COP29 Climate Finance Talks: Navigating New Goals amid Global Tensions

At COP29, discussions on the New Collective Quantified Goal (NCQG) for climate finance have highlighted significant tensions. The G77 and China rejected the draft framework over vague financial targets. Stakeholders urge an urgent framework focusing on equity and transparency, while political complexities slow progress.

During the third day of the COP29 summit held in Baku, discussions heated up around the New Collective Quantified Goal (NCQG) on climate finance, which aims to succeed the annual $100 billion commitment expiring in 2025.

The G77 and China, a major coalition representing around 130 nations, rejected the draft negotiating framework for this year's climate summit, citing confusion over financial targets. This development set the stage for the central debate on climate finance.

Experts and leaders urge a robust framework, emphasizing equity, transparency, and dedicated funds for adaptation and loss mitigation. However, political complexities and nation-specific interests complicate progress towards a consensus on financial commitments.

(With inputs from agencies.)