Kathmandu: The Group of Least Developed Countries (LDCs), including Nepal, has raised reservations about the draft of the New Collective Quantified Goal (NCQG) on climate finance unveiled at the 29th Conference of Parties (COP29) to the UN Framework Convention on Climate Change (UNFCCC) in Baku, Azerbaijan.

The LDCs expressed dissatisfaction over the lack of clarity in the draft regarding key issues such as the scale and timeline of climate finance. The group emphasized that the document does not adequately reflect the need to increase climate finance to address the vulnerabilities faced by LDCs and Small Island Developing States (SIDS).

Concerns Over Climate Finance Timeline and Scale
Dr. Sindhu Prasad Dhungana, Chief of the Climate Management Division under Nepal’s Ministry of Forest and Environment, highlighted that while the LDCs and other groups have been advocating for increasing climate finance to $250 billion annually starting in 2026, the draft only mentions a timeline extending to 2035. "It does not clearly stipulate how much funding will be raised and whether there will be any increase before 2035," he stated.

Advocacy efforts are ongoing at COP29 to pressure developed nations to commit to a higher and more immediate increase in climate finance. Despite these challenges, Dr. Dhungana noted some positive developments, including the inclusion of NCQG in the conference agenda and discussions on mountain-based initiatives and the global stocktake process aligned with the Paris Agreement.

LDCs Call for Greater Ambition
In a press statement, LDCs Group Chair Evans Njewa criticized the current draft, stating that it falls short of the ambition required for effective global climate action. "The financial support outlined does not match the necessary ambition and undermines the current commitment of developed nations. It fails to address the needs of the most vulnerable countries," Njewa said.

He further expressed disappointment that the draft did not include specific targets for addressing climate-related loss and damage, nor did it ensure minimum funding levels for LDCs and SIDS.

Hopes for a Resolution
Although COP29 was scheduled to conclude on Friday, negotiations are ongoing as the LDCs, G77, and China continue to lobby developed nations to revise the draft and address their concerns. Positive outcomes are still anticipated by tonight, according to officials.

The summit has brought to light the persistent challenges in securing adequate and timely climate finance, especially for vulnerable nations. As the conference progresses, all eyes are on the ability of participating nations to reach a consensus that reflects the urgency of the global climate crisis.