Cop29: developing nations seek trillions, get billions in cash deal for climate change

The United Nations’ annual climate talks pushed into overtime on Saturday as negotiators pressed on to get a deal on money for developing nations to curb and adapt to climate change.

Several countries were left angry and disappointed at the latest proposed deal from the talks on Friday afternoon. That draft pledged US$250 billion annually by 2035, more than double the previous goal of US$100 billion set 15 years ago but far short of the annual US$1 trillion-plus that experts say is needed.

Top leaders and negotiators – including the UK’s Ed Miliband, Germany’s climate envoy Jennifer Morgan, and negotiators from Central and South American countries – huddled in offices much of Saturday as they hashed out a new deal that both rich and developing nations could agree on. Sources within the negotiations said that the next version of the deal could see a new, higher figure of US$300 billion under the right conditions.

But for Panama’s negotiator Juan Carlos Monterrey Gomez, even a higher figure is “still crumbs.”

“You know, how do you go from the request of $1.3 trillion to $300 billion? I mean, is that even half of what we put forth?” he asked.

Alden Meyer, of the European think tank E3G, said negotiators now have very little room for error.