The Azerbaijani proposal is ‘neither sufficient, nor big, nor fast, nor good,’ said Friederike Roder.

On Friday, the Azerbaijani presidency of COP29 proposed that wealthy countries contribute US$250 billion annually by 2035 to finance climate action in developing countries

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While this could be the first time a United Nations climate summit concludes with a concrete financial figure, the draft document did not satisfy environmental and ecological organizations.

“We’re ending up in a far worse situation than we were before this New Collective Quantified Goal process,” Filipino climate activist Lidy Nacpil said regarding the US$250 billion proposed as the new climate finance goal in the second draft of the negotiating text.

“We must say that this was worse than what we imagined would be the worst. We didn’t think they’d stoop this low to insult us. US$100 billion in 2009 was already an outrageous, cruel joke,” the coordinator of the Asian Peoples’ Movement on Debt and Development (Jubilee South), added.

“Inadequate and disconnected from the reality of climate impacts,” said planet advocates, who described the Azerbaijani proposal as “far below” the needs of the Global South countries.

Greenpeace delegate Jasper Inventor emphasized that developed countries need to understand the desperation and urgent need for aid. Strong public financing would provide hope, “but the needs far outweigh the offer presented.” While there have been no rollbacks regarding the energy outcomes of COP28, countries must remain steadfast to achieve “the most ambitious result possible.”

“The revised text must include specific sums and timelines, ensuring that finance goals align with the Paris Agreement’s objectives. Developed countries must take the lead in providing scaled-up finance as the foundation for trust and progress,” Inventor stressed, as reported by Rappler.

“Moreover, we highlighted the importance of making polluters pay to close the financing gap. The draft text must retain provisions to make polluters, especially giant fossil fuel companies, pay,” he added.

For Javier Andaluz, a member of Ecologistas en Accion, this is “the worst wording” that could have emerged from the options presented in the previous text. The proposal should not be accepted by many developing countries affected by global climate change, particularly small island states.

The text “displeases everyone,” he said, highlighting that the COP29 Presidency is not living up to the climate emergency and is, in fact, one of “the biggest blockers” in the discussions.

The US$250 billion proposal “is neither sufficient, nor big, nor fast, nor good,” said Friederike Roder, Vice President of Global Policy and Advocacy at Global Citizen

“This is not progress; greater ambition is needed from developed countries,” said Sandra Guzman Luna, founder of the Climate Finance Group for Latin America and the Caribbean.

teleSUR/ JF Source: EFE – Rappler

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