Nations gear up for negotiations on climate finance objectives.

February 20, 2024
1 min read


Key Points:

  • Countries are in disagreement over the new global climate finance goal, with developed and developing nations drawing battle lines.
  • The goal is set to replace the existing $100-billion annual target and negotiations are ongoing to determine the size and funding sources for the new goal.

Countries draw battle lines for talks on new climate finance goal

Developed and developing countries are at odds over the new global climate finance goal, with negotiations intensifying as the deadline for a decision at Cop29 approaches. Key elements include:

  • Discord over the size of the goal and funding sources, with developing nations pushing for rich countries to provide the highest amount of cash with minimal conditions.
  • The need to move past the contentious $100-billion annual target, which has not been met by developed countries in the past.
  • Challenges in determining the size of the new goal, considering factors like timeframe, funding areas (emissions-cutting, adaptation, and loss/damage), and inclusion of private finance.
  • Debate over who should bear the financial burden, with developing countries expecting developed nations to commit to significant amounts upfront.
  • Calls for transparency and accountability in monitoring the delivery of pledged funds, emphasizing the need for consistent reporting standards.

The decision on the new collective quantified goal (NCQG) at Cop29 will impact vulnerable countries drafting new climate plans, highlighting the urgency for agreement on crucial funding issues.

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