Negotiations at COP29 are extending into another day as developing nations, including Fiji, have rejected a preliminary offer of US$250 billion from wealthier countries to support their efforts in combating global warming. The host country, Azerbaijan, indicated that discussions will continue “over the course of the night” in Baku, with the aim of finalizing a consensus text for nearly 200 participating nations today.
The rejected proposal sought to build upon an existing commitment of US$100 billion per year from developed countries, but it fell significantly short of the financial support that experts believe is necessary for developing nations to effectively tackle climate challenges. The Alliance of Small Island States has voiced strong criticism, stating that the offer demonstrated a “contempt for our vulnerable people,” highlighting the severe threats climate change poses to their existence.
Ali Mohamed, leading the African Group of Negotiators, expressed that the proposal was “totally unacceptable and inadequate,” warning that the US$250 billion figure could lead to devastating losses of life across Africa and beyond, jeopardizing the future of the planet. Meanwhile, a coalition of 134 developing countries, which includes China, has been advocating for at least US$500 billion to facilitate the establishment of resilience against climate change and the reduction of emissions.
This ongoing struggle for a robust and equitable climate financing solution reflects the urgent need for global cooperation in addressing one of the most pressing issues of our time. It is a critical moment that calls for unity and understanding among nations, especially as the consequences of climate change continue to escalate.
Despite the tension, there is hope that continued dialogue will lead to a more substantial agreement that addresses the needs of the most vulnerable nations, ensuring a sustainable future for all.
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