BAKU, Azerbaijan (AP) — A new draft of a deal on cash to curb and adapt to climate change released Friday at the United Nations climate summit pledged $250 billion annually by 2035 from wealthy countries to poorer ones. The amount pleases the countries who will be paying, but not those on the receiving end.
It’s more than double the previous goal of $100 billion a year set 15 years ago, but less than a quarter of the number requested by developing nations struck hardest by extreme weather. But rich nations say it’s realistic and about the limit of what they can do.
It struck a sour note for developing countries, which see conferences like this one as their biggest hope to pressure rich nations because they aren’t part of meetings of the world’s biggest economies.
“Our expectations were low, but this is a slap in the face,” said Mohamed Adow, from Power Shift Africa. “No developing country will fall for this. They have angered and offended the developing world.”
The proposal came from the top: the presidency of the climate talks — called COP29 — in Baku, Azerbaijan.
Lead negotiator Yalchin Rafiyev, Azerbaijan’s deputy foreign minister, said the presidency hopes to push countries to go higher than $250 billion, saying “it doesn’t correspond to our fair and ambitious goal. But we will continue to engage with the parties.”
Brazil responded with a higher number taken from a report by an expert financial panel appointed by the United Nations secretary-general. Brazil Environment Minister Marina Silva proposed $300 billion a year until 2035 when the number would jump to $390 billion a year.
Brazil is set to host next year’s COP30. When asked whether lack of an ambitious agreement at COP29 would put Brazil in a bad position next year, Silva said the consequences were bigger that that.
“More than just hurting COP30, it will hurt the life of all of us and hurt the conditions that give us life on Earth,” she said.
Climate Analytics CEO Bill Hare, a veteran negotiator, said the presidency’s figure is likely just the first of two or three proposals.
“We’re in for a long night and maybe two nights before we actually reach agreement on this,” Hare said.
Just like last year’s initial proposal, which was soundly rejected, this plan is “empty” on what climate analysts call “mitigation” or efforts to reduce emissions from or completely quit coal, oil and natural gas, Hare said.
Anger at ‘meagre’ figure for climate cash
Tina Stege, Marshall Islands’ climate envoy, called the drafts “shameful.”
“It is incomprehensible that … (we) receive only sympathy and no real action from wealthy nations,” she said.
