COP29 Negotiators Struggle to Bridge Divide Over Global Climate Finance Goal

Delegates at the COP29 climate summit in Baku are facing significant hurdles as negotiations enter their final scheduled days. The primary point of contention remains the New Collective Quantified Goal (NCQG), intended to replace the previous $100 billion annual climate finance target. Developing nations have proposed a minimum of $1.3 trillion per year to support transitions to green energy and mitigate climate-related disasters. However, developed nations, including members of the European Union and the United States, have not yet agreed to a specific figure, instead calling for a wider pool of contributors to include high-emitting emerging economies. While some negotiators report progress on technical aspects of the deal, observers suggest that a breakthrough on the final financial package remains uncertain as the deadline approaches.