthier nations face backlash over their commitment to annual climate financing. The summit, hosted this year in Baku, Azerbaijan, is centered on calls for rich countries to significantly increase their financial pledges—specifically, to provide $250 billion annually to assist developing nations adapt to climate change and accelerate their transitions to renewable energy sources.
The ambitious new draft deal delivered just as the conference was set to conclude has ignited heated discussions among representatives from around the globe. While the proposed amount marks more than double the previously established goal of $100 billion—a target set over 15 years ago—many developing nations argue it falls woefully short of the $1.3 trillion they deem necessary by 2035 to address the increasing threats posed by climate change.
“Our expectations were already low, but this is simply a slap in the face,” expressed Mohamed Adow from Power Shift Africa, voicing the sentiments echoed by many advocates for climate action. The idea of offering developing countries only $250 billion by 2035 came off as shocking to those on the frontline of climate impacts. “No developing country will be fooled by this. They have angered and offended the developing world,” he added.
Civil society groups at the summit have also voiced their dissatisfaction. Many activists donned pieces of paper on their faces declaring “Pay up!” as they rallied for more action from wealthier nations. Kelly Stone from ActionAid International noted, “We are calling on Global North countries to pay what they owe to the Global South.”
Negotiators are expected to continue discussions over the weekend as they wrestle with specifics on financing, one of the key issues at play. Central to discussions are the roles of developed countries and the mechanisms through which the new funds will be mobilized. The overarching goal of climate financing is not only to cover immediate needs like coping with climate-induced disasters but also to finance long-term adaptations, such as building renewable energy infrastructure.
Despite this ambitious financial target, the draft lacks detail on the structure of support—how much will be delivered as grants versus loans. Many representatives from developing nations emphasized their concerns, stating loans only exacerbate the financial burdens they already face. "Climate finance should not come in the form of loans—this only adds to the debt burden," warned Lidy Nacpil from Asian Peoples’ Movement on Debt and Development.
Adding fuel to the controversy, the negotiations have been complicated by the political climate surrounding nations, particularly those willing to commit funding amid rising skepticism, such as the United States following Donald Trump’s election victory, which could signal shifts away from international climate commitments.
On the other hand, contributions promised by the World Bank and other multilateral development banks aim to supplement the climate funding goal, potentially mobilizing up to $120 billion annually by 2030, with hopes of increasing these figures by 2035. These initiatives are indicative of wider efforts to pull together both private and public financing to meet overarching climate goals and commitments.
Another leading official from the summit noted, “We’re facing substantial challenges to moving forward. Establishing clear agreements on how funds are raised is key.” The details of implementations, especially concerning the price tag for climate initiatives, saw little clarity as nations continued to differ on contributions, creating obstacles to achieving consensus.
The absence of commitment from major developed countries has also drawn ire from vulnerable nations. For some, like the representatives from the Marshall Islands, the proposed sum felt disrespectful. “We receive only sympathy and no real action,” stated Tina Stege, Marshall Islands' climate envoy, referring to the persistent devastation wrought by climate change on their island communities.
Throughout the proceedings, the words of U.N. Secretary-General António Guterres echoed, imploring negotiators to avoid failure, noting, “The time for action is now.” The urgency of COP29 has been underscored by increasing global temperatures and extreme weather events—reminders of the persistent threat climate change poses.
Yet, beyond the negotiations, many activists, especially young climate advocates, have expressed their frustration at the pace and nature of the discussions. They’ve gathered to demand not just financial commitments but substantive actions to combat climate change, emphasizing the need for governments to rise to the occasion rather than risk the survival of communities across the globe.
The stakes are high at COP29, and as talks stretch well beyond their scheduled end, all eyes remain on the negotiating table to observe whether the promised commitments will translate to real action on the ground. With developing countries rallying and demanding action, the outcome of these negotiations will have lasting effects on the global fight against climate change.
