COP29 Day 3: NCQG draft text shows lots of options, little progress

On the third day of the two-week long climate summit, draft NCQG text made the rounds while High Ambition Coalition made a strong statement and Brazil submitted its updated NDC

COP29 attendees were all glued to their electronic device of choice on Wednesday morning as an early draft of the proposed climate finance text did the rounds. The length of the text is the first thing that most seem worried about. It is 34 pages long, and filled with options. This means that not much progress has been made, at least since the Bonn climate conference that took place earlier in the year. Developing countries are arguing for an increase from the previous $100 billion goal, citing escalating needs, with some proposals suggesting amounts of $1.3 to $2 trillion annually. There are options for diverse funding structures and developing countries are pushing for developed nations to shoulder the primary financial burden.

“The voluminous draft NCQG text containing an abundance of brackets and options is indicative of countries sticking to existing positions; so, not much progress seems to have been made. Various options are still on the table. It will take some time for negotiators to work through them,” says Arjun Dutt, Senior Programme Lead, Council on Energy, Environment and Water (CEEW). “The $100 billion figure was the result of a political compromise. The NCQG needs to be evidence-based, reflecting the needs and priorities of developing countries,” says Dutt.

While COP29 is focused on advancing climate action, it is arguably defined more by the geopolitical events surrounding it than by its internal proceedings. “Sometimes, technical logjams are resolved by high-level ministerial and political interventions,” says Dutt. “So, it may boil down to a matter of political will.”

Some COP veterans are downplaying the divergences in the NCQG text. Texts getting rejected is not new, according to them. This has been a normal start to the COP and it is too early to determine whether this COP has been a win or a loss, they say.

Elsewhere at COP, the High Ambition Coalition made a strong statement. “Trillions of dollars are required,” the statement read. “Developed countries must continue to take the lead and live up to existing finance commitments. We also need to make innovative forms of finance a reality.” The statement is important because the coalition includes some G7 members like Canada, France, Germany and Netherlands.

Also, Brazil submitted its updated Nationally Determined Contribution (NDC) to the UN. The country is aiming for a 59% to 67% reduction in CO2 emissions compared to 2005 levels.

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Anushka Mohite

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