Talks on climate finance stall at Bonn conference: What does this mean for COP29?
Countries are set to make a new commitment on climate finance at the UN climate conference in November this year.
Climate finance talks at the Bonn Climate Conference on Tuesday ended in a stalemate as countries failed to make any concrete progress on the issue.
It has been at the centre of discussions in Germany with nations needing to agree on the New Collective Quantified Goal (NCGQ) at COP29 in Baku this November. This is the amount of money developed countries need to mobilise each year from 2025 to support climate action in developing nations.
But there have been serious disagreements over how much this should be, who should be prioritised for finance, what form this money takes and what counts as a ‘developed’ country.
“Proper progress is urgently needed at the UNFCCC climate negotiations this week as, with each day passing, the talks are turning into a cesspit of inaction,” an update by the Climate Action Network said on Monday.
