COP29: Climate finance goal reach critical stage in final week

The 29th UN Climate Change Conference in Baku, Azerbaijan, has entered its critical second and final week with negotiations intensifying around climate finance — the cornerstone issue of this year’s “Finance COP”.

To address the escalating urgency of the crisis, a new collective quantified goal for climate finance is central to this year’s summit discussions.The NCQG is expected to replace the long-standing $100 billion annual finance target. Developing countries, including the Arab Group, the African Group, and like-minded developing countries , are advocating for a massive increase in annual climate finance commitments that address their unique vulnerabilities.

Proposed timeframes vary, ranging from short five-year cycles to longer spans of 10 or even 20 years, each presenting unique advantages and challenges.For example, a five-year timeframe would align with existing climate mechanisms under the Paris Agreement, such as the nationally determined contributions and the Global Stocktake, both of which operate on five-year circles.

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