COP29 releases new plan on NCQG
1 month, 1 week ago

COP29 releases new plan on NCQG

Live Mint  

New Delhi: The UN summit on climate change on Wednesday released a new draft of the new collective quantified goal after the first version was rejected by developing countries. “The version released on Tuesday seems obviously written for developed countries to get out of grant or concessional financing responsibilities by allowing any investments to be counted towards the goal,” Arun Krishnan, climate finance expert, said. Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition, according to various estimates. “The NCQG should be aligned with the needs of developing countries and should amount to at least $1 trillion per year, composed primarily of grants and concessional finance.

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History of this topic

COP29: How $300 billion climate funding is an ‘optical illusion’
3 weeks, 2 days ago

COP29: How $300 billion climate funding is an ‘optical illusion’

Firstpost  

Much of the funding relies on mobilising private finance, which often translates to loans rather than grants. Nations already grappling with crippling debt burdens face the prospect of trading financial solvency for climate action A demonstrator displays hands that reads "pay up" during a protest for climate finance at the COP29 UN Climate Summit, November 23, 2024, in Baku, Azerbaijan. …

COP29 Sees Discord Over Climate Finance as Developed Countries Refuse to Meet Funding Commitments
3 weeks, 4 days ago

COP29 Sees Discord Over Climate Finance as Developed Countries Refuse to Meet Funding Commitments

The Hindu  

Published : Nov 29, 2024 20:35 IST - 8 MINS READ When Azerbaijan as the Presidency of this year’s Conference of Parties held at Baku, in Azerbaijan, informed delegates working on extended time that participating countries had arrived at an agreement, there were many who disagreed. While declaring that the developed countries “shall provide financial resources to assist developing country …

COP29 Agreement Says Someone Should Pay to Help Developing Countries, but Not Who
54 years, 11 months ago

COP29 Agreement Says Someone Should Pay to Help Developing Countries, but Not Who

Wired  

At around 3 am on Sunday morning, in a drained plenary, the gavel slammed to bring COP29 to a close. The conference, whose primary focus was agreeing on a new finance deal to help developing nations with their climate actions, was supposed to end on Friday. The final extra day was marked by drafts, huddles, and bitter clashes behind closed …

Why developing nations like India are unhappy about the $300 billion COP29 deal
1 month ago

Why developing nations like India are unhappy about the $300 billion COP29 deal

India Today  

The $300 billion annual climate finance deal agreed upon at COP29 in Baku has sparked significant dissatisfaction among developing nations, who deem the amount insufficient to address the escalating impacts of climate change. Developing countries argue that the $300 billion target, set to be achieved by 2035, falls short of the actual financial needs required to combat climate change effectively. …

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'
1 month ago

COP29 raises climate finance to $300 billion a year, India says 'optical illusion'

India Today  

After a complex negotiation at the climate finance in Baku during COP 29, countries adopted a $300 billion a year global finance target on Sunday to help poorer nations cope with the impacts of climate change. As per the final official draft by UNFCC, the central focus of COP 29 was on bringing together nearly 200 countries in Baku and …

Inside the Frantic Maneuvers That Saved COP29 Talks at a Cost
Trending News
1 month ago

Inside the Frantic Maneuvers That Saved COP29 Talks at a Cost

Live Mint  

-- Negotiations over hundreds of billions of dollars in new climate funding for developing countries had staggered into overtime at COP29 in Azerbaijan. Saudi Arabia’s representative, Albara Tawfiq, said the kingdom opposed bids to “shift” the responsibility for providing climate finance beyond developed countries, shutting down a bid by the EU and US to expand the pool of contributors. Rich …

Cop29 secures last minute $300bn climate finance deal as talks saved from collapse
1 month ago

Cop29 secures last minute $300bn climate finance deal as talks saved from collapse

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Activists participated in demonstrations for climate finance at the Cop29 summit “This deal will keep …

Finance COP fails to offer adequate finance to developing countries for climate action
1 month ago

Finance COP fails to offer adequate finance to developing countries for climate action

Live Mint  

New Delhi: After an extension and over two weeks of intense negotiations, the 29th UN climate change conference or COP29 in Baku finally reached a consensus on a new collective quantified goals on climate finance but disappointed developing countries with only $300 billion per year by 2035 as against a required $1.3 trillion. Onus on developed countries The final draft …

COP29 Climate Finance Deal Collapses as Developed Nations Resist $1.3 Trillion Target
1 month ago

COP29 Climate Finance Deal Collapses as Developed Nations Resist $1.3 Trillion Target

