Developing countries urged to reject ‘bad deal’ as Cop29 climate talks falter

In a significant development at COP29, Arrupe Centre Madagascar’s advocacy aligns with Pope Francis’s powerful message delivered through Cardinal Pietro Parolin, calling for recognition of “ecological debt” owed by major greenhouse gas emitters. While the Centre’s representative Efa Ravelonantoandro emphasises streamlining climate finance access for Southern nations, the Pope’s message reinforces this stance, urging that financial support shouldn’t worsen existing debt burdens. The Centre’s mission, supported by the broader Ignatian community’s statement at COP29, resonates with the Vatican’s call for “a new international financial architecture” based on equity and justice, particularly as the conference addresses crucial funding mechanisms for climate-vulnerable nations.

Developing countries were being urged by civil society groups to reject “a bad deal” at the UN climate talks on Friday night, after rich nations refused to increase an “insulting” offer of finance to help them tackle the climate crisis.

The stage is set for a bitter row on Saturday over how much money poor countries should receive from the governments of the rich world, which have offered $250bn a year by 2035 to help the poor shift to a low-carbon economy and adapt to the impacts of extreme weather.

“Nowhere near enough” according to poor country groupings and campaigners at the talks. “This is unacceptable,” said the Alliance of Small Island States in a statement. Climate finance at this level would not enable countries to green their economies to the extent needed to limit global heating to 1.5C above preindustrial levels, they warned. “The proposed $250bn a year by 2035 is no floor, but a cap that will severely stagnate climate action efforts.”