As the first week of COP29 concluded in Baku, frustration grew over the slow pace of progress on climate finance for developing nations.
While Azerbaijan’s presidency touted an early achievement—a global carbon credits system—key discussions on financing the energy transition and climate adaptation have lagged, leaving negotiators like Clare Shakya, global climate chief at The Nature Conservancy, concerned. Shakya noted that the negotiations echoed the pre-Paris Agreement era, a time marked by years of stalled climate talks.
The pivotal issue at COP29, labeled the “finance COP,” is the New Collective Quantified Goal (NCQG) on climate finance. This aims to revise the $100 billion annual funding target set in 2009, which developed countries and the EU only reached two years past the 2020 deadline.
Ahead of expanding this target for 2025, the EU has urged for an expanded donor base, notably including China, which still identifies as a developing country within COP frameworks. At the midpoint of COP29, tensions are high, with developed and developing countries at odds over climate finance commitments.