The Hindu  

Published : Nov 24, 2024 17:46 IST - 6 MINS READ In the global climate negotiations that continued at the 29th edition of the Conference of Parties in Baku, Azerbaijan, between November 11 and 22, there was agreement on one issue. So, common sense suggests that developed countries, which are responsible for much of the cumulative carbon emissions that have …

COP29 ends with contentious outcome
1 month ago

COP29 ends with contentious outcome

China Daily  

COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past its deadline, with the adoption of a climate finance …

COP29 ends with contentious outcome
1 month ago

COP29 ends with contentious outcome

China Daily  

COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past its deadline, with the adoption of a climate finance …

COP29: $300 billion climate deal pushed through despite stiff opposition
1 month ago

COP29: $300 billion climate deal pushed through despite stiff opposition

New Indian Express  

BAKU: The United Nations climate summit in Baku on Sunday concluded amidst high drama with the adoption of a controversial agreement to triple climate finance for developing countries to $300 billion annually by 2035. Chandni Raina, adviser to the Department of Economic Affairs and part of India’s negotiating team, criticised the agreement for failing to address the urgent needs of …

COP29 ends with contentious outcome
1 month ago

COP29 ends with contentious outcome

China Daily  

By HOU LIQIANG | chinadaily.com.cn | Updated: 2024-11-24 21:44 COP29 President Mukhtar Babayev walks during a closing plenary meeting at the COP29 United Nations Climate Change Conference, in Baku, Azerbaijan, Nov 24, 2024. Following two weeks of wrangling between the delegations of developing and developed countries, the COP29 United Nations climate change conference finally concluded, more than 30 hours past …

After ‘paltry’ funding offers, day of chaos, fury at COP29
1 month ago

After ‘paltry’ funding offers, day of chaos, fury at COP29

Hindustan Times  

Negotiators returned to the table late on Saturday in a last-ditch effort to salvage the COP29 climate talks, hours after dramatic walkouts by developing nations and heated protests threatened to derail the conference entirely. The draft also controversially “encourages” developing country contributions through South-South cooperation while affirming that voluntary contributions won’t affect any party’s development status - language that many …

COP29 seals deal on global carbon credit trading after years of debate
1 month ago

COP29 seals deal on global carbon credit trading after years of debate

Firstpost  

Carbon credits are created through projects such as planting trees or putting up wind farms in a poorer country that receive one credit for every metric ton in emissions that they reduce or suck out of the atmosphere. File image/ Reuters Countries at the COP29 climate summit finalised an agreement on Saturday to establish a global carbon credit market to …

Finance deadlock pushes COP29 to brink of failure
1 month ago

Finance deadlock pushes COP29 to brink of failure

The Hindu  

Despite running into overtime, very little headway had been achieved at the U.N. climate summit in Baku late on Saturday in terms of bringing developed and developing countries any closer to agreeing to a new global financial target, called the New Collective Quantitative Goal, for a moonshot at preventing a runaway rise in global temperatures. ‘Nickels and dimes’ The newest …

United States, European Union among others to back new $300 billion global finance target: COP29
Trending News
1 month ago

United States, European Union among others to back new $300 billion global finance target: COP29

Live Mint  

BAKU -The European Union, United States and other wealthy countries at the COP29 climate summit have agreed to raise their offer of a global finance target to $300 billion per year by 2035, sources told Reuters on Saturday. The new goal is intended to replace developed countries' previous commitment to provide $100 billion in climate finance for poorer nations per …

COP29: NCQG talks spillover as no breakthrough in agreement yet
1 month ago

COP29: NCQG talks spillover as no breakthrough in agreement yet

Hindustan Times  

The new COP29 Presidency’s text will be released on Saturday after developing countries rejected the text on Friday evening. A joint statement by Amar Bhattacharya, Vera Songwe and Nicholas Stern, Co-Chairs of the Independent High-Level Expert Group on Climate Finance had said on Friday, “The text also calls on developed countries to increase their financial support for developing countries to …

COP29 ends in a $1.3 trillion disappointment. But there may still be hope
1 month ago

COP29 ends in a $1.3 trillion disappointment. But there may still be hope

Live Mint  

New Delhi: The 29th edition of the UN climate change conference in Azerbaijan emerged from a deadlock with an annual climate finance goal of $1.3 trillion for developing countries, much to the disappointment of the Global South. The second goal mentions that developed countries must take the lead in mobilising $250 billion per year by 2035 for climate action by …

