Climate change is a global crisis, but it disproportionately impacts the poor and developing countries, amplifying their vulnerabilities and economic challenges.
The adoption of the 1992 United Nations Framework Convention on Climate Change (UNFCCC) stressed the need for climate justice, entrusting the responsibility
on industrialised countries, historically the major contributors, for reducing their greenhouse gas emissions to limit global temperature rise.
At subsequent COP meetings, wealthier countries committed collectively to contribute $100 billion per year as climate fund till 2020, which was later extended to 2025, to vulnerable developing countries for strengthening climate resilience.
But the insufficiency, belated supply and unjust distribution of this fund which was mostly given as loans led to little progress. In line with the provisions of UNFCCC and its Paris Agreements, the developed countries should unconditionally commit to provide at least $1.3 trillion every year till 2030.
Climate finance under the New Collective Quantified Goal (NCQG) is the central issue in the ongoing annual COP-29 summit in Baku, Azerbaijan.
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