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COP29 Climate Finance Negotiations: Key Challenges and Divisions
Negotiations at COP29 in Baku face challenges in agreeing on a new quantified climate finance goal, with disagreements on the amount, contributors, and forms of funding.
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United States
Climate ChangeEnergy SecurityFinanceClimateNegotiationsDevelopmentAgreement
United NationsOecdActionaidCarbonbrief
Teresa Anderson
- Why are countries deciding on a new financial goal for climate action?
- Countries are deciding on a new financial goal because the previous $100 billion annual climate funding target, set in 2009, was not met until 2022 and is insufficient to address the growing climate crisis.
- How much climate funding is needed to address climate change effectively?
- The amount of climate funding needed is in the trillions of dollars, significantly exceeding the previous goal. Various assessments have been made, highlighting the immense financial requirements to address the escalating impacts of climate change.
- Who is currently paying for climate finance, and are there discussions to expand the contributor base?
- Currently, developed nations, primarily OECD members from 1992, are the main contributors. However, there's a push to expand this to include large emitters like China and Gulf States, based on the principle of historical responsibility and current emissions.
- What are the different forms of climate finance, and what are the points of contention among countries?
- The form of climate finance is highly debated, with developing countries favoring grants to avoid debt burdens, whereas developed countries emphasize private investment. There's also a push to increase funding for adaptation and loss and damage, separate from mitigation.
- What are the main challenges and sticking points in reaching an agreement on a new collective quantified goal for climate finance?
- The negotiations are complex, with disagreements on the total amount, sources of funding, and who should contribute. Reaching a consensus on a new collective quantified goal (NCQG) will require extensive discussions and compromises among nations.