Azerbaijan – A draft proposal at the ongoing COP29 climate talks suggests that rich nations should commit $250 billion annually by 2035 to help developing countries tackle climate change. The proposal, unveiled on Friday by the host country Azerbaijan, comes after two weeks of intense negotiations. However, it has sparked criticism from developing nations and climate activists who argue the amount is insufficient to address the growing climate emergency.

The Proposal: $250 Billion for Climate Action by 2035
The draft aims to raise at least $250 billion annually from wealthy nations by 2035, as part of a broader target to mobilize $1.3 trillion annually from both public and private sectors. This funding would support developing countries in reducing emissions and adapting to the impacts of climate change. This marks the first time concrete financial figures have been discussed at COP29, following years of debates about climate finance commitments.

Despite the progress, the $250 billion proposal has received significant pushback, especially from African countries and climate advocates. Critics argue that this sum is far too small to meet the urgent goals of the Paris Agreement and avoid a climate catastrophe. Ali Mohamed, head of the African Group of Negotiators, called the proposal “totally unacceptable,” stressing that it would be insufficient to meet the pressing needs of vulnerable nations. Climate activist Friederike Roder from Global Citizen echoed similar concerns, labeling the figure as “outrageously below the needs of developing countries.”

Calls for More Support: Developing Countries Demand $500 Billion
The African Group and other developing nations have been calling for a much larger commitment, pushing for $500 billion per year. They warn that without greater financial support, many vulnerable nations, particularly in Africa, will face devastating consequences. Environmental organizations, such as Greenpeace, also criticized the proposal, stating it does not reflect the reality of the climate crisis.

While some developed nations, including the U.S. and the European Union, have expressed support for the $250 billion target, they also emphasize the role of the private sector in climate finance. The EU, in particular, has called on emerging economies like China to contribute more to global climate finance efforts.

Azerbaijan Defends the Proposal
Azerbaijan, hosting the summit, defended the $250 billion target, arguing that it aligns with the commitments made by wealthy nations during negotiations. The country said it is working on “final adjustments” to address any remaining issues before the talks conclude.

Leadership Concerns and Fossil Fuel Disagreements
The leadership of Azerbaijan has faced criticism for its handling of the summit. Some delegates have expressed frustration, citing a lack of effective leadership and direction in the negotiations. Mohamed Adow from the Climate Action Network described this year’s COP as “the worst COP in recent memory,” with many fearing that a bad deal would be worse than no deal at all.

Another key issue dividing nations is the treatment of fossil fuels. While many countries are pushing for a global focus on phasing out coal, oil, and gas, oil-producing nations like Saudi Arabia have resisted such sector-specific targets. Germany’s Foreign Minister Annalena Baerbock criticized Saudi Arabia for attempting to "turn back the clock" on previous climate commitments made at COP28.

The Urgency of Climate Action
The COP29 talks come at a critical time as the world faces unprecedented climate impacts. Deadly storms have hit the Philippines and Honduras, Ecuador is grappling with a national emergency due to severe drought and wildfires, and Spain has been devastated by historic floods. These events highlight the urgent need for global cooperation to combat climate change.

As negotiations continue, the divide between developed and developing nations on climate finance remains a major challenge. While rich countries defend the proposed $250 billion target, many in the Global South argue that it is not enough to tackle the scale of the crisis. The world now awaits to see whether negotiators can reach a fair and meaningful agreement that adequately supports vulnerable nations in their battle against climate change.