The 2024 UN Climate Change Conference, or COP29, is approaching its conclusion, yet one of its most critical objectives remains unresolved: setting a new collective quantified goal on climate finance.
Participants are grappling with determining the total amount of new climate finance and identifying which countries should contribute, according to Wang Xun, a senior researcher at the International Institute of Green Finance, Central University of Finance and Economics.
Experts emphasize that the Chinese mainland should take the lead in funding alongside developed nations. However, the Chinese mainland has already demonstrated its commitment by contributing approximately $45 billion in climate finance to other developing countries between 2013 and 2022, as reported by the World Resource Institute.
Wang also highlighted the importance of aligning contributions with the legal frameworks established by the Paris Agreement and United Nations, noting that the Chinese mainland is classified as a developing country.
Under the Paris Agreement, developed countries are obligated to provide financial assistance to developing nations, while other parties are encouraged to make voluntary contributions. This distinction continues to be a point of negotiation as COP29 seeks to finalize its climate finance goals.
Reference(s):
cgtn.com
