COP29 Nears Collapse Over Finance Deadlock

• Despite overtime, little progress was made at the UN climate summit in Baku towards a new global financial target, the New Collective Quantitative Goal (NCQG).

• The COP29 conference was scheduled to end on Friday.

• Negotiators were expecting another sleepless night on Saturday due to fractious issues between developing and developed countries.

• Least Developed Countries (LDC) bloc and the Alliance of Small Island States (AOSIS) have temporarily walked out of negotiations.

• The newest draft text raises the NCQG goal to $300 billion a year, to be given to developing countries by 2035.

• This is a hike from the $250 billion promised as of Friday night, but still lower than the $1.3 trillion expected from developed countries.

• Some analysts suggest progress has been made with a commitment to “triple finance flows” through specialized funds.