Source: UN Climate Talks: Setting Sail to Plunder the Ocean | Inter Press Service
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With COP29 being cited as ‘the Finance COP’, much of the focus across various agenda items was on ever contested questions of who owes what to whom. Crucially, the meeting was supposed to advance negotiations on a New Collective Quantified Goal (NCQG) on climate finance for the post 2025 period, due to be agreed in Baku.
However, despite ‘quantified’ being in the very name of the goal, developed countries refused to be drawn on the critical matter of how much is owed and needed.
The 2020 goal of $100bn per year (stretched to 2025) remains unfilled, with the vast majority of what the Global North claims to have contributed in the form of loans, or money redirected from other overseas budgets.
Likewise, despite the long fought battle which secured a new loss and damage finance mechanism at COP27, that pot too remains as good as empty, with current pledges equating to less than 0.2% of the climate change related losses faced by Global South countries each year.
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