Negotiators at the COP29 United Nations climate change conference in Baku, Azerbaijan, are urging rich countries to commit up to $900 billion annually to assist poorer nations in combating global warming. With only two days remaining in the conference, countries are working to reconcile their differences over funding deemed essential for reducing greenhouse gas emissions.
Developing nations, which bear the least responsibility for global emissions, argue that wealthy historical polluters have an obligation to fund their green transitions and mitigate the devastating effects of climate change. While developed countries have not yet specified any financial commitments, some developing nations are calling for $1.3 trillion in annual funds. Rich countries, grappling with tighter budgets and domestic political pressures, maintain that any commitment should include loans and private sector contributions. They also expect countries like China and Saudi Arabia, which are now wealthy but still classified as developing, to contribute to climate finance.
Australian climate minister Chris Bowen, who is mediating the finance negotiations, mentioned three proposed figures from developed nations' budgets: $440 billion, $600 billion, and $900 billion. Bowen noted that many parties require certain conditions to be met before they can propose their figures. Some countries have set a 'red line' on the type of funding, insisting it come from a diverse range of sources and instruments.
Bolivia's chief negotiator, Diego Pacheco, expressed diminishing hope for an ambitious climate finance deal, citing figures of $200 billion being offered by partners, including contributions from multilateral development banks. Deeply indebted developing nations insist that any deal should exclude additional loans.
Azerbaijan's lead negotiator, Yalchin Rafiyev, urged countries to accelerate negotiations, promising a new draft deal by midnight on Wednesday. He emphasized the need for collaboration, compromise, and determination to achieve meaningful outcomes at the conference.
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