COP29: Nigeria Slams Climate Deal as Developing Nations Reject $300bn Climate Donation

The COP29 climate conference in Baku, Azerbaijan, concluded amid chaos as Nigeria joined India, Malawi, and Bolivia in rejecting a $300 billion climate finance deal proposed by wealthy nations......Read The Full Article>>.....Read The Full Article>>

The agreement, intended to provide aid to developing countries by 2035, was widely criticised as inadequate and disconnected from the realities of the climate crisis.

Nigeria, in particular, voiced strong dissatisfaction, according to a report by Forbes.

“It’s a joke that perpetuates the inequality we’ve endured for years,” a Nigerian delegate remarked.

The delegate emphasised the deal’s reported failure to address the pressing needs of vulnerable nations.

Developing countries demand more action

Developing nations had initially called for at least $1.3 trillion in grant-based funding to combat climate change impacts.

Instead, the proposed deal combined grants with loans and other financing mechanisms, sparking widespread backlash.

India’s representative, Chandni Raina, expressed frustration with the process, stating:

“This will not address the enormity of the challenge we all face.”

Echoing these concerns, Vanuatu’s envoy, Ralph Regenvanu, cautioned:

“The pledged amounts and emission reductions fall far short. Based on past experiences, we know these promises won’t be fulfilled.”
Civil society groups condemn climate agreement

Civil society organisations also voiced their disapproval, branding the deal a betrayal of the Global South.

Tasneem Essop, the executive director of Climate Action Network, criticised the outcome, saying:

“This was meant to be the finance COP, but developed nations showed up with a plan to deceive the Global South.”

Teresa Anderson of ActionAid International further criticised the agreement, stating:

“This isn’t worth the paper it’s written on. The loans will only deepen the debt of already struggling nations.”
Delegates call for complete overhaul of COP processes

The controversial outcome of the conference has reignited calls for a comprehensive reform of the COP process.

Allegations of bias, including reports that the Azerbaijani presidency shared negotiating texts with Saudi Arabia for editing, have further undermined the conference’s credibility.

Expert reacts to COP29 climate finance deal

Meanwhile, Dr Ibrahim Muritala, Global Hydrogen Leader at the America Bureau of Shipping, told Legit.ng that the outcomes of COP29 have highlighted the growing divide between wealthy and developing nations in addressing the global climate crisis.

According to him, the failure to secure an equitable and impactful climate finance deal had underscored the urgent need for structural reform in international climate negotiations.

He explained that the objections of the developing countries ‘signal a pivotal call for action, demanding a shift toward fair, actionable solutions prioritising justice, historical accountability, and the survival of vulnerable nations’.

However, Muritala also noted that the allegation of unfair treatment levelled against the global north is not new.

“The fallout from COP29 highlights the deep structural and systemic issues in addressing the global climate crisis, particularly the inequitable burden placed on developing nations like Nigeria and others in the Global South. These countries, which contribute the least to climate change but are most affected by its impacts, must take bold, strategic steps to safeguard their future considering such failed global negotiations.”
Negotiators work to resolve COP29 deadlock

Legit had earlier reported that negotiators sought to break a deadlock at COP29 after G20 leaders backed the need for trillions of dollars for poorer countries but left key sticking points unresolved.

Ministers at the conference held in Azerbaijan on November 19, 2024, had been awaiting the G20 meeting in Rio de Janeiro to issue a declaration that might jump-start the stalled negotiations.

While the lack of a phrase calling for ‘transitioning away from fossil fuels’ disappointed activists, the statement on climate finance was cautiously welcomed at the stadium hosting the talks.