Developing countries criticize $250 billion climate finance offer at COP29

Developing countries expressed anger on November 22 over a $250 billion annual climate finance offer from wealthy nations at COP29. They argue this amount is insufficient to address the severe impacts of climate change, such as droughts and flooding. Panama’s climate envoy, Juan Carlos Monterrey Gómez, stated that at least $1.3 trillion is needed annually, with some estimates reaching $5 trillion. He criticized the $250 billion as negligible when divided among developing nations. The draft agreement also aims for $1.3 trillion in annual climate finance by 2035, but developing nations want more direct grants instead of loans. Activists and civil society groups have condemned the offer, calling it inadequate and offensive.