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COP29 Struggles to Set New Climate Finance Targets
As the 2024 UN Climate Change Conference, known as COP29, draws to a close, delegates are grappling with a significant challenge: establishing a New Collective Quantified Goal (NCQG) on climate finance. Despite prolonged negotiations, countries remain divided over key issues, particularly the total amount of new funding and the nations responsible for contributing.
“Countries and parties are still working on the ‘total amount of the new climate finance target’ and ‘which countries should contribute’,” said Wang Xun, a senior researcher at the International Institute of Green Finance at the Central University of Finance and Economics.
Some experts believe that emerging economies should shoulder more financial responsibility alongside developed nations. China, in particular, has been highlighted due to its rapid economic growth. However, China emphasizes that it has already made significant voluntary contributions.
Between 2013 and 2022, China provided approximately $45 billion in climate finance to other developing countries, according to a report by the World Resources Institute. Wang stressed that organizations and parties should adhere to the legal terms defined in the Paris Agreement and recognized by the United Nations, which classify China as a developing country.
“Based on the Paris Agreement, developed countries have the obligation to provide financial assistance to developing countries, while encouraging voluntary contributions by other parties,” Wang added.
The impasse highlights the complexities of international climate finance negotiations. As COP29 concludes, there is hope that nations will find common ground to address the urgent need for climate action.
