Funding — money on the table and a new collective quantitative target
COP29 is expect to provide funding for a “course correction” of global climate policy. Countries are due to submit updated climate plans (NDCs) by February 2025. However! for developing countries to be able to implement their new ambitious NDCs! COP29 must first determine Key issues what financial resources will be available to support them.
The previous climate finance target of $100 billion per year was rather symbolic! as it was only a fraction of the amount need! and caused a lot of controversy.
Climate finance remains one of the most pressing issues in the negotiations
The previous target of $100 billion per year Key issues from developed to developing countries between 2020 and 2025 was symbolic! a fraction of what is need! and controversial: developed countries only reached the target in 2022! country wise email marketing list and even then! with accusations of double counting.
The new collective quantified target (NCQG) to be agre at COP29 must take into account the needs and priorities of developing countries. Estimates vary! but it is clear that we are talking about trillions! not billions. Closing this huge gap will require private investment and deeper reforms of the global financial system. The issues of subsidies! fossil fuel revenues and “solidarity taxes” also need to be discussed.
Preparations for COP29 have not yet yielded significant yes! of course we support it. already now results. Parties differ on who should pay! how much! in what form (loans or grants)! and how these funds should be distributed.
COP29 will also discuss how the funds should be spent – on climate change mitigation (to prevent further deterioration)! adaptation to its impacts! or support countries in overcoming losses and damages (consequences that have already occurred or cannot be avoided). In previous discussions on the new collective quantified target (NCQG)! developed countries have consistently called on wealthier developing countries such as China and India to also make financial contributions. These countries! for their part! are actively opposing this. These contradictions will need to be resolved if a new common asb directory target is to be achieved.
Increased transparency?
The COP is a showcase for international agreements! but much of the process takes place behind closed doors. COP29 will be an important milestone for transparency under the Paris Agreement! with the first biennial Enhanced Transparency Reports (BTRs) from participating countries due in December 2024.
