New Delhi
The United Nations climate conference, COP29, began on Monday in Azerbaijan with a call from COP29 President Mukhtar Babayev for nations to urgently reach a consensus on a new climate finance target. As warming trends point to a dangerous 3°C increase, Babayev emphasized the need for a strong New Collective Quantified Goal (NCQG) to replace the 2009 target of $100 billion per year for developing countries.
The COP29 Presidency is prioritizing this goal to provide adequate funding that matches the urgent global climate challenges. With 12 days remaining, Babayev noted the urgency of resolving differences on critical aspects, including how much funding is needed, who should contribute, and which types of projects qualify. “Inaction costs more,” Babayev said, urging nations to recognize the stakes for global security and prosperity.
Debates have revealed wide divides. Developing countries argue that the NCQG must address their specific needs, with groups like the LMDC calling for $1 trillion annually and others, like the African Group, suggesting $1.3 trillion. The UNFCCC estimates that $5.01 to $6.85 trillion will be needed by 2030 to meet climate goals, underscoring the financial gap.
Wealthier countries are pushing for contributions from newly wealthy nations, including China and Gulf states. Meanwhile, developing countries seek public, grant-based, and low-interest funding to avoid debt burdens and to focus on crucial climate projects. The outcome of these negotiations will shape the path forward for global climate finance and cooperation.
