‘Unwieldy’ first draft at Baku sets 2030 goal of $5 trillion for climate action

Wed Nov 13 23:27:59 UTC 2024: ## COP29 Negotiations: A Trillion Dollar Question Looms Over Climate Finance

**Baku, Azerbaijan -** Two days into the 29th Conference of the Parties (COP29), the first major negotiating text has been released, outlining the options for a crucial decision: how much money will developed countries commit to helping developing nations combat climate change.

The text proposes a staggering $5-6.8 trillion in climate finance for developing countries until 2030, known as the New Collective Quantified Goal (NCQG). This money would help these nations adapt to climate change and transition to renewable energy sources without jeopardizing their development goals.

The previous commitment, agreed upon in 2009, was to mobilize $100 billion annually from 2020-2025. While this target was only met in 2022, countries decided in 2021 to increase the commitment and establish a new target by 2025. COP29 is expected to deliver this number, making it a pivotal moment in the fight against climate change.

However, the text presents multiple options for the NCQG, ranging from a blanket $5-7 trillion until 2030, to a yearly adaptation finance of $215-387 billion until 2030.

The text also calls upon developed countries to acknowledge their failure to meet the $100 billion target in 2020 and 2025 and commit to paying the arrears.

While the negotiations are still in their early stages, experts and negotiators are emphasizing the complex nature of the discussions.

“The voluminous NCQG text with an abundance of brackets and options is indicative of various Parties maintaining their existing positions,” said Arunabha Ghosh, CEO of the Council on Energy, Environment and Water (CEEW). “Much more work needs to be done to achieve agreement on key aspects of the NCQG such as quantum, quality and timelines.”

India, along with China and other developing countries, is advocating for a strong position on climate finance. “The text is too big now and It is a long road ahead,” said a member of India’s negotiating team.

The success of COP29 hinges on the ability of nations to reach a consensus on climate finance. This complex and multifaceted issue is likely to dominate the remaining two weeks of the conference.