Global Call for New Climate Finance Deal at COP29

At the UN climate conference in Azerbaijan, COP29 President Mukhtar Babayev highlighted the urgent need for an ambitious New Collective Quantified Goal (NCQG) for climate finance. This new target seeks to replace the previous USD 100 billion goal by addressing the pressing needs of developing nations in combating climate change.

In a pivotal moment at this year's UN climate conference in Azerbaijan, COP29 President Mukhtar Babayev has called on nations to swiftly finalize a new climate finance goal to support developing countries.

Babayev warned that existing policies could lead to a catastrophic 3-degree Celsius global temperature rise if urgent action is not taken. He stressed that achieving consensus on the New Collective Quantified Goal (NCQG) is paramount, urging countries to resolve outstanding issues quickly.

Negotiations have highlighted significant divides over funding amounts and contributors. With only 12 days left to secure a deal, Babayev emphasized the need for effective and adequate finance to tackle climate challenges.

(With inputs from agencies.)