Stalled Climate Finance Talks: Lack of Progress at Bonn Summit

The mid-year UN climate talks in Bonn have made little progress on securing the necessary funding to address the climate crisis. Despite floods, extreme rains, and heat waves, countries are struggling to finalize the New Collective Quantified Goal (NCQG) to support climate action in developing nations before COP29 in Baku.

At the mid-year UN climate talks in Bonn, countries have yet to make significant strides on critical funding needed to tackle the escalating climate crisis. Despite an urgent backdrop of floods, extreme rainfall, and sweltering heat waves, discussions stagnate over the New Collective Quantified Goal (NCQG) to mobilize finances for climate action in developing nations by 2025.

Mariana Paoli, Global Advocacy Lead at Christian Aid, expressed dismay over the lack of progress in the finance negotiations, dubbing it ''very disappointing''. Paoli stressed that wealthy nations must honor their financial promises to enable climate action in poorer countries.

With delegates from various countries still debating what constitutes climate finance and how it should be distributed, Mohamed Adow of PowerShift Africa warned that the reluctance of wealthy nations to fulfill their obligations could derail crucial outcomes achieved at COP28.

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