BAKU, Azerbaijan (AP) — A new draft of a cash deal to curb and adapt to climate change released Friday afternoon at the U.N. climate summit pledged $250 billion by 2035 from rich countries to poorer ones. The amount satisfies the countries that will pay, but not those on the receiving side.

The amount is more than double the previous target of $100 billion a year set 15 years ago, but it is less than a quarter of the amount requested by developing countries hardest hit by extreme weather. But rich nations say the number is about the limit of what they can do, say it’s realistic and a stretch for democracies back home to the belly.

It struck a sour note for developing countries, which see conferences like this as their best hope to pressure rich nations because they cannot attend meetings with the world’s biggest economies.

“Our expectations were low, but this is a slap in the face,” said Mohamed Adow, of Power Shift Africa. “No developing country will fall for this. They have angered and offended the developing countries.”

The nations are still far apart when it comes to reaching an agreement

The proposal came down from the top, the presidency of the United Nations climate negotiations – called COP29 – in Baku, Azerbaijan. Delegations from many countries, analysts and advocates were kept in the dark about the draft until it dropped more than half a day later than promised, leading to grumbling about how this conference was run.

“These texts constitute a balanced and streamlined package,” the presidency said in a statement. “The COP29 Presidency calls on the parties to carefully study this text, in order to pave the way for consensus, on the few options that remain.”

This proposal, which is friendly to Saudi Arabia’s point of view, is not a take-it-or-leave-it option, but likely just the first of two or even three proposals, said Climate Analytics CEO Bill Hare, a veteran negotiator.

“We have a long night and maybe two nights before we actually agree on this,” Hare said.

Like last year’s first proposal, which was rightfully rejected, this plan is “empty” of what climate analysts call “mitigation,” or efforts to reduce or completely eliminate emissions from coal, oil and natural gas, Hare said.

Anger at a “meager” figure for climate money

The frustration and disappointment over the proposed $250 billion figure was palpable Friday afternoon.

“It is a shame that despite full awareness of the devastating climate crises affecting developing countries and the staggering costs of climate action – which run into the trillions – developed countries have only proposed a paltry $250 billion per year,” said Harjeet Singh of Fossil Fuel Non. – The Non-Proliferation Treaty.

That amount, which runs through 2035, is essentially the old $100 billion target with 6% annual inflation, said Vaibhav Chaturvedi, a climate policy analyst at the New Delhi-based Council on Energy, Environment and Water.

Experts estimate the need at 1.3 trillion dollars for developing countries to cover damages resulting from extreme weather, help these nations adapt to a warming planet and weaning ourselves off fossil fuels, with more generated by each country internally.

The amount of an agreement reached at COP negotiations – often considered a “core” – will come then mobilized or utilized for larger climate expenditures. But much of it involves loans to countries drowning in debt.

Singh said the proposed total — which includes loans and lacks commitment to grant-based funding — adds “insult to injury.”

Iskander Erzini Vernoit, head of the Moroccan climate think tank Imal Initiative for Climate and Development, said that “the EU and the US and other developed countries cannot claim to be committed to the Paris Agreement while putting forward such sums”.

Countries reached the Paris Agreement in 2015, pledging to keep warming below 1.5 degrees Celsius (2.7 Fahrenheit) since pre-industrial times. The world is now at 1.3 degrees Celsius (2.3 degrees Fahrenheit), according to the UN

Rich countries require realism

Swiss Environment Minister Albert Rösti said it is important that the figure for the climate economy is realistic.

“I think a high-number deal that’s never going to be realistic, that’s never going to get paid … is going to be a lot worse than no deal,” he said.

The US delegation offered a similar warning.

“It’s been a significant boost over the last decade to reach the earlier, smaller target” of $100 billion, a senior U.S. official said. “$250 billion will require even more ambition and extraordinary reach” and will need to be supported by private financing, multilateral development banks — which are large international banks funded by taxpayer dollars — and other sources of funding, the official said.

A lack of larger numbers from European nations and the United States means “the deal is clearly moving in the direction of China playing a more prominent role in helping other Global South countries,” said Li Shou of the Asia Society Policy Institute.

German delegation sources said it will be important to engage with China and other industrialized countries as negotiations continue into the evening.

Analysts said the proposed deal is the start of what could likely be more money.

“This could be a good down payment that will enable good climate action in the developing world,” said Melanie Robinson, global climate program director at the World Resources Institute. “There is room for this to go over $250 billion if donors decide to come on board.”

Rob Moore, deputy director at E3G, said whatever figure is agreed “will have to be the beginning and not the end” of climate pledges.

“If developed countries can go further, they need to speak up as soon as possible to ensure we get an agreement at COP29,” he said.

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Associated Press reporters Ahmed Hatem and Aleksandar Furtula contributed to this report.

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