Developed Nations Urged to Lead in Trillion Dollar Climate Finance Quest

Developed countries, including Germany and France, have acknowledged the urgent need for trillions in climate finance. At the UN climate talks, there's debate over a new package, the New Collective Quantified Goal, with tensions between developed and developing countries on funding methods and responsibilities.

A coalition of developed countries, led by Germany and France, declared on Wednesday that trillions of dollars are critically needed to tackle the climate crisis. They stressed that wealthy nations should spearhead the provision of climate finance.

As the UN climate negotiations continue in Baku, countries are at odds over crafting the New Collective Quantified Goal (NCQG) for climate finance. Climate activist Harjeet Singh criticized the current proposals as insufficient to meet the demands of developing nations and civil societies.

The High Ambition Coalition, representing both developed and developing countries, emphasized robust financial commitments for climate action, underscoring the need for grant-based financing to address climate adaptation and damage. Meanwhile, debates rage on, as both sides push for a satisfactory conclusion to the NCQG discussions.

(With inputs from agencies.)