G77 and China Reject Climate Finance Framework at Baku Summit

At the UN climate talks in Baku, Azerbaijan, the G77 and China, a coalition of around 130 countries, rejected the framework of a draft negotiating text on climate finance. The group demanded a revised goal focused on developing countries, setting a target of USD 1.3 trillion for climate mitigation, adaptation, and damage reparations.

At the UN climate summit in Baku, the G77 and China, representing over 130 countries, forcefully rejected the proposed framework for a new climate finance draft, intensifying the ongoing debate over financing climate adaptation and mitigation. They are seeking a substantial goal of USD 1.3 trillion exclusively for developing nations.

The coalition has raised concerns that the draft text fails to address the needs of developing countries, urging the newly appointed co-chairs to create a revised proposal. Other developing nations' groups have expressed solidarity with G77 and China in this negotiation stand-off.

Disagreements persist, with developed countries advocating for broader investment in climate initiatives while developing nations emphasize grant-based and concessional finance to avoid additional financial burdens. The historical context of unmet financial promises by wealthier nations further complicates matters.

(With inputs from agencies.)