The proposed decision to allocate $250 billion per year for all developing countries is shockingly insufficient, said Syeda Rizwana Hasan
Syeda Rizwana Hasan, advisor of the Ministry of Environment, Forest and Climate Change of Bangladesh, has expressed her profound disappointment with the latest text on the New Collective Quantified Goal (NCQG) for climate finance, published by the COP29 Presidency as the conference neared its conclusion on Friday.
In her statement, she criticized the text as a “very disappointing package,” noting its failure to meet the critical needs of Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
“The proposed decision to allocate $250 billion per year for all developing countries is shockingly insufficient,” she said, emphasising that the amount is neither provisioned nor designated as grants. Furthermore, the text fails to allocate any dedicated funds to the most vulnerable 45 LDCs.
Rizwana highlighted the inadequacy of the COP29 outcomes in addressing climate finance challenges, despite this conference being explicitly focused on the issue. “The package has failed to provide the minimum required justification for an NCQG that should uplift the most vulnerable nations. It offers nothing concrete for LDCs and SIDS, leaving them exposed to escalating climate risks.”
She urged LDCs to resist this package, asserting that it “will make little difference in reality” without substantive revisions.
The advisor called on all stakeholders to advocate for a more ambitious, fair, and actionable climate finance framework that prioritizes the needs of the world’s most vulnerable communities.
As the final hours of COP29 unfold, her statement underscored the urgency for bold and equitable decisions to address the escalating climate crisis.
