COP29: Nigeria Slams Climate Deal as Developing Nations Reject $300Bil Donation
- Nigeria, India, Malawi, and Bolivia rejected a $300 billion COP29 finance deal, calling it insufficient for vulnerable nations' needs
- Developing countries criticised the deal’s reliance on loans instead of the $1.3 trillion in grants needed to address the climate crisis
- Meanwhile, allegations of bias and unfulfilled promises have recently reignited calls for a complete overhaul of the COP agreement
Baku, Azerbaijan - 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.
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.
Source: Getty Images
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.ng 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.
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Source: Legit.ng
Ridwan Adeola (Current Affairs Editor) Ridwan Adeola Yusuf is a content creator with more than nine years of experience, He is also a Current Affairs Editor at Legit.ng. He holds a Higher National Diploma in Mass Communication from the Polytechnic Ibadan, Oyo State (2014). Ridwan previously worked at Africa Check, contributing to fact-checking research works within the organisation. He is an active member of the Academic Excellence Initiative (AEI). In March 2024, Ridwan completed the full Google News Initiative Lab workshop and his effort was recognised with a Certificate of Completion. Email: ridwan.adeola@corp.legit.ng.
Ezra Ukanwa (Politics and Current Affairs Editor) Ezra Ukanwa is a Reuters-certified journalist with over 5 years of professional experience. He holds a Bachelor of Science in Mass Communication from Anchor University, Lagos. Currently, he is the Politics and Current Affairs Editor at Legit.ng, where he brings his expertise to provide incisive, impactful coverage of national events. Ezra was recognized as Best Campus Journalist at the Anchor University Communications Awards in 2019 and is also a Fellow of the Nigerian Institute of Management (NIM). Contact him at: ezra.ukanwa@corp.legit.ng or +2349036989944
