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BAKU, Azerbaijan — Intense negotiations at the COP29 climate summit in Azerbaijan stretched into Saturday after an offer from wealthy nations to provide $250 billion annually for climate action was rejected by developing countries. These nations, many facing the harshest impacts of global warming, deemed the proposal insufficient.
Delegates from nearly 200 countries have spent sleepless nights in Baku’s Caspian Sea stadium trying to finalize an agreement to support vulnerable nations grappling with rising sea levels, severe droughts, and escalating natural disasters. Despite these efforts, a consensus on a draft deal remains elusive.
Azerbaijan, hosting this year’s summit, had aimed to announce a global agreement by late morning, but progress was stalled as key disagreements persisted.
On Friday, after nearly two weeks of discussions, wealthier nations proposed increasing their annual financial support for developing countries from $100 billion to $250 billion by 2035. However, this offer was quickly dismissed as inadequate by nations requiring substantial funding to transition to renewable energy and fortify against climate-related challenges.
“It’s disgraceful to see such proposals,” said Tina Stege, climate envoy for the Marshall Islands, a nation at risk of disappearing under rising seas. Azerbaijan echoed the concerns, acknowledging that the proposed figure was neither “fair nor ambitious.”
Small Island Developing States (SIDS) described the offer as displaying “disrespect” toward their struggles, while the African Group of Negotiators labeled it “grossly inadequate.” These blocs, along with other developing countries, had called for at least $500 billion annually, arguing that inflation erodes the value of the proposed amount.
UN experts have recommended that developed nations triple their current financial commitments by 2030, a target supported by Brazil, which will host COP30 next year. Brazil has urged wealthier nations to contribute $300 billion annually.
The United States, represented by a senior official, signaled reluctance to negotiate beyond the $250 billion proposal, citing the challenges of achieving such a figure. The situation is further complicated by the impending presidency of Donald Trump, who is expected to withdraw the U.S. from international climate negotiations.
Germany, preparing for upcoming elections, emphasized that governments alone cannot bear the financial burden. German Foreign Minister Annalena Baerbock stressed the need for additional financial mechanisms, including debt restructuring, while reaffirming Europe’s commitment to realistic promises.
The draft agreement also outlines an ambitious goal of mobilizing $1.3 trillion per year by 2035 from both public and private sources.
Activists, however, remain dissatisfied. Kenyan climate advocate Obed Koringo described the $250 billion proposal as “insulting,” while urging delegates to prioritize meaningful agreements over inadequate compromises.
Conversely, some negotiators saw the offer as a sign of progress. Avinash Persaud, a climate advisor, noted that the talks were approaching a potential resolution, albeit one that might leave participants dissatisfied.
Wealthy nations, including the U.S. and European Union, have urged emerging economies like China—the world’s largest greenhouse gas emitter—to contribute to the financial pool. While China, classified as a developing nation under UN protocols, provides climate assistance, it prefers to maintain voluntary contributions rather than formal obligations.
Discussions also focused on reaffirming commitments to phase out fossil fuels, the primary drivers of global warming. However, resistance from oil-reliant nations, including Saudi Arabia, has complicated these efforts. Saudi Arabia and other members of the Arab Group oppose any language explicitly targeting fossil fuels in the final agreement.
Germany has criticized these positions, accusing Saudi Arabia of attempting to reverse climate progress.
Azerbaijan, an oil-exporting nation, has faced scrutiny for its leadership of the summit. Critics argue that the country lacks the expertise and neutrality to mediate complex global negotiations, particularly as President Ilham Aliyev has openly praised fossil fuels and criticized Western nations.
This year’s climate talks occur against the backdrop of record-breaking global temperatures and escalating natural disasters. During the summit alone, deadly storms struck the Philippines and Honduras, Ecuador declared a national emergency due to drought and wildfires, and Spain suffered catastrophic floods.
