COP29 text on climate finance disappointing: Rizwana
The proposed decision to allocate $250 billion per year for all developing countries is shockingly insufficient, she said, emphasising that the amount is neither provisioned nor designated as grants
Environment, Forest and Climate Change Adviser Syeda Rizwana Hasan has expressed her profound disappointment over the latest text on climate finance.
The New Collective Quantified Goal (NCQG) for climate finance published by the COP29 presidency is very disappointing, she said as the conference nears its conclusion, reads a ministry press statement issued today (22 November).
Rezwana criticised the COP29's failure to meet the critical needs of Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
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The proposed decision to allocate $250 billion per year for all developing countries is shockingly insufficient, she said, emphasising that the amount is neither provisioned nor designated as grants.
Furthermore, she said, the text fails to allocate any dedicated funds to the most vulnerable 45 LDCs.
The environment adviser highlighted the inadequacy of the COP29 outcomes in addressing climate finance challenges, despite this conference being explicitly focused on the issue.
The package has failed to provide the minimum required justification for an NCQG that should uplift the most vulnerable nations. It offers nothing concrete for LDCs and SIDS, leaving them exposed to escalating climate risks.
Rizwana urged LDCs to resist this package, asserting that it will make little difference in reality without substantive revisions.
She called upon all stakeholders to advocate for a more ambitious, fair, and actionable climate finance framework that prioritises the needs of the world's most vulnerable communities.
As the final hours of COP29 unfold, the adviser's statement underscored the urgency for bold and equitable decisions to address the growing climate crisis.
