BAKU: A new draft text on New Collective Quantified Goal (NCQG) published at COP29, for the first time, includes a proposal for a provision of climate finance – USD 250 billion per year by 2035 – a deal proposed by developed countries.
The number provided falls significantly short of the climate finance demands put forth by the Global South, including India.
India had demanded USD 1.3 trillion with $600 billion of core (public finance and grant-equivalent). But, the text is completely silent on grant-equivalent.
Para 8 of the text says it was decided to set a goal, with developed countries taking the lead, to provide USD 250 billion per year by 2035 for developing countries to undertake climate action. The money will be “from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources,” the text reads.
The proposed amount, seen as a replacement of the USD 100 billion annual pledge made in 2009 and met only in 2022, is widely regarded as insufficient given the growing costs of climate adaptation and mitigation.
The negotiating text acknowledged the USD 1.3 trillion number but called on all actors to work together to enable the scaling up of financing to developing countries for climate action from all public and private sources. Invited developing countries to make additional contributions