The 4th International Conference on Financing for Development comes at a critical moment for climate and development finance. Despite progress—such as increased climate funding over the past years, the establishment of the Loss and Damage fund, and the inclusion of climate targets in the World Bank’s mission—important challenges persist and remain unresolved.
When the gavel went down in the early hours of Sunday morning in Baku and a decision was reached on the new collective quantified goals (NCQG) on climate finance it caused as much relief as disbelief in the room. The European Union (EU), represented by EU climate commissioner Woepke Hoekstra, praised the decision as “a start of a new era for climate finance”, while the group of least-developed countries stated to be “outraged and deeply hurt by the outcome of COP29“ and referred to “the bulldozed” NCQG as “a glaring symbol of this failure“. Some countries, notably India and Nigeria, openly objected the adopted decision on the NCQG, calling the „document little more than an optical illusion” – prompting loud applause in the plenary. (mehr …)