The New Collective Quantified Goal (NCQG), set to be finalized at COP29, aims to address developing countries' financial needs while ensuring developed nations take responsibility.
Developing countries call for equitable financial support, clear targets, and grants for adaptation.
Developed countries seek to expand the contributor base and prioritize outcome-driven strategies, focusing on low emissions and climate resilience.
The $100 billion annual pledge, made in 2009, was missed by developed nations in 2020 and met only in 2022.
This delay has created distrust, and the actual needs range from $5 trillion to $7 trillion — far more than the pledged amount.
Climate finance has mostly focused on mitigation, leaving adaptation efforts (e.g., disaster management, infrastructure) underfunded.
Private investments fall short for adaptation due to unclear returns.
Some countries propose including China and oil-producing nations as contributors based on emissions or wealth.
Developing nations oppose this, fearing it shifts the burden away from historically responsible countries.
The definition of climate finance is unclear about whether funds are new or simply reallocations, creating ambiguity.
Counting private investments as part of the NCQG could weaken the accountability of developed countries.
Developing countries need finance, technology transfer, and capacity building, but procedural hurdles often limit their access to funds.
COP29 will decide if the new finance framework addresses developing countries’ urgent needs or becomes another round of unmet promises.
The outcome will shape global climate justice and the trust between developed and developing nations.
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