The recent COP29 negotiations on climate change, which commenced on November 11 in Baku, Azerbaijan, have faced challenges as a Friday deadline approaches. At the center of the discussions is the New Collective Quantified Goal (NCQG), which aims to define climate finance commitments from developed countries to developing nations for the period of 2025 to 2035.

On Friday, the COP29 presidency unveiled a draft proposal that suggests developed nations should contribute $250 billion annually by 2035. However, experts like Wang Yi from China's National Expert Panel on Climate Change argue that this amount is insufficient to ensure a global temperature rise of well below 1.5°C, let alone 2°C. He acknowledged the need for a balanced approach in negotiations, even if it often leaves participants lacking satisfaction.

The draft also includes a wider goal of securing $1.3 trillion by 2035 from all public and private funding sources to combat climate change. Nonetheless, the proposed annual contribution of $250 billion has been met with criticism, especially from representatives of developing nations, who deem it inadequate to meet their needs.

During a press conference, Diego Pacheco from Bolivia, representing the Like-Minded Group of Developing Countries, referred to the proposed $200 billion NCQG as insufficient with a dismissive "Is this a joke?" His comments, echoed by others like Adonia Ayebare of Uganda and Ali Mohamed from Kenya, emphasized the disconnect between the proposed funding and the realities on the ground. Mohamed pointed out that adaptation needs alone for developing countries could total $400 billion, highlighting the gravity of the funding gap.

Cambodia's environment minister Eang Sophalleth reiterated the crucial nature of climate finance from wealthier nations, arguing that developing countries are grappling with the severe effects of climate change without the necessary financial resources to rebuild and adapt. With rising extreme weather events linked to climate change, he stressed that developed countries, as major greenhouse gas contributors, have a moral responsibility to provide the promised financial support to effectively address these urgent issues.