Divergent responses emerge over climate finance draft at COP29

The release of the revised draft for the New Collective Quantified Goal (NCQG) on climate finance at COP29 has sparked a storm of criticism, exposing deep divisions among negotiating blocs. The draft sets an annual target of $300 billion by 2035, with developed nations leading efforts to provide financial aid to developing countries. Yet, exclusive insights obtained by AnewZ highlight dissatisfaction from key parties, with some even threatening to walk away from the negotiations, per Caliber.Az.

Developing Nations Voice Strong Disapproval

The Least Developed Countries (LDC) bloc expressed outright frustration, rejecting the draft outright: “Our priorities have not been taken into account. At the moment, we cannot engage on this text.”

Bolivia, representing the Like-Minded Developing Countries (LMDC), delivered a scathing critique. A delegate dismissed the proposed financial targets as “both inadequate and offensive”:

“A $250 billion target is not a joke — it’s an insult. Even $300 billion is unacceptable. The figure should be at least $500 billion.”

The Bolivian representative also provided detailed, paragraph-by-paragraph critiques of the text, underscoring gaps in structure and commitment. India echoed this position, calling for a $500 billion annual target as the minimum necessary to address the needs of developing nations effectively.

African Bloc Joins the Chorus of Discontent

Representatives from the African Group expressed frustration over their input being sidelined. A spokesperson reiterated the bloc’s demands and voiced dissatisfaction with the revised draft’s inability to reflect their concerns.

Samoa Rejects the Text on Behalf of AOSIS

Samoa, representing the Alliance of Small Island States (AOSIS), issued a blunt statement:
“We are not in a position to accept this text.”

Uganda Highlights Paris Agreement Obligations

Speaking for the Group of 77 and China (G77), Uganda criticized the proposed financial target and called for textual revisions, specifically citing Article 9.1 of the Paris Agreement. This article requires developed nations to provide financial support to developing countries to combat the climate crisis.

Frustration Reaches a Boiling Point

Tensions escalated dramatically when the LDC bloc raised a point of order. In a sharp rebuke to the process, their representative declared: 

“This meeting means nothing to us. If you want to continue discussions, we will leave the room. We call for the suspension of the meeting.”

This call to halt proceedings underscores the mounting frustration of developing nations, who see the proposals as failing to meet their urgent needs for adaptation and mitigation in the face of the worsening climate crisis.

Background on NCQG and COP29

The New Collective Quantified Goal (NCQG) aims to replace the $100 billion annual target set at COP15 in 2009, a goal widely criticized as unmet. The revised draft’s $300 billion proposal seeks to step up financial support with developed countries leading the charge to support climate action in developing nations. 

The UN Framework Convention on Climate Change (UNFCCC) negotiations have laid bare deep divisions, underscoring the persistent rift between the Global North and Global South. The proposed $300 billion annual target has faced widespread criticism, with many arguing it falls far short of addressing the magnitude of the climate crisis. Several negotiating blocs are demanding a figure closer to $500 billion, asserting that such an increase is essential to achieve meaningful progress in climate action and justice.

What’s Next?

With the divide between the Global North and South growing, COP29 in Baku stands at a crossroads. The ability to bridge this gap could determine whether the conference yields a unified global strategy — or becomes a symbol of enduring discord in climate negotiations.

By Tamilla Hasanova