THE European Union on Saturday raised an offer by rich nations to help poor countries worst hit by climate change to $300 billion a year in a bid to salvage talks that the developing world warned were on the brink of collapse.
Negotiators worked through the night in a windowless sports stadium in the Caspian Sea city of Baku in a search for compromise as the two-week UN climate talks dragged into an extra day.
In a year set to be the hottest ever recorded, developing nations bearing the brunt of rising drought and disasters flatly rejected Friday an initial offer of $250 billion per year by 2035.
Two negotiators said the EU was urging that wealthy countries — whose ranks also include the United States, Britain and Japan — raise the sum to $300 billion.
But this came with conditions in other parts of the broader climate deal under discussion at the COP29 conference in Azerbaijan, the negotiators added.
The Europeans in particular want an annual review of global efforts to phase out fossil fuels, which are the main drivers of global warming.
This has run into opposition from Saudi Arabia, which has sought to water down a landmark pledge to transition away from oil, gas and coal made at COP28 last year.
Irish climate minister Eamon Ryan said he was “hopeful” for a deal but that a clearer picture would emerge later in the day when a new text is expected.
“We need to get an agreement. This is important that we give hope to the world, that multilateralism can work, that we are responding to the climate crisis,” Ryan told AFP.
He said there was a recognition of the need for more money for the developing world, “but also we have to put a halt to the advance of fossil fuels.”
Ali Mohamed, chair of the African Group of Negotiators, told AFP that there had been “good discussions” on finance after the initial $250 billion offer which he called “a big mockery”.
He said that developing nations had made clear that a lack of movement would “lead to a failure of COP”.
“No deal is better than a bad deal,” he said.