Cop29 draft deal on verge of collapse as small island nations walk out

The latest Cop29 draft deal on climate finance is thought to have been firmly rejected by developing countries as negotiators walked out of UN talks on the verge of collapse.

Negotiators from rich and poor nations were huddled in one room on Saturday as the talks to reach a deal on money for developing economies went into overtime, a day after the UN summit in Azerbaijan was scheduled to finish.

A group of negotiators from the Least Developed Countries (LDC) bloc and the Alliance of Small Island States walked out because they did not want to engage with the rough draft in Baku in a dramatic day that also saw protests echoing through the corridors.

”[The] current deal is unacceptable for us. We need to speak to other developing countries and decide what to do,” Evans Njewa, the chairman of the LDC group, said.

Asked if the walkout was a protest, Colombia environment minister Susana Mohamed told The Associated Press: “I would call this dissatisfaction, [we are] highly dissatisfied.”

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The last official draft on Friday pledged $250billion annually by 2035, more than double the previous goal of $100billion set 15 years ago, but far short of the annual $1trillion-plus that experts say is needed and many hope for.

The proposal – which is supposed to be powered by developed nations to support vulnerable and developing countries and mitigate and adapt to the climate crisis – was denounced by vulnerable countries and campaigners as a “joke” and “insult” to the victims of climate disasters.

The rough draft discussed on Saturday was for $300billion, sources told the Associated Press. The intense wrangling between the 200 countries to set up the new collective quantified goal (NCQG) continues.

In the wee hours of Friday, negotiators were wrangling over every word of the text to be able to provide assurance to vulnerable nations of the delivery of the finance they need.

Developing countries have accused the richer nations of trying to get their way – and a small financial aid package – via a war of attrition.

Meanwhile, small island nations, particularly vulnerable to climate change's worsening effects, accused the host country presidency of ignoring them for the entire two weeks.

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”Every minute that passes, we are going to just keep getting weaker and weaker and weaker. They don't have that issue. They have massive delegations," Panama chief negotiator Juan Carlos Monterrey Gomez said, as he watched a delegation of about 20 people from the EU enter the room shortly after one of his own colleagues left.

“This is what they always do. They break us at the last minute. You know, they push it and push it and push it until our negotiators leave. Until we're tired, until we're delusional from not eating, from not sleeping.”

With ministers and delegations from developing nations having to catch flights home, desperation has set in, said Mohamed Adow of Power Shift Africa.

The fast-emptying corridors of Baku Stadium which were once filled with thousands of people walking around at pavillions and cafes, were just echoed by chants of activists on Saturday who demanded developing nations to reject the proposal.

John Podesta, the US climate envoy, was met with activists shouting “shame” as he walked out of a meeting.

“The rich world has refused to honour their obligations,” Mr Adow told the press outside.

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"The risk is if developing countries don't hold the line, they will likely be forced to compromise and accept a goal that doesn't add up to get the job done," he said.

Cedric Schuster, the Samoan chairman of the Alliance of Small Island States, issued a statement saying they "were not part of the discussion that gave rise to these imbalanced texts" and asked the Cop29 presidency to listen to them.

Wealthy nations are obligated to help vulnerable countries under an agreement reached at these talks in Paris in 2015.

Developing nations are seeking $1.3trillion to help adapt to droughts, floods, rising seas and extreme heat, pay for losses and damages caused by extreme weather, and transition their energy systems away from planet-warming fossil fuels and towards clean energy.

Mr Gomez said even the increased $300billion figure is "still crumbs". He asked: "How do you go from the request of $1.3trillion to $300billion? I mean, is that even half of what we put forth?"

On Saturday morning, Irish environment minister Eamon Ryan said there will likely be a new number for climate finance in the next draft, adding: "But it's not just that number – it's how do you get to $1.3trillion?"

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Mr Ryan said any number reached at the summit will have to be supplemented with other sources of finance, for example through a market for carbon emissions where polluters would pay to offset the carbon they produce.

Nations were also angry at potential backsliding on commitments to slash fossil fuels. German foreign minister Annalena Baerbock called out rich fossil fuel emitters who she said have "ripped off" climate vulnerable states.

"We are in the midst of a geopolitical power play by a few fossil fuel states," Ms Baerbock said.

"We have to do everything to come toward the 1.5C pathway" of keeping warming below that temperature limit since pre-industrial times, she said.

But despite the fractures between nations, some still held out hopes for the talks.

"We remain optimistic," said Nabeel Munir of Pakistan, who chairs one of the negotiating committees.

Cop29 climate champion Nigar Arpadarai added: "We have no choice."