BAKU, Nov. 20 (Xinhua) -- The key to reaching consensus on climate financing is for developed countries to fulfill their commitments by providing financial assistance to developing countries and meeting their pledged amounts, said Liu Zhenmin, China's special envoy for climate change.
In a recent interview with Xinhua during the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan, Liu said the progress in the first week of the conference was limited, and the negotiations remain intense.
He noted that reaching agreements on critical issues like climate financing at COP29 will not only determine the success or failure of this conference but also influence the trajectory of multilateral cooperation under the Paris Agreement.
Zhao Yingmin, head of the Chinese delegation to COP29 and vice minister of China's Ministry of Ecology and Environment, said at a China Pavilion event Wednesday that parties need to reach a consensus on the New Collective Quantified Goal (NCQG) for climate finance, which will outline funding arrangements beyond 2025.
Currently, countries are actively negotiating the scale, sources, and scope of support under the NCQG, Zhao said, adding that the NCQG working group has also completed a new draft document that incorporates input from various parties.
He called for adherence to the principles and mandates of the Convention and the Paris Agreement, ensuring that the actions of developing countries are matched by support from developed countries while balancing equity and efficiency.
"We urge developed countries to increase financial support and technology transfer to developing nations and look forward to this conference setting a more ambitious new financial target, providing confidence and assurance for the next phase of global climate action," he said.
As COP29 enters its second week, ministers and senior officials from various countries are stepping into negotiations to finalize the text. The COP29 host country, Azerbaijan, has urged ministers to accelerate discussions, demonstrate courage, and work toward a fair and ambitious agreement.
