UN Climate Chief Urges Nations to Unite over New Climate Finance Goal

Baku (Reuters) - The United Nations climate conference opened on Monday with UN Executive Secretary Simon Stiell calling for urgency as countries gathered to agree on a new climate finance goal. Developing nations are pushing for a fair and ambitious package that addresses their "needs and priorities," while high-income industrialized nations argue that the increased wealth of newer contributors like China should be reflected in the agreement.

Stiell stated, "An ambitious new climate finance goal is entirely in the self-interest of every nation." The priority is not only to find consensus on a fair and effective goal but also to reform the global financial system as countries struggle to agree. He stressed that if one-third of the world cannot quickly cut emissions, "every nation pays a brutal price."

The conference has brought together over 10,000 participants from 194 countries in Baku. COP29 is focused on implementing the New Collective Quantified Goal (NCQG), with negotiations aimed at reaching an agreement by November 24.

There are significant disagreements among countries over several critical elements of the NCQG, including what amount to be covered and from whom it should come from, leading developing nations to argue for a more equitable contribution. Global South negotiations saw progress yesterday but also revealed that much work is left.

The COP29 Presidency emphasized that the negotiation agenda must prioritize global economic impacts on billions of people. Negotiators acknowledged that the current system may not offer sufficient support to poor countries. Stiell called the issue "a matter of extreme gravity, a case that needs immediate attention."

The event's participants agreed to build up their negotiations during the next ten days and reach agreements in line with climate change demands by year 2030.

"We are going all out to achieve what is hoped for here," COP29 President Mukhtar Babayev said. "There is no place in it that any nation cannot be represented."

Babayev stated, “Nothing has a greater impact on the security, prosperity and well-being of all nations than climate change,” calling the deal's establishment "critical as never before".

Negotiations were taking their toll with deep divisions among countries over who should contribute to what would be around $1 trillion annually.

"This will take place over our discussions in this assembly," Stiell warned during the event’s opening ceremony. Estimates suggest that developing countries may require up to $5-6 trillion every year through the 2030 period to adapt climate impacts – a situation of critical urgency and high stakes.

Developed nations had initially agreed on USD 100 billion annually but said new numbers are necessary due to rapid developments in global dynamics.

As with previous climate deals, negotiations saw progress yesterday. They also revealed deep disagreement over almost every aspect of the New Collective Quantified Goal (NCQG), including contributors and what would work best – amount of money it should be available for development projects, when they must be executed, how reliable to deliver this amount within a specified timeframe.

Developing countries feel ignored in negotiations, arguing that "the climate finance goal could not just meet the needs of poor people but could help them grow more economically as well."