BREAKING: Developing nations stand firm: $300BN not enough to tackle climate crisis

Global tensions rise at COP29 in Baku as developing nations reject the proposed $300B climate finance goal, demanding at least $500B annually to address urgent needs. Negotiations face a breaking point as blocs threaten to walk out over unmet demands.

Baku, Azerbaijan – As the revised draft text for the New Collective Quantified Goal (NCQG) on climate finance was released during COP29, the global response has been anything but unified. The draft proposes an annual target of $300 billion per year by 2035, with developed countries taking the lead in providing financial support for developing nations. However, exclusive comments obtained by ANEWZ reveal sharp discontent from several key negotiating blocs, with some threatening to abandon talks altogether.

Developing Nations Push Back

Representatives of the LDC (Least Developed Countries) bloc criticized the proposed text, stating:

“Our priorities have not been taken into account. At the moment, we cannot engage on this text.”

Bolivia’s (Leading the Like-Minded Developing Countries, LMDC) representative delivered one of the harshest critiques, describing the figures as both inadequate and offensive:

“A $250 billion target is not a joke—it’s an insult. Even $300 billion is unacceptable. The figure should be at least $500 billion.”

The delegate continued with extensive paragraph-by-paragraph critiques of the text, highlighting the perceived shortcomings in its structure and commitments.

India aligned with Bolivia’s stance, insisting that the NCQG must reach at least $500 billion annually to meet the needs of developing nations.

African Group

The African bloc echoed similar frustrations, emphasizing that their suggestions had been ignored. A representative restated their core demands, expressing clear dissatisfaction with the revised draft.

Samoa (Alliance of Small Island States, AOSIS)

Samoa, representing AOSIS, bluntly rejected the draft, stating:

“We are not in a position to accept this text.”

Uganda (Group of 77 and China, G77)

Uganda expressed displeasure with the proposed financial figure and called for textual adjustments to the document, specifically referring to Article 9.1 of the Paris Agreement, which mandates financial assistance to developing countries.

Tensions Boil Over

The discontent reached a breaking point when the LDC bloc raised a point of order during the discussions. In a scathing remark, their representative declared:

“This meeting means nothing to us. If you want to continue discussions, we will leave the room. We call for the suspension of the meeting.”

This dramatic call for a suspension underscores the growing frustration among developing nations, who view the current proposals as far removed from their urgent needs for climate adaptation and mitigation.

Background on NCQG and COP29

The New Collective Quantified Goal (NCQG) aims to replace the previous $100 billion annual target established at COP15 in 2009, which many argue was never fully met. The new draft text proposes an increased figure of $300 billion annually by 2035, with developed countries leading the charge to support climate action in developing nations.

The UN Framework Convention on Climate Change (UNFCCC) negotiations have been heavily divided, reflecting longstanding tensions between the Global North and Global South. The $300 billion proposal has been widely criticized as insufficient to address the scale of the climate crisis, with many blocs demanding figures closer to $500 billion to ensure meaningful progress.

What’s Next?

As the global climate crisis intensifies, all eyes remain on Baku to see whether a consensus can be reached—or whether the divide between the Global North and South will widen further.

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