The 2024 UN Climate Change Conference, or COP29, is wrapping up, but there's a major sticking point that's causing some serious buzz: setting a New Collective Quantified Goal on climate finance. 🌱💰
Countries are still debating over the \"total amount of the new climate finance target\" and \"which countries should contribute,\" according to Wang Xun, a senior researcher at the International Institute of Green Finance, the Central University of Finance and Economics. It's like everyone's at a potluck, but no one can agree on who's bringing what! 🥘🤔
Some experts believe that China should step up and contribute alongside developed countries. But here's the twist: China has already been making voluntary contributions. In fact, climate finance from China to other developing countries totaled about $45 billion between 2013 and 2022, according to a report by the World Resource Institute. 📊🇨🇳
Wang points out that organizations and parties need to stick to the legal terms defined in the Paris Agreement and by the United Nations, which list China as a developing country. This means developed countries are obliged to provide financial assistance to developing nations, while others are encouraged to contribute voluntarily. 🌐🤝
So, the big question remains: How will the countries bridge their differences to set this crucial new goal? The clock is ticking, and the world is watching. ⏳👀
Reference(s):
cgtn.com
