Long Way To Agree on New Climate Finance Package For Developing Nations: COP29 President

Baku: Azerbaijan, hosting this year's UN climate conference, on Monday said that countries still have a long way to agree on a new climate finance package to support developing nations in reducing emissions and adapting to climate change.

At a press conference, COP29 President Mukhtar Babayev expressed concern over slow progress in resolving key issues.

He urged ministers to take responsibility and act swiftly.

"There is still a long way to go on the New Collective Quantified Goal (NCQG). Politicians must engage immediately and constructively," Babayev said.

With ministers arriving in Baku, Babayev stressed the need for collaboration to address critical issues like the structure of the NCQG, the amount of funding, and the question of who should contribute.

He also said that the leadership from G20 heads of government, meeting this week in Rio de Janeiro, Brazil, is "essential for progress".

The success of COP29 depends on their commitment. I urge them to send a positive signal and provide a clear mandate for action, he said.

UN Climate Chief Simon Stiell also pushed for faster progress, especially on the NCQG.

He called on countries to resolve less contentious issues early in the week, leaving time to tackle the most challenging topics.

"Ministers need to roll up their sleeves and dive into the difficult discussions," Stiell said. 

(Except for the headline, this story has not been edited by Republic and is published from a syndicated feed.)