The new COP29 Presidency’s text faced rejection from developing countries on Friday evening, leading to extended negotiations and discussions at the highest levels, especially among developed nations. Experts suggest that a political decision is needed regarding the New Collective Quantified Goal on Climate Finance (NCQG). The draft deal proposed $250 billion per year by 2035, but developing countries demand $1.3 trillion instead.
The upcoming COP30 in Brazil is focused on climate action, with calls for increased financial support and more ambitious targets to address climate change. Failure to reach an agreement in Baku could jeopardize global efforts to combat climate change. The proposal for developed countries to contribute $250 billion annually by 2035 was deemed insufficient by experts and civil society organizations.
The Independent High-Level Expert Group on Climate Finance suggested targets of $300 billion by 2030 and $390 billion by 2035, with an ultimate goal of $1.3 trillion per year by 2035. The Baku deal aims to mobilize $1 trillion per year by 2030 in external finance and $1.3 trillion by 2035 to meet the Paris Agreement goals.
The extended climate talks highlight the disparities in funding commitments and the need for more inclusive and transparent negotiations. Civil society organizations have voiced opposition to the current proposal, calling for developed countries to commit to trillions rather than offering empty promises. The outcome of the COP29 negotiations will have far-reaching implications for global climate action and the future of the planet.
Source
Photo credit www.hindustantimes.com