Published on: 11/23/2024 – 4:55 p.m.Amended: 11/23/2024 – 5:01 p.m.

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Negotiators worked through the night in a windowless stadium in the Caspian city of Baku, searching for a compromise as two-week U.N. climate talks dragged on into an extra day.

In a year set to be the hottest on record, developing countries hardest hit by growing drought and disasters on Friday roundly rejected an initial offer of $250 billion a year by 2035.

Two negotiators stated that EU » urged rich countries – which also include the United States, Great Britain and Japan – to increase this sum to $300 billion.

But that came with conditions in other parts of the broader climate deal under discussion at the COP29 conference in Azerbaijan, negotiators added.

Europeans particularly want an annual review of global efforts to phase out fossil fuels, the main drivers of global warming.

This proposal was opposed by Saudi Arabiawhich sought to water down a historic commitment to abandon oil, gas and coal, made at COP28 last year.

Irish Climate Minister Eamon Ryan said he was “hopeful” to reach a deal, but a clearer picture would emerge later today when new text was expected.

“We need to reach an agreement. It’s really important that we give hope to the world, that multilateralism can work and that we respond to the climate crisis,” Ryan told AFP.

He said there was recognition of the need to provide more money to developing countries, “but we also need to stop the advance of fossil fuels.”

Ali Mohamed, president of African Group of Negotiatorstold AFP there had been “good discussions” about financing after the initial $250 billion offer, which he called a “great mockery.”

He added that developing countries had made it clear that a lack of movement would “lead to the failure of the COP.”

“No deal is better than a bad deal,” he said.

“Billions of people” in danger

The position of Mohamed, who is also Kenya’s climate change envoy, was backed by a coalition of more than 300 activist groups who urged developing countries to stand firm.

In a letter, non-governmental organizations accuse developed countries of seeking to circumvent their legal obligations regarding climate financing.

“You claim to defend a rules-based system, but you flout the rules when they do not suit your interests, thereby endangering billions of people and life on Earth,” they wrote.

Wealthy nations counter that it is politically unrealistic to expect more direct government funding.

The United States earlier this month elected President-elect Donald Trump, a skeptic of both climate change and foreign aid, and a number of other Western countries have seen right-wing backlash against the green agenda.

The draft agreement sets a broader overall target of $1.3 trillion a year to address rising temperatures and disasters, but most of that would come from private sources.

Even $250 billion would be an increase from the $100 billion currently provided by rich countries under an expiring pledge.

A group of developing countries had demanded at least $500 billion, with some saying the increases were lower than hoped due to inflation.

(AFP)