Developing countries attending the COP29 United Nations climate change conference in Baku have made it clear that the New Collective Quantified Goal (NCQG) under the Paris Agreement should only involve funding from developed countries, and not include contributions from higher income developing countries like China and India. The NCQG is a new climate funding target meant to support climate actions in developing countries after 2025, building on the $100 billion annual funding agreed upon in 2009 but only fulfilled in 2022.
Negotiators from developing countries emphasized that any contributions to the NCQG should be voluntary and not mandatory, as laid out in the Paris Agreement. They accused developed countries of trying to deflect responsibility for providing climate finance by pushing for contributions from countries like China and India. Developing countries also stressed the need for transparency and clarity in financial commitments, urging developed countries to provide detailed plans for funding.
The ongoing negotiations in Baku are focused on determining the quantum of funding for the NCQG, with proposals ranging from $440 billion to $900 billion. Developing countries are seeking $1.3 trillion annually to support their climate actions. Key stakeholders, including the G77 +China, African Group of Negotiators, and Like Minded Developing Countries, have emphasized the importance of financial support flowing from developed countries to developing nations, with any additional voluntary contributions being a separate issue.
As negotiators work towards finalizing the text on the NCQG and other related issues, there is hope for consensus to emerge despite differences between developed and developing countries. The role of the European Union in leading the discussions and making a strong funding offer will be crucial in unlocking progress at the conference.
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