COP29: EU and US want to give $300 billion in climate finance
1 month ago

COP29: EU and US want to give $300 billion in climate finance

NL Times  

Rich countries negotiating support for developing countries at the climate summit in Baku are prepared to pay 300 billion dollars a year in climate aid from 2035, sources told Reuters news agency. European Commissioner Wopke Hoekstra says it is "doubtful" whether the climate summit in Azerbaijan will have a successful outcome. COP29 actually ended on Friday, but on Saturday the …

COP29 UN climate talks wrap up in Baku
1 month ago

COP29 UN climate talks wrap up in Baku

China Daily  

A night view shows the venue of the United Nations climate change conference, known as COP29, in Baku, Azerbaijan, Nov 11, 2024. The COP29 United Nations climate change negotiations stumbled toward Friday's deadline, with a draft target of climate finance to developing nations falling far short of expectations. A key task of the UN gathering, which kicked off on Nov …

COP29 talks extended as draft $250 billion finance offer flops
Trending News
1 month ago

COP29 talks extended as draft $250 billion finance offer flops

Hindustan Times  

Baku: The COP29 climate summit was extended by a day after developing nations reacted with fury to developed countries’ proposal of $250 billion annual climate finance by 2035, calling it “a slap in the face” and far below their demand of $1.3 trillion, raising fears of a Copenhagen-like deadlock. “The quantum is an eyewash,” said a developing country negotiator, noting …

COP29: Baku climate talks run into overtime amid row over climate finance
1 month ago

COP29: Baku climate talks run into overtime amid row over climate finance

The Hindu  

Climate talks at Azerbaijan’s Baku, scheduled to end on Friday, were extended by another day after the latest version of the draft agreement was deemed unacceptable by several developing countries. The developed countries offered no more than $250 billion by 2035 as the New Collective Quantified Goal for Climate Finance despite acknowledging that at least $700 billion would be needed …

COP29: Nations commit to 1.5°C pathway with enhanced climate goals
1 month ago

COP29: Nations commit to 1.5°C pathway with enhanced climate goals

India Today  

In a landmark announcement at the COP29 summit in Baku, a coalition of nations representing 30% of global GDP and 15% of greenhouse gas emissions committed to strengthening their Nationally Determined Contributions to align with the 1.5°C global warming threshold. The United Kingdom, Brazil, and the United Arab Emirates led the charge with ambitious NDC targets for 2035, signaling their …

COP29 climate financing negotiations in stalemate
1 month ago

COP29 climate financing negotiations in stalemate

China Daily  

The COP29 United Nations climate change conference went into a stalemate on Friday, its scheduled conclusion date, with key concerns from developing countries largely unaddressed. A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a post-2025 climate finance commitment from developed nations to developing countries, building on the previous pledge …

COP29 climate financing negotiations in stalemate
1 month ago

COP29 climate financing negotiations in stalemate

China Daily  

The COP29 United Nations climate change conference went into a stalemate on Friday, its scheduled conclusion date, with key concerns from developing countries largely unaddressed. A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a post-2025 climate finance commitment from developed nations to developing countries, building on the previous pledge …

As deadline looms, divide over climate pact widens
1 month ago

As deadline looms, divide over climate pact widens

Hindustan Times  

Baku: A deep divide over climate finance erupted into the open on Thursday at the UN climate summit COP29, as developed nations and developing nations roundly rejected a new draft proposal that offered two starkly different options for funding climate action, leaving the talks in disarray with barely a day remaining. A controversial proposal to count developing countries’ domestic resources …

Climate finance deal continues facing deadlock as COP29 nears end
Trending News
1 month ago

Climate finance deal continues facing deadlock as COP29 nears end

Live Mint  

New Delhi: Talks on a dramatically raised finance deal at the COP29 meeting in Baku remained deadlocked with a draft text failing to mention the amount, even as the clock ticked away on the summit that ends on Friday. The new draft, presented by host Azerbaijan on Thursday, defines climate finance, identifies contributors and establishes two options on the overall …

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment
1 month ago

Hopes of trillion dollar climate fund dim at Cop29 after developed countries fail to offer commitment

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It’s like developed countries are saying the dog ate their homework.” open image in gallery Activists demonstrate for climate …

COP29 Presidency draft text continues to keep NCQG quantum bracketed
Trending News
1 month ago

COP29 Presidency draft text continues to keep NCQG quantum bracketed

Hindustan Times  

A streamlined compilation of proposals of the 2024 UN Climate Change Conference Presidency’s draft decision text on the New Collective Quantified Goal is down to 10 pages compared to 25 in the previous versions. One proposal seeks to establish a NCQG on climate finance of at least USD trillion of dollars annually from 2025-2035 provided and mobilised from developed to …

