G77 and China Reject Climate Finance Framework at UN Climate Summit

G77 and China, representing numerous developing countries, have rejected a proposed framework for climate finance at the UN climate summit in Baku. They demand a revised draft that considers developing nations' needs, with a target fund of USD 1.3 trillion for mitigation, adaptation, and loss initiatives.

In a decisive move at the UN climate summit in Baku, Azerbaijan, the G77 and China bloc, representing around 130 countries, has rejected the draft framework for a new climate finance goal.

This framework, prepared by the Ad Hoc Work Programme on the New Collective Quantified Goal (NCQG), was the first item for consideration, but G77 and China argued it failed to incorporate the suggestions of developing nations adequately.

Joining forces with other developing country groups, G77 and China have called for a revised framework that proposes a minimum of USD 1.3 trillion for mitigation, adaptation, and loss initiatives, explicitly allocated to developing nations.

(With inputs from agencies.)