China joins global rejection, says COP29 draft deal 'not satisfactory'

China joined a global rejection of a draft deal on climate finance Thursday at the COP29 summit but urged nations to bridge their differences, with one day left in the talks.

"The current text contains a lot of elements that are not satisfactory and acceptable to China. Yet we call on all parties to meet one another halfway," Xia Yingxian, a Chinese official, told delegates at the UN negotiations in Azerbaijan.

The UN climate summit is scheduled to conclude on Friday but the latest draft deal released by hosts Azerbaijan was spurned by rich and poor countries alike.

The main priority at COP29 is agreeing a new target to replace the $100 billion a year that rich nations pledged for poorer ones to fight climate change.

Developing countries plus China, an influential negotiating bloc, are pushing for $1.3 trillion by 2030 and want at least $500 billion of that from developed nations.

Major contributors like the European Union have baulked at such demands, and insist private sector money would be needed to meet a larger goal.

'Big step back'

Many nations also said the text failed to reflect the need to phase out coal, oil and gas -- the main drivers of global warming.

Australian climate minister Chris Bowen said countries had "hidden, pared back or minimized" explicit references to fossil fuels.

"This is a big step back, and is not acceptable at this current moment of crisis," he said.

As the clock ticks down, frustration boiled over at the COP29 hosts.

An activist holds up fake currency bills as she participates in a protest action during the United Nations climate change conference COP29 in Baku, Azerbaijan November 20, 2024.Reuters

"Could I please -- could I please -- urge you to step up the leadership?" EU climate commissioner Wopke Hoekstra said in pointed remarks.

An activist holds up her hands as fake currency bills are seen in the air as she participates in a protest action during the United Nations climate change conference COP29 in Baku, Azerbaijan November 20, 2024.Reuters

"I'm not going to sugarcoat it. I'm really sorry to say, but the text we now have in front of us -- in our view -- is imbalanced, unworkable and unacceptable."

Conflicting interests

Landing a deal on finance for poorer countries was meant to be the centerpiece of COP29.

But the draft entrenches the broad and opposing positions of developed and developing countries that have largely persisted since COP29 opened over a week ago.

COP29 lead negotiator Yalchin Rafiyev appealed for "compromise and solidarity". "This is a moment where you need to put all your cards on the table," he told delegates, stressing there was "a long way to go".

COP29 President Mukhtar Babayev chats with Lead Negotiator Yalchin Rafiyev at the start of a plenary session at the COP29 United Nations climate change conference in Baku, Azerbaijan November 21, 2024.Reuters

Developed countries want all sources of finance, including public money and private investment, counted toward the goal, and for wealthy countries not obligated to pay, like China, to chip in.

Developing countries want the money to mostly come from government budgets of richer nations in the form of grants or money without strings attached, not loans that add to national debt.

The EU and the United States, two of the biggest providers of climate finance, have refused to put forward a figure.

That was an "insult" for the millions of people imperiled by climate disaster, said Greenpeace's Jasper Inventor.