COP29 Presidency has pledged $300 billion per year for all developing countries up-to 2035 ignoring the demands of at least USD 1.3 trillion from the different countries, rights groups and organisations for ensuring climate justice and equitable decisions to address the escalating climate crisis.
Following the last-minute debate, screaming and huge demand by the NCQG, the COP29 presidency increased the amount from USD 250 billion to USD 300 billion.
The Presidency in the latest text (draft) on the New Collective Quantified Goal (NCQG) for climate finance, published on Friday night proposed the decision for all developing countries without mentioning anything about the world's most vulnerable 45 LDCs including Bangladesh. Bangladesh ranked on the eighth among the most vulnerable nation to climate change.
The COP29 presidency has released the draft on Friday night after several countries were left angry and disappointed at the latest proposed deal from the talks on Friday afternoon. However, the draft pleasing three points:
(a) As a first reflection of Parties indications the NCQG decision contains a call on all Parties to work together to scale up financing to developing countries for climate action from all public and private sources to at least USD 1.3 trillion per year by 2035, the presidency informed,
(b) Further, reflecting the submission of developed country Parties, it includes a decision to set a goal in extension of the goal of jointly mobilizing $100 billion per year, with developed country Parties taking the lead, to $250 billion by 2035 for developing country Parties for climate action and
(c) Engaging with Parties to collectively agree to final adjustments to the few outstanding yet important issues, the presidency said.
However, the COP29 Presidency said it has been pushing for a fair and ambitious new climate finance goal, taking into account the needs and priorities of developing country Parties.
Meanwhile, following the announcement on Friday, Bangladesh Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan, expressed her profound disappointment with the latest text on the NCQG; she criticised the text as a "very disappointing package," noting its failure to meet the critical needs of Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
The Adviser highlighted the inadequacy of the COP29 outcomes in addressing climate finance challenges, despite this conference being explicitly focused on the issue. "The package has failed to provide the minimum required justification for an NCQG that should uplift the most vulnerable nations. It offers nothing concrete for LDCs and SIDS, leaving them exposed to escalating climate risks."
Rizwana Hasan urged LDCs to resist this package, asserting that it "will make little difference in reality" without substantive revisions. She called on all stakeholders to advocate for a more ambitious, fair, and actionable climate finance framework that prioritizes the needs of the world's most vulnerable communities.
Meanwhile, twenty-five countries at the COP29 climate summit have pledged not to build any new unabated coal-power plants, in a push to accelerate the phase out of the highly polluting fossil fuel. But they advocate for ensuring the private sector's participation in climate finance fund.
The United Kingdom, Canada, France, Germany and major coal producer Australia were among the list of mainly wealthy developed economies to sign the voluntary pledge in Azerbaijan.
It commits nations to submit national climate plans early next year that reflect no new coal plan in their energy systems. Many of the world's biggest coal-power generators -- including China, India and the United States -- did not sign the "call to action" launched in Baku.
However, the pledge does not compel nations to stop mining or exporting coal, which produces more planet-heating carbon emissions than oil and gas, and is a major driver of climate change.
Under such circumstances, Bangladesh has sought European Union (EU) support to endorse a proposal for allocating USD$ 200 billion to the Least Developed Countries (LDCs) and the most vulnerable countries so that these nations can effectively respond to the challenges of the climate crisis.
EU Climate Envoy Wopke Hoekstra, who signed the initiative, said coal power was still growing despite a historic commitment made at last year's COP to use less fossil fuels for energy.
"The commitment to 'transition away from fossil fuels' needs to turn into real steps on the ground," Hoekstra said. Bangladesh will submit its position paper next year to the Presidency.
Expressing reaction over the Finance COP, around 350 civil society organizations released a letter in support of the G77 and China negotiating group's rejection of the latest draft.
The letter urged negotiators to "stand up for the people of the Global South," saying that "no deal in Baku is better than a bad deal."
