Leaked climate finance draft at COP29 sparks outrage among developing nations
A leaked draft of the New Collective Quantified Goal on Climate Finance (NCQG) has sparked anger among developing countries at COP29. The draft proposes a funding goal of USD 300 billion per year by 2035, which many view as insufficient. The draft calls for scaling up climate finance to USD 1.3 trillion annually by 2035, with developed countries expected to lead. However, developing nations argue this amount does not meet their urgent needs and dilutes commitments from the Paris Agreement. Several groups, including the Least Developed Countries and the Alliance of Small Island States, have walked out of COP29, stating the proposed funding is too small and does not address their priorities.