COP29: Developing nations start work on new climate finance text

After developing countries rejected the first draft on the new collective quantified goal (NCQG), on Tuesday, co-chairs of the programme on NCQG at the COP 29 climate talks in Baku released another iteration, on Wednesday morning that runs into 34 pages.

- Jayashree Nandi

The options span a wide range reflecting priorities and preferences of all negotiating groups among developed and developing countries from a floor of $100 billion to $2 trillion.

It also has options for contributors, reflecting the evolved and dynamic nature of emissions and their economic capabilities.

NCQG, a new finance target to replace the Paris Agreement's $100 billion a year, is one of the desired outcomes of the Baku climate talks, although most experts believe that achieving this will be tough.

The drafting process indicates this.