Major developing countries reject ‘$200 billion’ climate finance figure.

An amount of around $200-300 billion that is being privately discussed as an international government financing provision for the New Climate Finance Goal (NCQG) – the main outcome expected at COP29 – has been strongly rejected by the major countries in the process of development.

Speaking at a stocktaking plenary on Wednesday, Bolivian negotiator Diego Pacheco said on behalf of the Like-Minded Developing Countries (LMDC) group, which includes major emerging economies such as China and India, that the figure was unacceptable.

“We can’t understand this $200 billion to step up ambition in developing countries,” Pacheco said. “This is unfathomable. We cannot accept this.”

The Bolivian negotiator also reiterated the group’s refusal to open the contributor base of climate finance – which developed countries have applied for – to include China and the wealthy Gulf states. “This is a super red line,” Pacheco pointed out.

With three days until the official end of COP29, developed countries have yet to publicly disclose the amount of public international finance they will put on the negotiating table for the NCQG.

Chris Bowen, Australia’s environment minister, who is jointly tasked with facilitating the NCQG talks, told the plenary that the figures being discussed for the government’s provision of an overall “mobilised” target of $1.3 trillion included $440 billion, 600 billion dollars and 900 billion dollars – amounts that were proposed by developing countries.

Co-chair Yasmine Fouad, Egypt’s environment minister, said discussions on the “structure” of the climate finance target “continue to hear divergent views”. These refer to the different types of funding that can be considered for the goal – controversially including private investment.

Negotiators will now meet for further consultations until 5pm local time and are tasked with producing new texts on finance and other issues by midnight today, the COP29 presidency said.

Stephen Cornelius, WWF’s deputy director for global climate and energy, said that with the “end game” of COP29 fast approaching, “we still lack urgency in the negotiations”.

“All the hard issues – how much climate finance, who pays for it and who can receive it, and mitigation and adaptation – remain unresolved. These issues require political guidance as well as more technical work,” he added, urging the COP29 presidency to exercise “authority and diplomacy” to find ambitious common ground by Friday, when the summit is due to conclude.

Australia and New Zealand promise cash loss and damage

Australia and New Zealand have made commitments to the Loss and Damage Response Fund (FRLD), with Australian ministers saying the move showed they “stand with partners in the Pacific”.

Australian Climate Minister Chris Bowen announced a contribution of AU$50 million ($32.5 million) on Tuesday – the largest donation to the fund this year, after Sweden gave $18.4 million last week.

“Australia is committed to supporting Pacific priorities and welcomes Pacific leadership to lead climate action, including responding to loss and damage,” Bowen said in a government statement in which he and two other ministers referenced the Pacific islands.

Australia is BID to co-host the COP31 climate talks in two years’ time with a Pacific Island nation or series of nations. But Turkiye is also trying to win the support of the UN’s “Western Europe and Others” group of nations, whose turn it is to choose the host country.

New Zealand’s climate minister, Simon Watts, announced a $US10 million ($6 million) pledge. “Addressing loss and damage from climate impacts that exceed the limits of adaptation is a high priority for New Zealand and the Pacific as we need to support resilience in the region,” he said.

The new pledges bring the amounts donated to FRLD to a total of $85 million this year, on top of a first round of pledges that added up to $664 million at last year’s COP28, ie the fund has around 750 million dollars to be spent when it becomes operational in 2026.