New texts are delayed at the climate summit in Baku

In the latest version, which dates from Friday afternoon around 3 p.m. (12 p.m. in Belgium), a concrete amount was mentioned for the first time for the new international climate finance target (NCQG in climate jargon) with which developed countries must assist developing countries to reduce their emissions. (mitigation) and to adapt to the consequences of climate change (adaptation). However, that figure of $250 billion was well below the amounts put forward by developing countries, and was rejected by small island states and Africa and also strongly criticized by NGOs.

The presidency then announced that it would come up with a “more fair and ambitious” agreement. Although we have to wait for that.

The finalization of a new NCQG is the most important agenda item at COP29. That should replace the current target of $100 billion per year, which dates from 2009. According to the OECD, that target was not achieved until 2022, two years later than promised.