BAKU, Azerbaijan — The United Nations’ annual climate negotiations moved into extended hours on Saturday, filled with disappointment and frustration as delegates remained far from reaching an agreement on financial assistance for developing countries combating climate change.
A draft agreement that circulated on Friday proposed an annual commitment of $250 billion by 2035, a significant increase from the previous target of $100 billion established 15 years ago. However, this sum falls markedly short of the estimated $1 trillion plus that experts assert is necessary. Throughout the early hours of Saturday morning, key negotiators from the European Union, the United States, and other countries were observed traversing the largely deserted hallways, engaged in discussions to revise the proposed deal.
“We’re still working hard,” commented U.S. climate envoy John Podesta to the press shortly after 4 a.m. local time.
The ongoing climate discussions, referred to as COP29, were originally set to conclude on Friday. Meanwhile, preparations were underway to disassemble the venue where the talks had been held.
The pursuit of a financial aid agreement remains unresolved, despite an obligation from wealthier nations to support vulnerable countries as established in the Paris Agreement of 2015. Developing countries are advocating for $1.3 trillion to assist in adapting to various climate impacts like droughts, floods, and severe heat, in addition to financing losses from climate-induced catastrophes and transitioning their energy infrastructures away from fossil fuels toward sustainable energy sources.
Some representatives from nations expected to contribute to this fund argue that the proposed $250 billion in climate financing is a realistic target, considering their own economic challenges. The funding agreed upon at COP negotiations is often considered essential and is expected to be utilized to mobilize more extensive climate investments. However, a considerable portion of this funding may consist of loans for countries that are already burdened with significant debt.
This proposal, however, did little to assuage the concerns of vulnerable nations, many of which are already suffering from the severe effects of climate change predominantly caused by emissions from fossil fuel consumption in developed nations since the Industrial Revolution. “Our expectations were low, but this is a slap in the face,” expressed Mohamed Adow from Power Shift Africa. “No developing country will accept this. They have angered and offended the developing world.”
Nikki Reisch, director of the climate and energy program at the Center for International Environmental Law, criticized the proposed amount, noting that not only is it insufficient, but it also appears to diminish the legal responsibilities of developed nations to rectify the climate damage they have primarily caused.
Amidst the tense negotiations, several activists held a silent demonstration outside the meeting rooms late Friday, raising and crossing their arms to signal their rejection of the draft agreement.
In one of the main halls, a group of youth activists gathered around cold pizza, talking to keep their spirits up. “All of us are kind of in mourning in a way,” remarked Jessica Dunne from the Alliance of Non-Governmental Radical Youth, who expressed disappointment over the precarious situation. Although troubled by the current stance of negotiations, Dunne found solace in the community, referring to the experience as one of “abject failure.”
“I’m truly exhausted,” added Erica Njuguna, a climate activist from Kenya. “Yet we’re staying vigilant to ensure that COP truly represents those who are frontline victims of the climate crisis. Up to this point, it hasn’t.”