Walkout at COP29: Climate finance dispute halts progress in Baku
High-stakes negotiations at COP29 have hit a major roadblock as developing nations stormed out of talks, rejecting an offer of $250 billion annually by 2035 to tackle climate change. The dramatic exit comes amid accusations that fossil fuel states and wealthy nations are prioritizing politics over the survival of vulnerable countries.
23 November 2024 15:50
According to BBC News, the walkout was triggered by frustration over a proposed climate finance plan offering $250 billion annually by 2035. Delegates from vulnerable nations, including African countries and small island states, rejected the proposal, arguing that it falls drastically short of the estimated $1 trillion per year needed to address climate challenges. The protest reflects the widening rift between affluent and less affluent countries on how to share the financial burden of climate action.
Finance disputes dominate COP29
Efforts to bridge the financial gap between developed and developing nations have faltered. Wealthy countries, including the United States, the European Union, and Australia, increased their proposed climate finance contribution to $300 billion annually by 2035. However, this offer remains far below the demands of developing nations like Brazil, which has called for an annual target of $390 billion.
The disparity has left negotiations deadlocked. As BBC reports, Mariana Paoli, Global Advocacy Lead at Christian Aid, described the situation as extraordinary, saying: "It's extremely rare to see a delegation walk out of a negotiation like what just happened here."
Fossil fuels and geopolitical tensions
Adding to the tension, the summit has been marred by disputes over the role of fossil fuels. The Guardian reports, Germany’s Foreign Minister, Annalena Baerbock, accusing fossil fuel-producing nations, including Saudi Arabia and Russia, of deliberately stalling progress. "We are witnessing a geopolitical power play by a few fossil fuel states that are trying to slow down the pace of climate action," Baerbock said, reflecting the mounting frustration among countries pushing for a stronger stance on phasing out fossil fuels.
Meanwhile, the absence of key leaders, including those from China and Russia, has complicated the negotiations further.
Host nation criticized
Azerbaijan, the host of COP29, has faced its own criticisms. As The Guardian notes, environmental and human rights groups have raised concerns about the country's reliance on fossil fuels and its record on civil liberties. Critics argue that Azerbaijan's suppression of civil society and imprisonment of political dissidents contradicts the cooperative spirit necessary for global climate talks.
Despite these controversies, negotiators are under immense pressure to deliver meaningful results. With the talks running into overtime, the lack of consensus on climate finance is the most significant obstacle to reaching an agreement.
A fragile path forward
The walkout has pressured wealthier nations to revise their financial commitments. According to BBC News, developing nations argue that without substantial increases in funding, the world’s most vulnerable communities will bear the brunt of climate-induced disasters.
EU negotiators have warned of the dire consequences of failing to reach a deal. "We cannot afford to leave this summit without a meaningful deal," one official said, emphasizing the importance of bridging divides. The future of COP29—and the global fight against climate change—now hinges on the ability of nations to find common ground in the final hours of negotiations.
Source: BBC, The Guardian, EuroNews
