COP29 finance draft lays out divided positions between countries

The U.N. has published a draft on climate financing due to be presented at the COP29 in November in Azerbaijan. The draft lays out the conflicting positions from which the main country blocs will try to clinch the next climate deal. The document, which AFP consulted Friday, is the basis for negotiating an accord that is due to be reached at COP29 in Baku. The “New collective quantified goal” (NCQG), is intended to replace the engagements made by developed countries to provide $100 billion a year in financing to help developing countries face climate change. The draft lays out seven rough options that summarize the opposing positions. Arab countries say developed countries should commit at least $441 billion a year in grants between 2025-2029 to mobilize loans and private financing that would bring the annual total to $1.1 trillion. African countries insist on an annual objective of $1.3 trillion. Over the past months, the donor countries—the U.S., the EU, Britain, Japan, Canada, Switzerland, Turkey, Norway, Iceland, New Zealand and Australia—have said these amounts are unrealistic. Arguing that they now account for less than 30 percent of historic emissions, they want to expand the list of donors to China and Gulf countries, who refuse to consider it.