Developing countries reject draft text on climate finance

Negotiations at COP29 summit in Baku hit a roadblock on Tuesday, after a delayed start to talks on the first day of the two-weeks-long summit on Monday, with developing countries unanimously rejecting a draft of the new collective quantified goal (NCQG) and seeking a new text to be drawn up.

- Jayashree Nandi

Among other things, developing countries have said that the quantum of the fund should be around $1.3 trillion a year, the mobilisation goal should be from developed to developing countries, and that a global investment goal is not a subject of negotiation. "G77 plus China and the Like Minded Developing Countries want the text having elements as per priorities of the Global South," a negotiator familiar with the negotiations said.

"We have said that NCQG text must clearly outline what does not count as climate finance under the goal from an accounting perspective, including non-concessional loans and export credits which cannot count towards the progress on the delivery of the goal," another negotiator said.

The finance goal is a critical issue for the negotiations this year and will determine the future of the Paris Agreement, Rebecca Thissen, Global Advocacy Lead, Climate Action Network International said.

"The climate finance goal, known as the NCQG, is the critical issue of the COP and will determine the future of the Paris Agreement. Therefore we can't accept to start the negotiations from an unbalanced and inequitable basis.