Time ‘rapidly running out’ on COP29 climate finance deal: Guilbeault

The latest draft negotiating text released Friday pledged $250 billion by 2035, less than a quarter of what developing countries requested.

Canada’s environment and climate change minister was critical of Azerbaijani leadership at the United Nations climate summit as tense negotiations on a new finance deal came down to the wire.

Steven Guilbeault, speaking late Thursday, said he had so far been “disappointed” by the talks hosted by Azerbaijan, adding that time was “rapidly running out.”

With the conference known as COP29 stretching into overtime, negotiators are still hashing out how much money wealthier — and historically higher-emitting — countries will pledge to their developing counterparts in the fight against global warming.

The latest draft negotiating text released Friday pledged $250 billion by 2035, more than double the previous goal set 15 years ago, but less than a quarter of what developing countries requested.

Catherine Abreu, a leading Canadian climate policy analyst, called it a “lowest common denominator offering.”

Speaking Friday from the conference in Baku, Abreu said developing countries such as Canada must speak up “really quickly” in order make the deal more ambitious.

Several independent experts have suggested developing countries may need upwards of $1 trillion to help them transition away from fossil fuels, adapt to expected climate effects and pay for damages already caused by extreme weather.

On Thursday, Guilbeault said Canada “certainly doesn’t debate that we need to get to something around $1 trillion by 2030.”