BAKU: The COP29 climate summit in Baku stretched beyond its scheduled timeline on Friday as negotiations stalled over a contentious draft deal proposing $250 billion in annual climate finance by 2035. The proposal has sparked criticism from both developed and developing nations, deepening divisions.
Late on Friday, the COP29 presidency unveiled what it hopes will be the final framework for carbon market regulations, marking some progress. However, discussions over the ambitious funding plan continued into the night, reflecting sharp disagreements.
Developing nations have dismissed the $250 billion figure as insufficient, with Panama’s climate envoy Juan Carlos Monterrey Gomez calling it “ridiculously low” and accusing wealthier nations of shirking their responsibilities. “It feels like the developed world wants the planet to burn,” he said.
Meanwhile, developed countries have expressed concerns about the financial target, with a European negotiator describing it as “uncomfortably high” and criticizing the lack of provisions to expand the contributor base beyond current donor nations.
The proposed target, while representing only a modest increase from existing climate finance levels for contributors like the EU, has failed to secure consensus. Analysts note that balancing the needs of vulnerable nations with the financial capacities of donor countries remains the summit’s core challenge.
As talks continue, expectations remain that the $250 billion figure could still rise, with negotiators striving to bridge the gap between ambition and practicality in the fight against climate change.
