Amidst significant criticism regarding financial matters on the concluding day of the UN Climate Summit (22 November), the COP29 was prolonged until today (23 November). However, a stark divide persists between developed nations and the LDCs and AOSIS concerning climate finance.
Before one and half hour of closing plenary, the LDCs and AOSIS walked out from the final talks temporary, arguing that the proposed text failed to meet climate finance goals.
After several meetings today, developed countries have revised their pledge to $300 billion per year by 2035. However, the proposal remains unresolved, as the LDCs and AOSIS rejected the offer. They have consistently demanded over $1.3 trillion annually to meet their climate finance needs.
Earlier on Friday, the United States, the European Union, and other wealthy nations pledged $250 billion annually as climate finance for developing countries. However, the announcement sparked widespread outrage, with climate-vulnerable nations calling it a “mockery” and a “death sentence for millions of people.”
As the developing nations voiced strong discontent over the draft climate finance agreement unveiled at the summit on Friday, it was extended by another day.