The United Nations climate talks encountered a major setback as differences emerged over a new finance target.
Delegates from developing countries, represented by the G77, China and the Arab Group, rejected a draft text on the New Collective Quantified Goal on Climate Finance (NCQG).
This target aims to boost annual climate finance flows beyond the unmet $100-billion-a-year commitment from developed nations, which was pledged for 2020.
Developing countries are now advocating for a much higher target of at least $1.3 trillion per year to address climate-related challenges and transition towards a resilient, low-carbon future.
The hitch over this goal has thrown the talks into disarray. Ali Mohamed, Kenya’s Special Envoy for Climate Change and chairperson of the Africa Group of Negotiators, explained that the draft text lacked balance and failed to reflect the needs of vulnerable nations.
“It was trying to redefine the commitments we agreed upon under the Paris Agreement, specifically on climate finance. We had no choice but to push back,” he said.
African nations are advocating for a goal that meets their escalating climate adaptation needs.
Africa is facing severe weather events, which have become more intense and frequent – ranging from prolonged droughts to extreme floods that displace millions. Mohamed noted that the continent urgently requires financial flows in the trillions of dollars to keep pace with climate challenges.
“We did commit during last year’s Dubai conference that the world would transition toward low-carbon and climate-resilient development. But this transition demands significant and dependable financial support, which Africa cannot shoulder alone.”
