Why are COP29 climate finance talks dragging on?

The 2024 UN Climate Change Conference, or COP29, is about to conclude, but one of the key subjects, which is to set a New Collective Quantified Goal on climate finance, faces a significant uphill battle.

Countries and parties are still working on the "total amount of new climate finance target" and "which countries should contribute," said Wang Xun, a senior researcher at the International Institute of Green Finance, the Central University of Finance and Economics. 

Some experts argue that China should take the lead in contributing funds alongside developed countries, while China has already made its contribution voluntarily. The climate finance flowing from China to other developing countries amounted to about $45 billion between 2013 and 2022, according to a report released by the World Resource Institute. 

Also, organizations and parties should be aligned with the legal terms defined in the Paris Agreement and by the United Nations that China is listed as a developing country, said Wang.

Based on the Paris Agreement, developed countries have the obligation to provide financial assistance to developing countries, while encouraging voluntary contributions by other parties, he added.