Paris Agreement at Stake: Developing Nations Demand Meaningful Climate Finance

The spokesperson for the Like-Minded Developing Countries (LMDC) warns that the Paris Agreement is at risk if developed nations fail to deliver a meaningful new climate finance goal. The LMDC, comprising around 25 developing countries, advocates cooperation for climate action. They demand clear definitions of climate finance and warn against diluting developed nations' responsibilities.

The Paris Agreement could be jeopardized if developed nations do not meet a significant new climate finance target, warns the spokesperson for the Like-Minded Developing Countries (LMDC). This coalition of about 25 developing nations, including India and China, says developed countries are trying to evade their financial responsibilities through a complex New Collective Quantified Goal (NCQG) framework.

Diego Pacheco, the LMDC spokesperson, emphasized the need for equity in negotiations, stating that developed countries had historically contributed the most to greenhouse gas emissions. At this year's COP29 in Azerbaijan, efforts will be made to finalize the NCQG, which aims to increase financial support from 2025 onward.

Pacheco criticized developed nations for trying to include private finance and loans within climate finance definitions, diluting their responsibilities. He called for a substantial increase in public finance and opposed expanding the contributor base beyond the current framework.

(With inputs from agencies.)