COP29 climate finance agreement is likely to struggle in reaching a consensus. (Photo: COP29)
The host country of the UN Climate Summit (COP29), Azerbaijan, released a draft climate finance proposal on Nov. 21, but key details regarding the scale, sources, and mechanisms of the funding remain unclear. This leaves member countries with the challenge of reaching a consensus in the coming days, in hopes of presenting a version that satisfies all parties.
Negotiators have two options to set fund’s goals
The origin of the commitment by developed countries to assist developing countries in raising climate finance can be traced back to the 2009 COP15, where a pledge was made to allocate $100 billion annually starting in 2020. However, this goal was not fully met until 2022. The new agreement currently under discussion is referred to as the "New Collective Quantified Goal" (NCQG), which is set to replace the existing commitment that expires next year.
