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.
Uzbekistan, Kyrgyzstan and Tajikistan have begun upgrading cross-border electricity transmission lines to increase regional power capacity, a move ann...
Tensions between Washington and Tehran have found a new focal point regarding border control, as the Iranian government confirmed on Sunday that a fre...
Azerbaijan's Minister of Foreign Affairs Jeyhun Bayramov held both a tête-à-tête and an extended-format meeting with Seyed Abbas Araghchi, the Fore...
Tens of millions of people in urgent need of help won't be getting much assistance next year. That's according to the United Nations which launched a ...
Emergency crews were deployed to the northeastern Ukrainian city of Okhtyrka on Monday morning after a residential high-rise was devastated by a Russi...
Ukraine’s President Volodymyr Zelenskyy says recent talks with U.S. representatives on a possible peace plan were “constructive, although not easy,” as he prepares for new consultations with European leaders in the coming days.
Emergency crews were deployed to the northeastern Ukrainian city of Okhtyrka on Monday morning after a residential high-rise was devastated by a Russian drone barrage, leaving several civilians wounded as the conflict approaches the end of its fourth year.
Tensions between Washington and Tehran have found a new focal point regarding border control, as the Iranian government confirmed on Sunday that a fresh wave of nationals expelled from the United States is due to arrive within days.
Azerbaijan's Minister of Foreign Affairs Jeyhun Bayramov held both a tête-à-tête and an extended-format meeting with Seyed Abbas Araghchi, the Foreign Minister of Iran, in Baku on Monday (8 December).
A coup attempt by a “small group of soldiers” has been foiled in Benin after hours of gunfire struck parts of the economic capital Cotonou, officials said on Sunday.
A delayed local vote in the rural Honduran town of San Antonio de Flores has become a pivotal moment in the country’s tightest presidential contest, with both campaigns watching its results as counting stretches into a second week.
FIFA releases the 2026 World Cup schedule with match dates, venues, and key fixtures. See when host nations USA, Mexico, and Canada play and get an overview of group stage and knockout rounds.
Lava fountains shot from Hawaii’s Kīlauea volcano from dawn to dusk on Saturday, with new footage showing intensifying activity at the north vent.
McLaren’s Lando Norris became Formula One world champion for the first time in Abu Dhabi, edging Max Verstappen to the title by just two points after a tense season finale.
Indonesia's military stepped up its relief efforts in three provinces on Sumatra island that have been devastated by deadly floods and landslides, and the country's vice president apologised for shortcomings in the response to last week's disaster.
Authorities in Senegal have launched urgent measures to prevent a potential oil spill after water entered the engine room of the Panamanian-flagged oil tanker Mersin off the coast of Dakar, the port authority said on Sunday.
The death toll from devastating floods across Southeast Asia climbed to at least 183 people on Friday (28 November). Authorities in Indonesia, Malaysia, Thailand and Sri Lanka struggle to rescue stranded residents, restore power and communications, and deliver aid to cut-off communities.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
Rescuers in Thailand readied drones on Thursday to airdrop food parcels, as receding floodwaters in the south and neighbouring Malaysia brightened hopes for the evacuation of those stranded for days, while cyclone havoc in Indonesia killed at least 28.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment