Standoff at COP29: Developing Nations Demand Concrete Climate Finance Commitment

The new climate finance package draft for the developing world was rejected by all signatories to the UN climate convention. Developed countries haven't proposed a concrete annual finance figure, which developing countries demand to be at least USD 1.3 trillion. Negotiators debate source responsibility for the funds.

The early Thursday release of a new climate finance draft for developing nations saw unanimous rejection by all countries represented under the UN climate convention. Despite the setback, COP29's presidency maintains that the draft is not final and is open to inputs aiming at consensus.

Developing nations are adamant about securing at least USD 1.3 trillion annually starting 2025, in stark contrast to the USD 200 billion to USD 300 billion figure European Union negotiators are reportedly discussing. The Colombian Environment Minister accused developed countries of geopolitical maneuvering rather than lacking resources.

There's a consensus on financial needs, but trust is lacking. Although developed nations met a USD 100 billion target in 2022, almost 70% came as loans. Nations like Pakistan stress the importance of an ambitious agreement, while developing countries resist counting on private sectors for accountability.

(With inputs from agencies.)