A proposed climate finance deal at COP29 has been rejected by many developing countries due to its failure to specify the annual amount developed countries will commit to support developing nations. Developing nations have been demanding a $1.3 trillion new collective quantified goal (NCQG), but the draft presented lacks specific numerical figures for the proposed mobilization goal.
Key Concerns:
- Lack of Quantum Proposal: The draft fails to provide a clear proposal for the mobilization goal or provision element, despite the G77 and China’s common position on a $1.3 trillion annual mobilization goal ¹.
- Unmet Adaptation Funding Targets: World leaders’ promises to double adaptation funding remain unfulfilled, which would only cover 5% of the global adaptation gap.
- Africa’s Adaptation Needs: Africa requires $52.7 billion annually by 2030 for adaptation, but receives less than 25% of it, with 65% coming as loans .
Ali Mohamed, chair of the African group of negotiators, emphasized that every $1 invested in resilient infrastructure saves $4 in reconstruction, and urged the international community to triple adaptation funding by 2025 and shift from loans to grants.
The Way Forward:
The African Development Bank suggests increasing climate finance for Africa from 3% to 10%. African leaders demand urgent and ambitious climate action at COP29. With representation flocking to Baku, expectations are high for a turning point in climate finance negotiations.
