G77 and China rejects framework for draft text on new climate finance goal

COP29 IN AZERBAIJAN

G77 and China, the largest bloc representing around 130 countries at the UN climate talks, has rejected the framework for a draft negotiating text on a new climate finance goal -- the central issue at this year's climate summit in Baku, Azerbaijan.

The substantive framework for a draft negotiating text, prepared by the co-chairs of the Ad Hoc Work Programme on the New Collective Quantified Goal (NCQG) and published in October, is the first item for countries to deliberate on.

However, on Tuesday, G77 and China rejected the framework, arguing it does not accurately reflect the suggestions that developing countries have made for the new climate finance goal.