Significant disagreement between developed and developing countries on the New Collective Quantitative Goal (NCQG), the financial target for climate action.
Despite overtime, little headway has been made in bridging the gap between the two blocs.
Developing countries, including the Least Developed Countries (LDC) bloc and Alliance of Small Island States (AOSIS), threatened to walk out of negotiations due to the lack of progress and inadequate financial commitments.
Proposed Financial Commitments:
The draft text proposed increasing the NCQG to $300 billion per year by 2035.
This figure is still significantly lower than the $1.3 trillion demanded by developing countries.
Concerns about the inclusion of multilateral financing institutions in the funding mechanism, as it may not represent additional funds for climate action.
Potential Glimmers of Hope:
A proposed commitment to triple finance flows to specialized funds like the Adaptation Fund, the Special Climate Fund, and the LDC fund.
A focus on increasing grant financing to developing countries.
A plan to periodically review the eligibility criteria and access to climate finance.
While some progress has been made, the overall outcome of the summit remains uncertain.
The key challenge lies in the implementation of the stated intentions and ensuring that the financial commitments are fulfilled.
The climate crisis demands more ambitious and urgent action from all countries, particularly developed nations.
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