Mukhtar Babayev, President of COP29, has revealed how opposition from industrialized nations to a higher financial commitment almost derailed the climate summit in Baku.
"Two days before the close of COP29, countries of the Global South - more than 100 nations that make up the developing world - rejected a financial package with a $250 billion contribution from industrialized countries," Babayev wrote in The Guardian. "Emerging markets and small island states are not responsible for climate change, and many rejected this draft figure as insufficient".
The Azerbaijani presidency pushed back against the reluctance of wealthier nations, successfully raising the offer to $300 billion. While a significant improvement, Babayev admitted it fell short of the $1 trillion minimum needed to avert catastrophic climate change.
"The $300 billion now agreed is an upgrade from the $250 billion proposed a day earlier, and an increase made directly at the insistence of our negotiating team," he said, criticizing the industrialized world for being "immovable" during earlier talks.
Babayev also pointed to the Global Southchr("39")s frustrations with the delayed unveiling of financial drafts, saying, "This approach rightly made it look like a fait accompli".
Looking ahead to COP30 in Belém, Brazil, Babayev acknowledged the unfinished work: "What we agreed in Baku will help slow the effects of human-made climate change, but it was not enough. It does not end the debate over who pays. It does not change the fact that the longer we delay, the more the costs will rise".
