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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