Climate finance talks hit roadblocks as COP29 enter final hours
1 month ago

Climate finance talks hit roadblocks as COP29 enter final hours

India Today  

The United Nations climate body released fresh proposals on Thursday for the COP29 summit's primary objective: determining the amount of financial support wealthy nations should provide to developing countries for climate change mitigation and adaptation. The latest draft of the negotiating text, which arrived several hours behind schedule, reveals that significant decisions remain on key aspects of the climate finance …

COP29: New NCQG draft delivers another “USD (X) trillion” promise frustrating developing nations
1 month ago

COP29: New NCQG draft delivers another “USD (X) trillion” promise frustrating developing nations

New Indian Express  

BAKU: The latest COP29 Presidency draft decision text on the New Collective Quantified Goal for climate finance has once again failed to specify a concrete funding target, leaving a placeholder “USD trillion” in place of an actual figure. The NCQG, set to replace the USD 100 billion per year commitment under the Paris Agreement, is critical to scaling up financial …

Developing nations condemn COP29 NCQG text, drama continues
1 month ago

Developing nations condemn COP29 NCQG text, drama continues

New Indian Express  

BAKU: Developing countries at the COP29 summit fiercely rejected the revised New Collective Quantified Goal decision text, calling it “unacceptable” and a betrayal of the Paris Agreement. Bolivian negotiator Diego Pacheco denounced the text, saying, “Developed countries seem to be moving from zero to minus zero with the current NCQG proposal—it’s like a crab walking backward. This isn’t just disappointing; …

Cop29: The trillion-dollar question that has left climate summit at an impasse
1 month ago

Cop29: The trillion-dollar question that has left climate summit at an impasse

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The New Collective Quantified Goal on Finance, which will fund the climate disaster and prevention-related costs in developing countries, …

COP29: No question of becoming donors under NCQG, say developing countries
1 month ago

COP29: No question of becoming donors under NCQG, say developing countries

Hindustan Times  

Baku: With several proposals to expand contributor base being discussed in negotiating rooms, developing countries have clarified that expanding the donor base to include developing countries would violate the provisions of the Paris Agreement. On the talks of including China as donor and India not requiring climate finance support anymore, a developing country observer said: “There is no debate over …

India: Set new finance goal on climate justice
Trending News
1 month ago

India: Set new finance goal on climate justice

New Indian Express  

With COP29 negotiations reaching a critical stage, India on Tuesday demanded clear answers from developed countries on the New Collective Quantified Goal for climate finance. Delivering the national statement, Kirti Vardhan Singh, Minister of State in the Ministry of Environment, Forest, and Climate Change, said all NCQG decisions for climate finance must reflect the principles of climate justice and equity. …

COP29 negotiators seek climate finance deal as deadline looms
Trending News
1 month ago

COP29 negotiators seek climate finance deal as deadline looms

Al Jazeera  

Vulnerable nations are seeking $1.3 trillion to deal with damage from climate change and to adapt to that change. With time running down, negotiators at the United Nations’ annual climate talks have returned to the puzzle of finding an agreement to bring far more money for developing countries to adapt than wealthier countries have shown they are willing to pay. …

UN chief urges aligning climate action with limiting global warming to 1.5°C
1 month ago

UN chief urges aligning climate action with limiting global warming to 1.5°C

Live Mint  

New Delhi: Every country’s next round of nationally determined contributions must contain unambiguous, absolute emissions reduction targets for 2030 and 2035, and align fossil fuel production and consumption plan to limiting global warming to 1.5°C above pre-industrial levels, UN secretary-general António Guterres said on Tuesday at the G20 meeting in Rio de Janeiro, Brazil. This assumes significance, as negotiations for …

G20 summit ends in disappointment for COP29 negotiators
1 month ago

G20 summit ends in disappointment for COP29 negotiators

Live Mint  

The Group of 20 summit in Brazil's Rio De Janeiro disappointed negotiators at the UN Climate Change Conference Baku-COP29, as it failed to send a “strong signal” on the pressing need to resolve the climate crisis. The G20 leaders' declaration reiterated the need for rapidly scaling up climate finance “from billions to trillions”, which they acknowledged in the 2023 New …

COP29: Developed nations may pitch $200 to 300 billion in NCQG talks
1 month ago

COP29: Developed nations may pitch $200 to 300 billion in NCQG talks

Hindustan Times  

Baku: The New Collective Quantified Goal quantum that was being discussed in the corridors of COP29 at Baku Stadium on Tuesday was around USD 200 to 250 billion as the core public finance goal with the rest mobilised through various sources including private finance and investments. “It is very clear for developing countries that the goal is 1.3 trillion USD …

