NEGOTIATORS from some of the world’s most powerful economies held a heated and divisive meeting in the early hours of Saturday 23rd November 2024 as they worked to push through a climate financing deal that could see $300 billion per year directed toward developing nations.

This funding, aimed at helping these countries mitigate the impacts of climate change and transition to cleaner energy, had been touted as a breakthrough in global climate negotiations. However, despite hours of contentious talks, the proposal failed to break the deadlock at COP29 in Baku, Azerbaijan.

At the heart of the impasse were developing countries, particularly island nations, and least-developed countries, which argued that the proposed $300 billion was far too little to address the scale of the challenges they faced. 

These nations, already experiencing the devastating effects of climate change, pushed hard for a more ambitious figure—$500 billion per year. They demanded this financial commitment to secure their survival and to ensure that the world’s wealthiest nations lived up to their responsibility in combating the climate crisis.

“We feel as though we are left with nothing from this COP,” said Cedric Schuster, the environment minister for Samoa, representing a bloc of 39 island nations. “Is this how we treat the countries with the moral high ground in the process, who stand to lose the most and have already lost so much?”

On Aljazeera, frustrated and disillusioned, island nations and least-developed countries walked out of the meeting, signaling their deep dissatisfaction with the lack of progress. The walkout left the summit on the verge of collapse, and the chances of reaching a meaningful agreement appeared slim.

As tensions reached a boiling point, European Union Climate Commissioner Wopke Hoekstra acknowledged the gravity of the situation. “It is unclear whether we will succeed,” Hoekstra said, underscoring the possibility that the summit could fail to produce a consensus. 

The last COP to end without an agreement was in 2000, and a failure now could push the critical climate financing negotiations into 2025, when the geopolitical landscape may shift dramatically with the potential return of former President Donald Trump to the White House.

For African nations, the stakes were especially high. Vice President Philip Mpango, representing President Samia Suluhu Hassan of Tanzania, voiced his country's deep concerns about the lack of progress on clean energy financing. 

“We cannot afford to continue to suffer in the name of development,” Mpango said during a live debate on Al Jazeera. His remarks resonated deeply across the continent, as many African nations are already bearing the brunt of climate change’s impact, from extreme droughts to devastating floods.

“We need financial support not just for survival but for sustainable development,” Mpango continued. “Africa cannot wait any longer for climate finance that addresses its energy needs. This is a matter of survival.”

The pressure on wealthier nations to increase their financial commitments has been mounting for years, with developing countries calling for urgent action to help them transition to cleaner energy and adapt to climate impacts. 

Nevertheless, the negotiators from wealthier nations especially the United States, Australia, and key European powers—have been resistant to committing more than $300 billion annually, a figure that many developing nations see as insufficient.

The new offer of $300 billion per year by 2035 was a significant concession, increasing from an earlier proposal of $250 billion. Yet it still fell far short of the $500 billion target pushed by developing countries. 

This updated offer emerged after an overnight meeting that began at 1 a.m. on Saturday and stretched into the early morning hours. The negotiations were described as tense and fraught with disagreements, with “lots of shouting” according to several diplomats familiar with the discussions.

Saudi Arabia’s role in the discussions was particularly controversial. The oil-rich kingdom became the focal point of anger, with critics accusing it of obstructing meaningful progress on key issues, particularly the transition away from fossil fuels. Saudi Arabia had agreed in the previous COP in Dubai to a text committing the world to reduce reliance on fossil fuels, but at COP29, it resisted any substantive action toward emissions reductions.

Saudi Arabia's representatives refused to comment on the talks during the summit, but their influence on the negotiations was clear. Their refusal to discuss emissions reductions blocked progress on transitioning to cleaner energy, frustrating many delegates from developing countries who argued that fossil fuel-dependent nations should bear a heavier burden in financing the transition to green energy.

U.S. climate envoy John Podesta defended the size of the proposed offer, despite its limited scope. “The need is great,” Podesta told reporters, defending the position of wealthy nations. “The offer on the table from donor countries is high, and it reflects the urgency we face.”

However, developing nations did not share Podesta’s optimism. For many, the offer on the table was far from enough. According to a report from the United Nations, the financing needs of developing countries run into the trillions of dollars annually. 

While some of this gap could be filled by private capital, public funding from wealthy countries will be crucial in ensuring that developing nations can mitigate the impacts of climate change and build resilience against future disasters.

“The gap between what’s needed and what’s being offered is still enormous,” said Dr. Rhoda Kifumbi, a climate expert from Uganda, in an interview during the summit. “Countries like Uganda are already facing the consequences of climate change, from droughts to food insecurity, and the financing that has been offered so far does not match the scale of the crisis.”

African leaders have long argued that the key to Africa’s development lies in the ability to transition to clean energy. Rwanda, which has made significant strides in adopting renewable energy technologies, also voiced concerns about the lack of adequate financing to scale up these efforts.

“We are not asking for charity,” said Emmanuel Mukeshimana, a climate expert from Rwanda. “We are asking for what is rightfully ours—equitable contributions to the global effort to address climate change.”

For many African nations, COP29 was seen as a crucial opportunity to secure the financing necessary to support their energy transitions. The continent, which has historically been sidelined in global climate negotiations, faces a unique set of challenges. Not only must African nations transition to renewable energy, but they also must adapt to the climate impacts that are already causing widespread hardship.

The lack of a clear financial commitment from wealthy nations at COP29 could have serious consequences for Africa. Without sufficient support, the continent's ability to develop clean energy infrastructure, create green jobs, and build resilience to climate impacts will be severely hindered.

 “If we fail to secure a financing agreement now, it will be a major setback for Africa’s energy future,” warned climate expert Rhoda Kifumbi from Uganda. “The global community has a responsibility to help us, not just because it’s the right thing to do, but because our future is intertwined with the future of the planet.”

The walkout by small island nations and least-developed countries emphasized their frustration with empty promises. As negotiations neared their end, African delegates expressed that they would prefer no deal over one that didn’t address their needs. “This isn’t just about money—it’s about survival,” said Carlos Fuller, Belize’s UN representative. 

The urgency was clear: island nations and vulnerable countries made it known that they would not accept a deal that left them alone in facing the climate crisis. With the summit’s final moments approaching, the world awaited whether negotiators could bridge the gap or let COP29 collapse, risking the future of millions affected by climate change.