The proposed $250 billion annual contribution toward a $1.3 trillion goal by 2030 has drawn backlash
The COP29 climate negotiations have extended into their twelfth day, following an official end on Friday.
Delegates remain locked in discussions amid a persistent deadlock over climate finance, which has dominated proceedings and stoked frustration among developing nations and civil society groups alike.
A new draft text for the New Collective Quantified Goal (NCQG) is anticipated today, with hopes it may address core concerns raised by Least Developed Countries (LDCs), Small Island Developing States (SIDS), and the broader G77+China coalition.
The recent draft, released on Friday, was met with strong criticism from nations and advocacy groups, who argue that the proposed commitments from developed countries fall short of what’s needed to tackle the intensifying climate crisis.
Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan of Bangladesh voiced her disappointment over the finance proposal, describing the document as “very disappointing” for its lack of robust support for vulnerable nations.
According to a statement from the ministry issued November 22, Rizwana said, “The New Collective Quantified Goal (NCQG) for climate finance published by the COP29 presidency is very disappointing.”
She underscored that the draft’s allocation—$250 billion per year for all developing countries—is both “shockingly insufficient” and unallocated as grants, an essential demand of LDCs and SIDS.
Currently, the draft proposes a global climate financing target of $1.3 trillion by 2030, of which developed countries are expected to deliver $250 billion, with the remainder anticipated from private investment and other sources. This arrangement has been criticized by the African Group of Negotiators as “totally unacceptable,” while the LDC bloc has called it “weak and lacking in concrete commitments.”
Sohanur Rahman, Executive Coordinator of YouthNet Global and a member of Bangladesh’s UN Youth Advisory Group, echoed the frustrations of many, labeling the current draft “an insult to nations on the frontlines of climate change.”
In a statement, he emphasized that financial commitments must be both substantial and accessible, warning, “If we don’t see real contributions, it’s the vulnerable countries that will continue to bear the cost.” He added that the NCQG should demonstrate a genuine commitment from wealthier countries to aid those least responsible for the climate crisis.
Civil society groups also condemned the finance draft as “an absolute embarrassment,” with activists rallying on Friday night at the COP29 venue, calling on the G77+China bloc to reject the draft outright. They argued that substantial financial backing is necessary to help developing nations confront climate impacts and shift towards sustainable energy systems without dependence on loans. This has placed increased pressure on negotiators to amend the text in today’s expected update.
Key points being closely watched in the new draft include whether the proposed $250 billion core climate finance commitment will be revised upward, as well as specifics on who will shoulder the funding responsibility. The Alliance of Small Island States (AOSIS) has raised concerns over ambiguities in the draft’s language that risk diluting developed countries’ financial obligations.
Another top priority for negotiators is to ensure clear, dedicated public funds for adaptation measures, particularly for the most climate-vulnerable regions. Civil society groups are pushing for an enforceable mechanism to track contributions and scale funding towards the $1.3 trillion target by 2035, ensuring climate finance commitments are honored over time.
Additional discussions are anticipated to focus on targeted support for LDCs, SIDS, and African nations, which are facing disproportionate climate impacts. Other major sticking points include a demand for funds in the form of grants rather than loans, ensuring equitable access across regions, and a formal recognition of a Loss and Damage Fund to support countries already experiencing irreversible climate impacts.
As the COP29 talks continue into their final hours, civil society leaders underscore the urgency of prioritizing climate finance equity, with a focus on adaptation and resilience-building for vulnerable nations. With the conference drawing to a close, today’s outcomes are expected to shape the future direction of global climate finance commitments and signal the international community’s commitment to addressing climate injustice.
Logistical challenges shadow final sessions
While negotiators battle over the finance draft, logistical issues have also added strain to the closing sessions. The COP29 host nation Azerbaijan has begun dismantling the venue, instructing delegates to bring their own provisions as transportation services and amenities are reduced in Baku. Many delegates have expressed frustration, recalling similar issues during COP25 in Madrid, where resource cuts created logistical challenges for attendees attempting to participate in final negotiations.
Contentious climate finance targets spark global debate
The core of the debate remains COP29’s climate finance targets. The proposed $250 billion annual contribution toward a $1.3 trillion goal by 2030 has drawn backlash. Key voices such as Linda Kalcher and Brazil’s environment minister Marina Silva argue the funding target should exceed $500 billion, with Brazil advocating for a minimum of $300 billion from developed nations by 2030 and increasing to $390 billion by 2035.
Growing discontent among developing nations
As discontent rises, various groups have voiced their disappointment with the COP29 draft. Marshall Islands envoy Tina Stege condemned the proposal as “shameful,” while the Africa Group of Nations described it as “inadequate.” The Climate Action Network (CAN) has even suggested the G77+China bloc consider a walkout to pressure for a more ambitious draft.
Reactions from global leaders
Outside the negotiation rooms, global leaders are taking strong stances. Canada criticized COP29’s ambition as inadequate, while Saudi Arabia has been named a primary obstacle to advancing talks. New Zealand’s conservative government has also reportedly slowed key negotiations, raising questions about its commitment to regional Pacific solidarity.
Final text updates and core issues to watch
As negotiators prepare to release updated texts, seven issues are drawing attention: the amount of the core climate finance commitment, clarity on donor obligations, allocation for adaptation, mechanisms for regular review, specific funding for vulnerable regions, the structure of funds (grant vs. loan), and recognition of a Loss and Damage Fund as a distinct category.
Emerging economies step up climate finance contributions
Emerging economies like China, Saudi Arabia, and the UAE are becoming significant contributors to global climate finance, leading South-South funding initiatives. China has pledged $4.5 billion annually, while the UAE has committed $16.8 billion and set up a $30 billion Alterra fund, a portion of which is targeted at emerging markets.
Bids to host COP31 gain traction
Meanwhile, the selection of COP31’s host nation is gaining momentum. Türkiye has positioned itself as a stable candidate, while Australia has proposed a co-hosting model with Pacific nations to boost its clean energy credentials. Despite Australia’s coal approvals, the proposal has found support, especially among regional Pacific stakeholders.
A divided COP29: assigning responsibility
If COP29 concludes without a strong consensus, accountability will likely fall on developed nations for failing to meet finance expectations. Host nation diplomacy has also faced scrutiny for strategic moves that have frustrated many participants. Saudi Arabia’s strong opposition to mitigation measures has solidified its role as a major disruptor, underscoring the deep divisions within this year’s negotiations.
COP29’s legacy
With the clock ticking, the legacy of COP29 will hinge on whether the final agreements can bridge the gap between developed and developing nations. Today’s negotiations are expected to be critical in defining whether COP29 can deliver a framework that reflects genuine support for the world’s most climate-vulnerable countries.
