Developing Nations Demand Trillions: COP29 Finance Goal Falls Short

November 21, Baku, Azerbaijan – As COP29 enters the homestretch, a revised text of the New Collective Quantified Goal, released this morning, has sparked discontent. The text has fallen short of the expectations of developing nations, failing to specify a concrete figure of the amount expected in climate finance, despite developing nations demanding at least $1.3 trillion in grant-based finance. 

The omission underscores frustrations raised by developing country representatives of the G77, the Africa Group of Negotiators and Like-Minded Developing Countries(LMDC) at a press conference held on Wednesday. They expressed their disappointment with a lack of political will by developed nations to offer substantial financial commitments essential for supporting developing nations in their efforts to reduce emissions, adapt to the adverse impacts of climate crisis and address loss and damage suffered.

Harjeet Singh, Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative

“The revised draft text, while more streamlined, presents a spectrum of options—some good, some bad, and some outright ugly. It recognizes the need to prioritise grants but remains silent on the critical scale of the new finance goal, instead shifting pressure onto developing countries to mobilise more domestic resources. We must focus not only on the vast sums required—trillions, as acknowledged—but on ensuring these funds are provided as grants, not loans, to shield nations most impacted by climate change from further financial burdens. Alarmingly, the text lacks clear financial sub-goals for mitigation, adaptation, and addressing loss and damage—areas where needs have skyrocketed while resources remain scarce. True support for a just transition away from fossil fuels must include robust public finance, not hollow words.”