Bangladesh’s interim leader on Wednesday condemned the “humiliating” fight for climate finance at COP29 and called on rich nations and major greenhouse gas emitters to take responsibility for the crises they caused.

Mohammed Younis, president of one of the world’s most climate-vulnerable countries, criticized the fact that nations that contribute minimally to global warming are forced to negotiate for aid to deal with its effects.

“It’s very humiliating for these nations to come and ask for money to fix it,” he told France-Presse (AFP) on the sidelines of UN climate talks in Azerbaijan. he said.

“Why would we be dragged here to negotiate?” he added.

“You know the problem…this is not a fish market.”

The comments show frustration with developing countries seeking significantly more money from rich countries to help them adapt to climate shocks and transition to cleaner energy.

Sharpening the focus, a new report has warned that planet-warming carbon emissions from fossil fuels have reached record levels this year and that much faster action is needed to meet climate commitments.

To meet the Paris Agreement’s ambitious target of limiting warming to 1.5 degrees Celsius, the world must now reach net-zero CO2 emissions by the end of the 2030s rather than 2050, scientists at the Global Carbon Project said.

“This is what the Presidency has been promoting since the beginning of this year – the time window is narrowing, narrowing – and we need to act urgently,” Azerbaijan’s chief COP29 negotiator Yalcin Rafiyev told AFP.

“There are still possibilities of keeping 1.5 degrees achievable,” and agreeing on climate finance “will certainly pave the way for us to realize this opportunity.”

‘Magic money tree’

But negotiators still have a huge mountain to climb to reach any agreement, and most sticking points remain unresolved in the new draft released Wednesday.

Most developing countries want an annual commitment of at least $1.3 trillion; That’s more than 10 times what donors, including the United States, the European Union and Japan, are currently paying.

Donor countries want others to join them in paying, especially China and rich Gulf states, and are reluctant to pledge large amounts of new public money at a time when they face economic and political pressure at home.

Instead, they want to promise to mobilize the private sector, an option that NGOs describe as “wishful thinking.”

“They always like to see the private sector as the magic money tree,” said Debbie Hillier, global climate policy leader for Mercy Corps.

For developing countries that are already burdened with debt, aid should be in the form of grants rather than loans.

Bahamas Prime Minister Philip Davis said the small island nation was spending 18 times more on debt repayments than on climate finance.

“The world found the ability to finance wars and mobilize against epidemics,” Davis said.

“But when it comes to the deepest crisis of our time: the survival of nations, where is that same talent?”

While progress on finance has not progressed faster than progress on emissions, Albanian Prime Minister Edi Rama set aside his prepared remarks to say “our well-worded speeches about climate change change nothing.”

He skewered the absence of many leaders who skipped the event, saying it was “insult to injury.”

Diplomatic tensions

The suspension of the hearings was a growing diplomatic row between host Azerbaijan and France, whose ecology minister said he would not go to Baku after “unacceptable” statements by the Azerbaijani president.

Ilham Aliyev used a forum for countries vulnerable to climate change earlier Wednesday to condemn “crimes committed by France on its so-called overseas territories.”

The comments were a reference to the bloody protests that rocked New Caledonia this year.

Relations between Paris and Baku are rather frosty due to France’s long-standing support for Azerbaijan’s arch-rival, Armenia.

Last year, Azerbaijan defeated Armenia in a blitzkrieg by retaking the Armenian-populated Nagorno-Karabakh region, leading to the exodus of more than 100,000 Armenians.

But it wasn’t all progress on Wednesday: Brazil, hosting next year’s COP, formally presented updated climate commitments, pledging to cut greenhouse gases by 59-67% from 2005 levels by 2035.

Karen Silverwood-Cope, WRI Brazil’s climate director, said the commitment would be ambitious “as long as the country strives for the highest target.”

“If Brazil only meets the lower bound… the country will be well off track from meeting its climate targets.”

Daily Morning Newsletter

Stay informed about what’s happening in Turkey, its region and the world.

REGISTER ME

You can unsubscribe at any time. By signing up you agree to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.