G77, China demand $1.3 trillion in climate finance from rich nations

At COP29, the G77 bloc of developing nations, along with China, has made a strong stance on the New Collective Quantified Goal (NCQG) for climate finance.

- SV KRISHNA CHAITANYA EXPRESS IN BAKU

Representing around 80% of the global population, the G77+China called for an ambitious climate finance target, demanding that developed countries commit at least $1.3 trillion per year to support developing nations in their climate action.

They said this funding is crucial for effective mitigation, adaptation, and addressing loss and damage from climate change, observers said.

The G77 rejected the framework proposed by the ad hoc work programme's co-chairs, asserting that it does not provide an adequate foundation for negotiations.

Instead, the group is urging the newly appointed co-chairs of the NCQG contact group to produce a fresh, equitable text before the upcoming session.