Brazil has turned down a second climate finance proposal from the Azerbaijani presidency at COP29, leaving negotiations in overtime and sparking protests from civil society groups in Baku. The revised plan, unveiled late Friday, proposed $250 billion annually from 2035 for climate finance, a figure Brazil and activists deemed insufficient for aiding developing nations in their transition away from fossil fuels.
“We are really disappointed the numbers came so late, leaving little time for negotiations,” said Ana Toni, Brazil’s climate envoy, expressing frustration over the delayed proposal during a summit interview. Brazil’s Environment Minister Marina Silva echoed similar sentiments, emphasizing the urgency of meaningful financial commitments to address the global climate crisis.
Inadequate Proposal
The new collective quantified goal (NCQG) for climate finance, a pivotal topic of COP29, is critical for aiding developing nations in their efforts to mitigate climate change and meet Paris Agreement targets. However, the $250 billion annual figure has been criticized for lacking ambition and clear mechanisms to ensure funding. Activists and civil society groups have argued the proposal would increase debt burdens on developing nations rather than provide the grant-based financing they need.
“Had this text come earlier, we might have reached an agreement,” Toni lamented, adding that Brazil’s focus as the host of COP30 next year had been on implementing updated emissions pledges rather than unresolved financial commitments. The uncertainty, she warned, could hinder the submission of Nationally Determined Contributions (NDCs) due by February.
Historical Responsibility
Toni emphasized the global importance of equitable climate finance, pointing out that wealthy nations bear a “historical responsibility” toward the developing world. “This money isn’t just for developing countries; it benefits us all. Climate action must happen globally, or none of us will be safe,” she said.
She acknowledged the progress in having a concrete figure to negotiate but criticized the lack of clarity on funding sources—whether public or private. “These discussions should have taken place ten days ago,” she said. “Now, we will do everything possible to leave here with an agreement.”
Asked about the likelihood of a deal by Saturday, Toni could only respond, “Who knows?”
Silent Protest
As negotiations stretched into the night, a silent protest unfolded in the COP29 venue. Dozens of demonstrators marched in solidarity with developing nations, holding signs and watched closely by security. The protest highlighted frustrations over the financial proposal, described as “peanuts” by Kirtana Chandrasekaran of Friends of the Earth International.
“This isn’t grant-based funding,” Chandrasekaran said, accusing wealthy nations of shirking their obligations. “The proposal shifts the burden onto developing countries, which is entirely unacceptable.”
The protesters urged the G77 bloc to stand firm against inadequate offers, rejecting the notion that debt-based financing was an acceptable solution.
Final Negotiations
As of late Friday, discussions continued behind closed doors, with national delegations preparing to review a third draft of the NCQG agreement on Saturday morning. A plenary session is scheduled to assess the latest compromise, potentially marking the conclusion of COP29.