Rich nations raise COP29 climate finance offer in bid to break deadlock

Every hour of the day, we have pulled people together. Every inch of the way, we have pushed for the highest common denominator. We have faced geopolitical headwinds and made every effort to be an honest broker for all sides.”

The presidency said in a statement

If you think of a rice farmer who depends on his or her one hectare farm, rice land, ducks, chickens, vegetables, and it was inundated, there was nothing to harvest,

she said

It was clear from day one that Saudi Arabia and other fossil fuel-producing countries were going to do everything in their power to weaken the landmark Cop28 agreement on fossil fuels. At Cop29 they have deployed obstructionist tactics to dilute action on the energy transition,

said Romain Ioualalen, of the pressure group Oil Change International

Despite major headwinds, negotiators in Baku eked out a deal that at least triples climate finance flowing to developing countries [from a previous longstanding goal of $100bn a year]. The $300bn goal is not enough, but is an important down payment toward a safer, more equitable future. The agreement recognises how critical it is for vulnerable countries to have better access to finance that does not burden them with unsustainable debt.”

Ani Dasgupta, chief executive of the US-based World Resources Institute thinktank, said

This [summit] has been a disaster for the developing world. It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously. Rich countries have promised to ‘mobilise’ some funds in the future, rather than provide them now. The cheque is in the mail. But lives and livelihoods in vulnerable countries are being lost now.”

Mohamed Adow, director of the Power Shift Africa thinktank, said

Rich countries spent 150 years appropriating the world’s atmospheric space, 33 years loitering on climate action, and three years negotiating [a financial settlement] without putting numbers on the table. Now, with the help of an incompetent Cop presidency and using the forthcoming Trump administration as a threat, they force developing countries to accept a deal that not only doesn’t represent any actual new money but also may increase their debt.”

Claudio Angelo, of the Observatorio do Clima in Brazil, said

We will shoulder all the risk,

pointed out one negotiator

When it comes to money it's always controversial but we are expecting a deal tonight,

he told Reuters

We want nothing more than to continue to engage, but the process must be inclusive,

the Alliance of Small Island States said in a statement

After the difficult experience that we're having here in Baku, we need to reach some result, some outcome which is minimally acceptable in line with the emergency we are facing,

she said on Saturday in a speech to the summit

The moral compass of the world – the most vulnerable countries – have walked out after [the rich] failed to honour the promises they have made on climate finance.”

Mohamed Adow, director of the Power Shift Africa thinktank, said

The deal must deliver a transformative scale of finance that prioritises the urgent needs of communities bearing the brunt of the escalating climate crisis,

said Harjeet Singh, global engagement director for the Fossil Fuel Non-Proliferation Treaty Initiative

It has been the fossil fuel interests that want to maintain the status quo. But the vast majority of the world recognise the status quo endangers us all.”

Eamon Ryan, Ireland’s environment minister, told the Observer

I’ve always said there is a will to get a deal but we need to find a way,

he told the Observer

We will not allow the most vulnerable, especially the small island states, to be ripped off by the few rich fossil- fuel emitters who have the backing, unfortunately, at this moment of the president [of the Cop],

she said

Anything lower than that will not help the world tackle climate change,

he said

Everybody is committed to having an agreement,

Fiji delegation chief Biman Prasad said as the deal was being finalized

What they've done essentially is undermine the mandate to try to reach 1.5,

said Tamara Gilbertson, climate justice program coordinator with the Indigenous Environmental Network

The $300 billion goal is not enough, but is an important down payment toward a safer, more equitable future,

said World Resources Institute President Ani Dasgupta

Every minute that passes we are going to just keep getting weaker and weaker and weaker. They don’t have that issue. They have massive delegations,

Monterrey Gomez said