“Rich Nations Offer to Increase Climate Finance to $300bn by 2035 Sparks Controversy at COP29”

In a recent development at the COP29 climate summit, vulnerable nations staged a temporary walkout in protest of a new finance text that was presented. The text, which has not been made public yet, proposed a climate finance goal of $300 billion a year by 2035. However, developing countries, including the Least Developed Countries (LDCs) and Small Island Developing States (SIDS), argued for a higher yearly goal of $500 billion by 2030.

The walkout was led by the LDC chair and negotiator from Malawi, Evans Njewa, who expressed dissatisfaction with the lack of ambition in the proposed text for the most vulnerable countries. The LDCs and SIDS demanded minimum allocations of finance, with LDCs asking for $220 billion exclusively for them and SIDS requesting $39 billion.

Amidst the tensions, the US was accused of attempting to evade its financial obligations under the 2015 Paris Agreement. Climate justice campaigners highlighted wording in the proposed deal that suggested developed countries could provide finance on a voluntary basis, rather than as a legal obligation. This move was criticized as an attempt to shirk responsibility by the historical polluters.

As discussions continued, reports emerged that developed nations were considering raising their offer for the core climate finance goal to $300 billion a year by 2035. This proposal was met with mixed reactions, with some considering it insufficient compared to the $500 billion demanded by developing countries.

In another development, the decision on where to hold the COP31 climate summit in 2026 has been delayed due to a stalemate between Australia and Turkiye. Both countries are bidding to host the summit, with the final decision expected to be made at the COP30 talks in November. Australia aims to co-host the summit with a Pacific nation, while Turkiye hopes to host it in Antalya.

The ongoing negotiations at COP29 highlight the challenges and complexities involved in reaching a consensus on climate finance and other critical issues. The outcomes of these discussions will have far-reaching implications for global efforts to address climate change and support vulnerable nations in their adaptation and mitigation efforts.