Developing nations criticised the $300 billion climate finance deal reached at COP29, calling it inadequate to address their urgent needs. Delegations from small island states and least developed countries staged a dramatic walkout during the talks in Baku, Azerbaijan, citing neglect of their financial and climate priorities.
The deal, finalised on Sunday after extended negotiations, commits wealthy nations to mobilize $300 billion annually by 2035. While this marks an increase from the previous $100 billion pledge, it falls significantly short of the $1.3 trillion demanded by 134 developing countries. “This is a paltry sum,” said Indian delegate Leena Nandan. “The agreement is an illusion, incapable of tackling the magnitude of the climate crisis.”
Small island nations, on the front lines of rising seas and extreme weather, expressed deep dissatisfaction. Cedric Schuster, chair of the Alliance of Small Island States, said, “We came here for a fair deal but haven’t been heard. The current proposal is unacceptable.”
READ MORE: Sanwo-Olu’s N3tn ‘Budget of Sustainability’ Targets Infrastructure, Education, and Social Inclusion
Rich nations cited economic constraints, including conflicts in Gaza and Ukraine, as limiting factors. However, developing countries argue that the mounting costs of climate disasters demand urgent action. “Every passing minute weakens us,” said Panama’s chief negotiator, Juan Carlos Monterrey Gomez. “This is a war of attrition by wealthy countries with larger delegations and resources.”
COP President Mukhtar Babayev urged delegates to bridge the divide, warning against leaving Baku without progress. Despite his appeal, many left frustrated, signaling a widening gap between rich and poor nations on climate finance commitments.
Climate activists added to the tension by heckling U.S. envoy John Podesta, accusing the U.S. of failing to pay its fair share. “The U.S. has a legacy of burning up the planet,” one protester shouted.
As negotiations stall, vulnerable nations face mounting challenges, from rising seas to escalating costs of floods and droughts. The promise of additional funding from private sources leaves them questioning whether real relief will ever materialise.
