Frustration Grows at COP29 Over Climate Finance Draft Developing Nations Demand Action from Wealthy Countries

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The draft included a placeholder labeled "X" for the lowest amount that donors might pay, reflecting the lack of concrete offers from rich nations. This has left many negotiators feeling uneasy about the proposals put forth by the Azerbaijani presidency, which, while attempting to unite the global community on climate action, instead highlighted widespread dissatisfaction.

Negotiators at COP29 are grappling with a significant gap between the $1.3 trillion that developing nations assert is necessary for climate finance and the few hundred billion that wealthier countries have indicated they might provide. Independent experts estimate that at least $1 trillion is needed to help transition from fossil fuels to clean energy sources like solar and wind, as well as to adapt to climate impacts and address losses from extreme weather events.

Panama's Juan Carlos Monterrey Gómez voiced the sentiments of many, stating that the "lack of commitment transparency feels like a slap in the face to the most vulnerable." He emphasized, "It is just utter disrespect to those countries that are bearing the brunt of this crisis. Developed countries must stop playing games with our life and put a serious, quantified financial proposal on the table."