First full draft on climate finance today

WITH the clock ticking at COP29 in Azerbaijan, negotiators remain locked in intense discussions over the New Collective Quantified Goal (NCQG) on climate finance, struggling to resolve disputes over the scale and structure of support needed to aid vulnerable nations in their fight against climate change.

- S V Krishna Chaitanya

Developing countries are demanding $1.3 trillion annually to address loss and damage, adapt to climate impacts, and transition to clean energy systems. However, developed nations have so far offered proposals falling significantly short of this figure.

The host presidency has promised to release the first full draft text on Thursday morning, but immediately clarified that it was not the final text but aiming to provide a starting point for resolution. Lead negotiator Yelchin Rafiyev expressed cautious optimism, describing the draft as a "clear step forward," though substantial decisions remain unresolved.