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.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Climate finance gap could reach $359bn, UNEP warns ahead of COP29The United Nations Environment Programme (UNEP) says the global finance gap for climate adaptation could soar to $359 billion.
Источник: thecableng - 🏆 2. / 80 Прочитайте больше »

COP29: Multilateral banks pledge $120bn climate finance to low, middle income countriesThe world's top development multilateral banks (MDBs) have pledged to boost climate finance to low- and middle-income countries by $120 billion per year by 2030.
Источник: thecableng - 🏆 2. / 80 Прочитайте больше »