Nigeria

At the UN’s COP29 climate summit in Baku, Azerbaijan, delegates from developing countries expressed disappointment over a proposed climate finance deal in which wealthy nations pledged $250 billion to poorer countries by 2035. While this amount is more than double the previous goal of $100 billion annually set 15 years ago, it still falls far short of the $1 trillion that developing nations have been requesting to cope with the impacts of climate change. “This is a slap in the face,” said Mohamed Adow from Power Shift Africa. “Our expectations were already low, but this is not something any developing country will accept.” COP29 has centered around the issue of climate finance, which requires wealthy nations to compensate developing countries for the damage caused by extreme weather events, support their adaptation efforts, and help them transition away from fossil fuels. For many developing nations, the summit represents one of the few opportunities to hold wealthy countries accountable, especially since they are often excluded from meetings of the world’s largest economies. The proposed $250 billion deal was announced later than expected, leaving many countries, analysts, and advocates frustrated and concerned about the transparency and handling of the negotiations. “These texts form a balanced and streamlined package for COP29,” summit organizers said in a statement, urging parties to carefully study the proposal to reach a consensus on the remaining issues. While wealthy nations and analysts argue that the pledged amount will be leveraged to increase overall climate funding, much of this financing will come in the form of loans—further burdening countries that are already struggling with high levels of debt.