Western countries at COP29 continue to try to attract large developing economies to climate finance

At COP29, developed countries are actively promoting the idea that large developing economies need to be involved in providing financial assistance to countries vulnerable to climate change impacts, Boris Titov, the special representative of the Russian president for relations with international organizations for achieving sustainable development goals, told Interfax, Report informs.

"The attempts are indeed active, considering that developing countries are asking for one trillion dollars, while the EU states that meeting the goal of $300-400 billion annually will only be possible if developing countries are included in the list of donors," he said on the sidelines of COP29 in Baku.

He noted that discussions about including new "donors" primarily concern China and Saudi Arabia. As reported, COP29 has been dubbed the "financial summit": one of the key tasks for negotiators is to determine a new collective quantified goal (NCQG) for financing the needs of least developed and developing countries in addressing climate crisis consequences.

"If we recall the old goal of $100 billion (established in 2009 at COP15), it was seemingly first achieved in 2023. However, developing countries complain that the main part of financing came through expensive market loans. So even if a new quantitative financial goal is set, no one can guarantee its implementation. And why set unattainable goals? The Paris Agreement has already stumbled over this issue multiple times," Titov added.