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New draft shorter but rifts still wide on climate finance
Hindustan Times
|November 16, 2024
The latest draft text on climate finance released on Friday evening at COP29 has streamlined earlier proposals but reveals persistent divisions between developed and developing nations over funding amounts and responsibilities.
The new 25-page document, trimmed from an earlier 34-page version, clearly states that the new collective quantified goal (NCQG) is "exclusively for all developing countries" but presents widely varying options for the scale of funding. The proposed annual funding amounts range from a floor of $100 billion to as much as $2 trillion, reflecting the stark differences between wealthy and developing nations. One sub-option suggests "at least USD 1.3 trillion per year," while others propose $1.1 trillion or $2 trillion, to be provided between 2025 and 2035.
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