‘Slap on the face’ — reactions trail proposed $250bn climate finance deal at COP29

Climate activists and environmentalists have expressed dissatisfaction over the newly proposed $250 billion annual climate finance deal for developing countries.

On Friday, a new text draft was released following backlash from climate activists, over the non-inclusion of numeric figures to the finance demands of developing countries.

The text sets the finance goal at $250 billion, having a huge gap from the $1.3 trillion goal set by  global south countries to meet their adaption demands.

As climate talks reach its final hours in Baku, Azerbaijan, the newly proposed climate finance goal have cast a shadow of disappointment to developing countries, who have been vocal with their demands.

Mohamed Adow, director of Power Shift Africa, a Kenyan based think tank, said the proposal is “a slap in the face” of developing countries.

Adow noted that Africa and other developing countries are “offended” by the recent figures put forward by the COP29 president.

He urged developed countries to “grab the bull by the horn” and propose figures that reflect the needs of developing countries.

“Our expectations were low, but this is a slap in the face. No developing country will fall for this. What trick is the presidency trying to pull? They’ve already disappointed everyone, but they have now angered and offended the developing world,” Adow said.

“The figure of $250 billion is about 20% of what developing countries have asked for. Are we really settling for a fifth of the ambition needed to tackle the climate crisis? It seems that building an ambitious climate finance outcome in Baku is not the ballgame this presidency is playing.

“We need developed countries to grab the bull by the horns and put forward a number that reflects the actual needs of developing countries. Rich countries need to bypass this president and negotiate eye to eye with developing countries.”

Tasneem Essop, executive director of Climate Action Network International, said the new text is an “insult” to developing countries living on the frontline of the climate crisis.

Essop added that although developing countries are angry over the new deal, they
will keep fighting till they reach their goal. 

“The $250 billion per year in public finance is peanuts. The Global South must not carry the burden of historic emitters’ failure to act. No deal is better than a bad deal – but we are not done yet.

“To essentially shift the responsibility to developing countries and the private banks with the US$1.3trillion by 2035 mobilisation goal just adds insult to injury.

“In the meantime, millions of people’s lives are at risk. We are angry, but we will keep fighting until the end.”

‘ALARMINGLY INSUFFICIENT’

Teresa Anderson, the global lead on climate justice at ActionAid International, said the new draft shows that developed countries have turned their back on climate hit nations.

Anderson urged developing countries  to keep up the fight, noting that the whole planet needs them to keep the planet safe.

“This new text is absolutely heartless. The document offers no guarantees of real grant-based finance to those on the front lines,” Anderson said.

“Instead of holding the developed countries that caused the climate crisis accountable, it shifts the burden onto developing countries and the private sector. Essentially, this draft text says  ‘sorry, you’re on your own,’ to those on the frontlines.

Marlene Achoki, global climate policy lead, CARE International, said the amount proposed for developing countries is “unbelievable and inadequate”.

“It does not show any care to the world’s most climate-vulnerable nations, fighting against the escalating climate crisis.

“It’s alarmingly insufficient, with proposed funding falling far short of climate needs. The quality is also faulty, as it leans on loans and private investments—approaches that have consistently failed to deliver for those most in need. A bad deal that sets the bar too low.”

The high-level climate event that began on November 11 has entered overtime, with no resolution in sight.

Meanwhile, Brazil is set to host the next edition of the conference (COP30).