On the final day of COP29, Bangladesh sharply criticized the Presidency’s proposal to allocate $250 billion annually to developing countries for climate action, calling it both “unrealistic” and “insufficient” to address the critical needs of the most vulnerable nations.
The COP29 Presidency defended the proposal, describing it as part of a broader effort to establish a “fair and ambitious” climate finance framework. The Presidency highlighted its aim to scale up financing to developing countries to at least $1.3 trillion annually by 2035, sourced from both public and private sectors.
Syeda Rizwana Hasan, Advisor to Bangladesh’s Ministry of Environment, Forest and Climate Change, expressed profound disappointment with the latest draft of the New Collective Quantified Goal (NCQG) for climate finance. She labeled the proposal a “very disappointing package” that fails to address the needs of Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
“The proposed allocation of $250 billion per year for all developing countries is shockingly insufficient and neither provisioned nor designated as grants,” Rizwana Hasan said in a statement. She further criticized the absence of dedicated funds for the 45 most vulnerable LDCs.
Rizwana Hasan emphasized the urgency for a more ambitious and actionable framework, stating, “This package provides no meaningful solutions for LDCs and SIDS, leaving them increasingly vulnerable to escalating climate risks. It does not meet the bare minimum needed for an NCQG that prioritizes those most at risk.”
The advisor called on LDCs to resist the current proposal and urged stakeholders to advocate for a climate finance framework that addresses the inequities faced by vulnerable nations.
Meanwhile, the COP29 Presidency maintained that the proposal represents a “balanced and streamlined package” and urged all Parties to engage constructively. It highlighted that the draft includes extending the developed countries’ existing commitment to mobilize $100 billion per year to a new target of $250 billion annually for developing countries by 2035.
In a statement, the Presidency said, “We have given all groups the opportunity to react to the package of texts released yesterday morning, and we appreciate their constructive engagement. These texts aim to pave the way for consensus, with only a few outstanding issues remaining.”
However, Rizwana Hasan and various rights groups argued that the proposed framework lacks ambition and fails to provide equitable solutions. Advocacy groups have continued their protests, demanding stronger commitments to climate justice and increased financial support for vulnerable communities.
As COP29 draws to a close, the urgency for decisive action looms large. The Presidency reiterated its commitment to working inclusively and transparently to finalize an outcome that balances ambition with fairness, while stakeholders from vulnerable nations continue to push for a framework that truly addresses their climate challenges.
