The COP29 climate summit in Baku has highlighted significant discontent among African nations and developing countries over inadequate climate financing. Many of these nations, which are most vulnerable to climate change, have expressed frustration at unfulfilled promises from wealthier countries. The Loss and Damage Fund, a key outcome from COP27, still lacks the necessary financial support. The African Group of Negotiators has called for $1.3 trillion annually in climate financing from 2025 to 2030, reflecting the urgent need for substantial investment.
The negotiations have faced numerous challenges, including skepticism from leaders like Argentina's President Javier Milei, which threatens to undermine global climate action. The presence of fossil fuel lobbyists and support for oil by Azerbaijan's President further complicate the conference's efforts. As the talks extend beyond their initial timeline, there is mounting pressure to reach a consensus on financial commitments.
Developing countries have been urged to reject inadequate deals, with some activists suggesting that no deal might be preferable to a bad one. The failure to increase the proposed $250 billion annual finance offer has been met with criticism, emphasizing the need for transformative financial commitments to address the climate crisis effectively.
