Developing Nations Reject Climate Finance Deal at COP29 Over Lack of Funding Clarity

A proposed climate finance deal at COP29 has been rejected by many developing countries due to its failure to specify the annual financial commitment from developed nations. 

The draft, presented just before the expected conclusion of the conference, left delegates frustrated as it did not include clear numerical targets for the $1.3 trillion new collective quantified goal (NCQG) that developing nations have been demanding.

Ali Mohamed, chair of the African group of negotiators, criticised the draft, pointing out the absence of specific figures for the proposed mobilisation goal. He urged developed countries to meet their financial obligations urgently. 

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Mohamed Adow, director of Power Shift Africa, called the draft a “blank cheque” and urged developed countries to present a concrete financial figure, emphasising the need for actual commitments to address the climate crisis.