Climate Finance Proposal Sparks Criticism at Summit
A late-stage proposal at the summit pledged $250 billion annually from 2035 to help developing nations transition from fossil fuels. However, climate activists and civil society groups quickly rejected the figure, calling it insufficient to meet global needs.
“We are truly disappointed that these numbers came so late,” said Ana Toni, Brazil’s lead negotiator. She emphasized that the delay undermined opportunities for consensus-building. Brazil’s Environment Minister Marina Silva added that the proposal’s timing created unnecessary barriers to progress.
Brazil Pushes for Urgent Action Ahead of COP30
The finance issue is particularly urgent for Brazil, which will host COP30 next year. Discussions are expected to focus on implementing updated emissions reduction commitments. Without a clear finance agreement, many developing nations will struggle to draft new Nationally Determined Contributions (NDCs) before February’s deadline.
Toni stressed the global implications of the finance debate, highlighting its impact on vulnerable populations. “Partial efforts by developed nations alone won’t keep the world safe,” she warned. She argued that climate funding benefits everyone, not just developing countries, urging wealthier nations to take collective action.
Brazil Criticizes Inadequate Funding Proposals
“It’s not just a moral obligation,” Toni said, calling on developed countries to acknowledge their historical responsibility for climate change. While she welcomed progress in setting a financial target, she criticized the lack of clarity on funding sources, whether public or private.
Brazil rejected Azerbaijan’s revised finance proposal at COP29, citing concerns over insufficient funding levels. Despite frustrations, Toni pledged Brazil would keep advocating for an agreement, though reaching a deal by Saturday remained uncertain.
Silent Protest Highlights Frustration
As negotiations dragged into the night, civil society groups staged a silent protest inside the COP29 venue. Dozens marched through the corridors, watched closely by security personnel, in solidarity with G77 nations. The proposed $250 billion was dismissed as inadequate, with Friends of the Earth International’s Kirtana Chandrasekaran describing it as “peanuts” and a betrayal of the Paris Agreement.
Protesters criticized the formula as debt-inducing for developing countries and enabling developed nations to evade their obligations. “This is not grant-based funding, as requested,” Chandrasekaran noted, urging G77 countries to reject the proposal and push for fairer terms.
Negotiations to finalize the NCQG agreement continued into Saturday, with national delegations expected to review a compromise draft at a plenary session later that morning.