Developing Countries Stick to $1.3 Trillion Per Year Demand on Post-2025 Climate Finance Goal

Representatives from developing countries' groups at the ongoing COP29 conference in Baku have reaffirmed their demand of $1.3 trillion per year for post-2025 climate finance, amid opposition from developed nations.

The demand, which has been a point of contention in the negotiations, represents a significant increase from the existing goal of an annual $100 billion, which was initially agreed upon during 2020-25. Bolivian negotiator Diego Pacheco, speaking on behalf of Like Minded Developing Countries (LMDC), criticized developed countries for trying to shift their responsibility onto developing nations.

"This is not acceptable. We are not here to renegotiate the Paris Agreement," Mr. Pacheco said. "The discussions on NCQG cannot be used to change the Paris Agreement. That's a super red line for us."

India and China, also part of the LMDC group, have been unwavering in their support for the $1.3 trillion figure.

The New Collective Quantified Goal (NCQG) is expected to be released later on Wednesday or Thursday, concentrating discussions on three key issues: quantity, quality, and contributors. The quantity goal will replace the existing $100 billion target.

Developed countries have yet to put their numbers on the table, fueling speculation over potential figures. However, all speculated amounts are significantly lower than the $1.3 trillion demand made by developing nations.

Representatives from developing countries stressed that climate finance is not a charity but a legal obligation for developed nations to provide money to help them take measures to combat climate change.

The standoff between developing and developed nations on post-2025 climate finance has raised concerns about the effectiveness of global efforts to address climate change. The negotiations are expected to continue as key stakeholders struggle to reach a consensus on financing terms for climate mitigation and adaptation efforts.