Collective action on climate finance urged
1 month ago

Collective action on climate finance urged

China Daily  

By YANG HAN in Hong Kong | China Daily | Updated: 2024-11-19 09:51 COP29 President Mukhtar Babayev, Executive Secretary of UNFCCC Simon Stiell and Nabeel Munir, Chair of the UNFCCC's Subsidiary Body for Implementation, attend a press conference during the United Nations climate change conference COP29 in Baku, Azerbaijan, November 18, 2024. Asia needs collective and sustainable action to meet …

Collective action on climate finance urged
1 month ago

Collective action on climate finance urged

China Daily  

COP29 President Mukhtar Babayev, Executive Secretary of UNFCCC Simon Stiell and Nabeel Munir, Chair of the UNFCCC's Subsidiary Body for Implementation, attend a press conference during the United Nations climate change conference COP29 in Baku, Azerbaijan, November 18, 2024. Asia needs collective and sustainable action to meet its green finance needs, experts have said, as negotiations at the COP29 UN …

Collective action on climate finance urged
1 month ago

Collective action on climate finance urged

China Daily  

COP29 President Mukhtar Babayev, Executive Secretary of UNFCCC Simon Stiell and Nabeel Munir, Chair of the UNFCCC's Subsidiary Body for Implementation, attend a press conference during the United Nations climate change conference COP29 in Baku, Azerbaijan, November 18, 2024. Asia needs collective and sustainable action to meet its green finance needs, experts have said, as negotiations at the COP29 UN …

Climate finance is central for enabling and implementing climate actions, says India at COP29
1 month ago

Climate finance is central for enabling and implementing climate actions, says India at COP29

Live Mint  

New Delhi: Highlighting four essential aspects of global climate action, Leena Nandan, secretary of the ministry of environment, forest and climate change at COP29 on Monday, said the pre-2030 period is an opportunity to enhance global climate action through climate finance to reduce emissions and meet net zero. It is an opportunity to enhance global climate action,” Nandan said in …

Finance goal at centre of Baku COP29 crisis
1 month ago

Finance goal at centre of Baku COP29 crisis

Hindustan Times  

New Delhi: With no progress made in week 1, the COP29 Presidency decided that ministers from Egypt and Australia will conduct consultations on the structure, contributors, and overall “quantum” of the new finance goal. According to developing countries including India, developed countries are pushing for higher mitigation goals without a commitment or even an indication of the quantum of the …

India calls out developed countries over stalled progress on climate issues at COP29
1 month, 1 week ago

India calls out developed countries over stalled progress on climate issues at COP29

Live Mint  

New Delhi: At the ongoing 29th Conference of the Parties climate conference in Azerbaijan's capital Baku, India expressed dissatisfaction with the insistence of developed countries to expand the scope of the Mitigation Ambition and Implementation Work Programme from what was agreed upon in the past. India, on behalf of like-minded developing countries, on Thursday said that developed countries need to …

India pitches for $1.3 trillion in annual climate support for developing nations
1 month, 1 week ago

India pitches for $1.3 trillion in annual climate support for developing nations

Live Mint  

Intervening on behalf of like-minded developing countries, India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal till 2030. Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition, according to various estimates. Also Read: COP29 stresses global …

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare
1 month, 1 week ago

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare

BBC  

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare Getty Images As countries negotiate a new global goal to raise climate cash, these five charts show why discussions are so fraught. "Developing countries eager to act are facing many obstacles: scant public finance; raging cost of capital; crushing climate disasters; and debt servicing that soaks up funds," …

Can COP29 deliver the big bucks needed to fight climate change?
1 month, 1 week ago

Can COP29 deliver the big bucks needed to fight climate change?

India Today  

On the shores of the Caspian Sea, Baku is welcoming leaders, climate activists, civil society members, and negotiators from over 200 countries with heightened anticipation around setting more ambitious climate finance targets through the proposed New Collective Quantified Goal. The agenda aims to revitalise global climate finance commitments, yet concerns loom over the pace and scale of progress. Across the …

Where Will the COP29 Money Come From?
1 month, 1 week ago

Where Will the COP29 Money Come From?

Live Mint  

-- COP29 Daily Reports: Sign up for the Green Daily newsletter for comprehensive coverage of the climate summit right in your inbox. But that moniker could have been given to almost any of the other recent United Nations gatherings of world leaders: the COP26 confab in Glasgow in 2021 focused on enlisting institutional investors in the fight against global warming; …

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