Developing countries reject donor role in climate finance discussions at COP29

At COP29, developing countries firmly stated they will not accept proposals to expand the donor base to include themselves under the New Collective Quantified Goal (NCQG). They emphasized that financial support should flow only from developed to developing nations, as outlined in the Paris Agreement. Negotiators expressed concerns that discussions around a USD 200 to 300 billion NCQG and potential contributions from developing countries are unacceptable. They highlighted that developed nations have not fulfilled their climate finance obligations since 2009 and should not shift responsibility to developing countries. Three proposals for the NCQG's financial quantum have been presented, ranging from USD 440 billion to USD 900 billion. However, the exact sources of this funding remain unclear, and developing countries insist that any new financial goals must not alter their status or obligations under the Paris Agreement.