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Negotiations aimed at securing a new global agreement to combat the climate crisis extended into late Saturday night, with wealthy and developing nations at odds over the financial commitments needed and the sources of funding. Wealthier countries proposed contributing approximately $300 billion annually from their own resources, falling short of the $1.3 trillion required each year. The remainder, they suggested, should come from alternative sources such as new taxes and private investment. However, developing nations deemed this insufficient and cautioned that reliance on loans or private sector funds would only deepen their debt burdens.

Ali Mohamed, Kenya’s climate change envoy, speaking on behalf of the African negotiating group, insisted that developed countries contribute $600 billion in grants and low-interest loans to meet the urgent needs of tackling climate change. "Anything lower than that will not help the world tackle climate change," Mohamed asserted.

The tense discussions took place in Baku, Azerbaijan, during the two-week Cop29 UN conference, which was expected to conclude on Friday evening. Intensified negotiations saw rich nations, including the UK, the US, and members of the EU, amending their initial offer from $250 billion to $300 billion early Saturday. Yet, this did not appease poorer countries, leading to dramatic scenes when two groups representing some of the world's most vulnerable populations walked out of a key meeting.

Mohamed Adow, director of the Power Shift Africa think tank, criticized the wealthier nations for failing to meet their climate finance promises, describing the walkout as a moral stand by the most vulnerable countries. UK energy secretary Ed Miliband canceled his departure and pledged to remain until an agreement was reached, stating it was in everyone’s interest to collaborate effectively on the crisis.

Saudi Arabia faced accusations of obstructing the discussions, particularly after attempting to modify a critical text without proper consultation. Eamon Ryan, Ireland’s environment minister, pointed to fossil fuel interests as key impediments to achieving significant progress. Criticism was also directed at Azerbaijan for allegedly favoring countries like Saudi Arabia, due to its substantial dependence on fossil fuel exports.

The German foreign minister, Annalena Baerbock, accused the host nation of undermining the interests of vulnerable countries, especially small island states. There were concerns that essential elements of a potential deal, such as solidifying the transition away from fossil fuels—a significant outcome from last year’s Cop28—might be deferred to future meetings.

Environmental advocates like Romain Ioulalaen from Oil Change International highlighted the tactics used by fossil fuel-producing nations to weaken commitments to energy transition. Both the US and China, typically influential in these conferences, took on less prominent roles in Baku, with the looming possibility of a Trump presidency casting uncertainty over the US delegation's stance.

As negotiations dragged into the night, some delegates remained hopeful for a resolution that would address the urgent financial needs of affected communities. Harjeet Singh of the Fossil Fuel Non-Proliferation Treaty Initiative emphasized that true progress would hinge on delivering substantial financial support, prioritizing justice and equity.