Countries draw battle lines for talks on new climate finance goal

(Climate Home News, 20 Feb 2024) Governments are drawing their battle lines over what a new global climate finance goal should look like as talks face time pressure for a decision to be made at Cop29.

With fewer than nine months to go until the UN climate summit in Baku, negotiators are currently staring at a long list of options and no agreed details for the goal that is due to kick in from 2025.

They still need to work out everything from how large the overall sum should be, to what it needs to pay for, over how many years, and the best way to monitor the money.

But nations are at odds over what upcoming negotiations should prioritise.

Most developing countries want to talk about numbers and commit rich nations to stump up the highest amount of cash possible with the fewest strings attached. Meanwhile, developed countries argue it shouldn’t be just them paying and want the focus to be first on broadening the list of contributors.

Moving past contentious $100bn target

Experts say acrimony over the existing $100-billion annual target – which the new goal is set to replace – makes finding common ground more difficult.

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Climate Home News, 20 Feb 2024: Countries draw battle lines for talks on new climate finance goal